FirstEnergy Corp reported its financial results for the second quarter of 2025, achieving GAAP earnings of $268 million, or $0.46 per share, on revenue of $3.4 billion. This marks a significant increase from the $45 million, or $0.08 per share, reported in the same quarter of 2024. The company also reported Core Earnings (non-GAAP) of $0.52 per share, slightly up from $0.51 per share a year earlier. Year-to-date GAAP earnings reached $628 million, or $1.09 per share, compared to $298 million, or $0.52 per share, for the first half of 2024. The increase in Core Earnings is attributed to new base rates and lower operating expenses, despite a decline in customer demand due to milder weather conditions.
FirstEnergy affirmed its full-year 2025 Core Earnings guidance, estimating a range of $2.40 to $2.60 per share, and expects a compounded annual growth rate of 6-8% from 2025 to 2029. The company has already deployed $2.5 billion in capital investments aligned with its $5 billion investment plan for 2025, which is part of its larger $28 billion Energize365 program. The results demonstrate FirstEnergy's commitment to enhancing the reliability and resilience of its electric system while focusing on financial stability and growth.
linkJul 30, 2025 16:26:22
FirstEnergy Corp. has announced its intention to offer $950 million of convertible senior notes due in 2029 and $850 million due in 2031 in a private placement. The company will also grant initial purchasers an option to buy an additional $150 million for each series of notes within 13 days of issuance. The offering is subject to market conditions and will be made to qualified institutional buyers under Rule 144A of the Securities Act.
The net proceeds from the offering are intended for the repurchase of existing convertible senior notes, repayment or refinancing of debt, and general corporate purposes. The notes will be unsecured and convertible under certain conditions. Interest will be paid semiannually, and FirstEnergy will have discretion over how to use the proceeds. The notes and any shares issued upon conversion will not be registered under the Securities Act, limiting their sale to specific exemptions.
linkJun 09, 2025 06:31:43
FirstEnergy Corp. announced its financial results for the first quarter of 2025, reporting GAAP earnings of $360 million, or $0.62 per share, which shows an increase from $253 million, or $0.44 per share, in the same period of 2024. The company’s Core Earnings also improved to $0.67 per share from $0.49 per share year-over-year. The growth in earnings is attributed to new base rates in Pennsylvania, West Virginia, and New Jersey, as well as an increase in distribution deliveries and lower financing costs, despite some challenges from higher operating expenses and dilution from a recent equity interest sale in FirstEnergy Transmission. Revenue for the quarter was reported at $3.8 billion, up from $3.3 billion in the prior year.
FirstEnergy is maintaining its Core Earnings guidance for the full year of 2025, projecting a range of $2.40 to $2.60 per share, supported by a five-year, $28 billion capital investment plan known as Energize365. In the first quarter of 2025, the company made over $1 billion in customer-focused capital investments as part of this plan. The company anticipates a compounded annual growth rate of 6-8% for Core Earnings from 2025 through 2029, reflecting its commitment to enhancing operational efficiency and customer service.
linkApr 23, 2025 16:22:52
FirstEnergy Corp. reported full-year 2024 GAAP earnings of $1.70 per share, down from $1.96 in 2023, despite an increase in revenue from $12.9 billion to $13.5 billion. Operating earnings rose slightly to $2.63 per share from $2.56 per share in the previous year. The company announced a significant capital investment of $4.5 billion for 2024, a 20% increase over 2023, aimed at enhancing grid reliability and supporting energy transition. FirstEnergy also extended its Energize365 investment program through 2029, with a planned total of $28 billion in capital investments, which is an 8% increase compared to the previous plan. Additionally, Core earnings for 2024 increased to $2.37 per share, up from $2.20 in 2023, indicating growth in regulated operations despite challenges in unregulated investments and pension plan impacts.
Conversely, FirstEnergy faced challenges as GAAP earnings from continuing operations decreased by $145 million compared to 2023. The company noted that volatility from its unregulated investment in Signal Peak and the effects of its pension plan have not been fully recognized by investors. The fourth quarter results showed an increase in GAAP earnings to $0.45 per share from $0.30 per share in the same quarter of 2023, but were impacted by a higher effective tax rate and lower distribution revenues in Ohio. Despite a 12% increase in earnings from the Stand-Alone Transmission segment, the overall performance was affected by lower revenues due to regulatory changes and the dilutive effect of the equity interest sale in FirstEnergy Transmission.
linkFeb 26, 2025 16:25:17
FirstEnergy Corp. has announced the appointment of Brian X. Tierney as Chair of the Board, effective January 1, 2025. Tierney, who is also the President and CEO, will succeed John W. Somerhalder II, who will continue as a director. The Board expressed confidence that combining the CEO and Chair roles will enhance the company's ability to deliver secure energy and execute its capital investment program. The leadership transition is seen as a pivotal moment for FirstEnergy, reflecting its operational and financial transformation under Tierney's guidance.
However, FirstEnergy continues to face challenges, including ongoing government investigations related to Ohio House Bill 6, which may impact regulatory matters and financial stability. The company has acknowledged various risks, including economic conditions, regulatory changes, and potential liabilities from past operations. These factors could affect its ability to achieve growth and maintain investment-grade ratings, highlighting the complexities surrounding its strategic initiatives and operational goals.
linkDec 18, 2024 16:21:56
FirstEnergy has outlined a significant $26 billion investment plan aimed at modernizing the grid and enhancing customer service over the next five years. The company reported successful outcomes in regulatory matters, including $450 million in annual revenue increases from recent rate case settlements. Additionally, they have completed a balance sheet transformation, raising $7 billion in equity since late 2021, which strengthens their financial position and supports future growth initiatives. The simplified business structure aims to improve transparency and decision-making across their five major segments.
Conversely, the company faces challenges in Ohio, where they are working to revert to a previous Electric Security Plan (ESP IV) after filing for withdrawal from ESP V, which introduced significant uncertainty. This uncertainty has raised concerns regarding the regulatory landscape and potential impacts on future revenue. The company’s recent rate case statistics show a test year return on equity of 7.7%, which is below expectations and may indicate pressure on profitability in the near term.
linkNov 08, 2024 16:31:23
FirstEnergy Corp. reported its third quarter 2024 financial results, revealing GAAP earnings of $0.73 per share, slightly lower than the previous year's $0.74. Operating earnings also decreased to $0.85 per share from $0.88, indicating some challenges faced by the company. Despite these declines, FirstEnergy has narrowed its full-year earnings guidance and increased its capital investment plan, reflecting a commitment to growth and strategic initiatives. The company emphasized its resilience and ability to navigate various headwinds throughout the year.
However, the report also highlighted concerns, including lower customer demand due to milder weather, increased storm restoration costs, and reduced distribution revenues in Ohio. These factors have led to a more cautious outlook and adjustments in earnings guidance. While the company has made progress in its investment strategies, the impact of unforeseen challenges and operational costs has been significant, prompting a need for ongoing attention to financial discipline and operational efficiency.
linkOct 29, 2024 16:25:33
FirstEnergy Corp. has successfully reached a settlement with the U.S. Securities and Exchange Commission, bringing closure to a previously disclosed investigation. The company's CEO expressed satisfaction with this resolution, emphasizing a renewed focus on enhancing customer experiences and supporting the transition to cleaner energy. This settlement aligns with FirstEnergy's commitment to integrity and operational excellence as it serves a vast customer base across several states.
On the downside, the settlement comes with a hefty civil penalty of $100 million, which the company had anticipated and reserved for in its second-quarter earnings. While the resolution allows FirstEnergy to move forward, the financial impact of the penalty raises concerns about its future financial health and operational capabilities. The company operates one of the largest investor-owned electric systems in the nation, and this significant penalty could affect its investments and growth strategies in the coming years.
linkSep 12, 2024 17:15:55
FirstEnergy Corp. has successfully reached an agreement with the Ohio Attorney General's Office and the Summit County Prosecutor to resolve all outstanding legal matters, effective August 12, 2024. This resolution highlights the company's commitment to building a strong compliance program and fostering a culture of ethics within the organization. The leadership believes that these developments position FirstEnergy for a more robust future, emphasizing their dedication to improving customer experience and meeting energy needs across multiple states.
The resolution is a significant step for FirstEnergy, which has faced scrutiny in recent years. The company is now focused on investing in its regulated electric operations and enhancing its service reliability. With a new Board of Directors and executive team in place, FirstEnergy aims to strengthen its operational excellence and uphold its values of integrity and safety. This positive outcome marks a new chapter for the company as it seeks to navigate past challenges and pursue growth opportunities.
linkAug 13, 2024 08:28:53
FirstEnergy Corp. announced second quarter earnings of $0.08 per share, down from $0.41 a year earlier, but operating earnings rose 19% to $0.56 per share, exceeding expectations. The company affirmed its long-term growth targets and successfully deployed $1.2 billion from a recent transaction. However, challenges included increased operating expenses and legal costs related to ongoing regulatory issues. Overall, while the company shows progress in certain areas, its GAAP earnings reflect significant declines.
linkJul 30, 2024 16:45:25