FirstEnergy Corp ( (FE) ) has released its Q4 earnings. Here is a breakdown of the information FirstEnergy Corp presented to its investors.
FirstEnergy Corp. is a leading electric utility company in the United States, serving over six million customers across Ohio, Pennsylvania, New Jersey, West Virginia, Maryland, and New York, with a focus on electricity distribution and transmission.
In its latest earnings report, FirstEnergy Corp. announced its financial results for the fourth quarter and full year of 2024, highlighting GAAP earnings of $1.70 per share and operating earnings of $2.63 per share, both within the company’s guidance range. The company also emphasized its significant capital investments aimed at improving grid reliability and supporting the energy transition.
Key financial highlights include a total revenue of $13.5 billion for 2024, with GAAP earnings from continuing operations at $978 million. The company reported a 20% increase in customer-focused capital investments, totaling $4.5 billion in 2024, and introduced a 2025 Core earnings guidance with a targeted annual growth rate of 6-8%. FirstEnergy also extended its Energize365 capital investment program through 2029, planning $28 billion in investments.
The company experienced growth in its distribution and transmission segments, benefiting from new base rates and formula investment programs, despite challenges such as higher storm restoration costs and lower revenues in Ohio. FirstEnergy’s strategic focus on regulated investments and customer demand growth contributed to its financial performance.
Looking ahead, FirstEnergy remains committed to its investment-grade credit ratings and plans to continue its strategic investments to enhance system reliability and customer experience. The company aims to achieve a compound annual growth rate in Core earnings, reflecting confidence in its long-term growth strategy.