AKRON, Ohio, Aug. 8, 2024 /PRNewswire/ -- FirstEnergy Corp. (NYSE: FE) electric company personnel are prepared to respond to potential service interruptions caused by the remnants of Tropical Storm Debby, which is forecast to bring heavy rains and gusty winds to Maryland, New Jersey, Pennsylvania and West Virginia beginning on Friday. A video playlist of utility personnel discussing the impact of wind storms on equipment and restoration efforts is available on YouTube. Company meteorologists have been track ...

Crews continue working 24/7 to restore service to 265,000 customers following historic storm AKRON, Ohio, Aug. 8, 2024 /PRNewswire/ -- FirstEnergy Corp. (NYSE: FE) has restored power to more than 215,000 customers of Ohio Edison and The Illuminating Company following a historic weather event Tuesday that included two tornados with winds up to 110 mph in Cuyahoga County, one of which traveled a path 17 miles long and 350 yards wide through the heavily populated area from Brookpark to Bedford. This was the mo ...

Financial Data and Key Metrics Changes - GAAP earnings for Q2 2024 were $0.08 per share, down from $0.41 per share in the same quarter last year [3] - Operating earnings increased to $0.56 per share from $0.47 per share, reflecting a 19% increase [4] - Capital investments to improve customer experience rose by 22% in the first half of the year [5] - The company reaffirmed its 2024 operating earnings guidance range of $2.61 to $2.81 per share [5] Business Line Data and Key Metrics Changes - Distribution business operating earnings were $0.22 per share, down from $0.24 per share year-over-year [22] - Integrated segment operating earnings increased to $0.21 per share from $0.12 per share, driven by new base rates [22] - Stand-alone transmission segment operating earnings decreased to $0.14 per share from $0.18 per share, impacted by dilution from the sale of a 30% interest [23] - Corporate segment losses improved to $0.01 per share from $0.07 per share due to lower financing costs [23] Market Data and Key Metrics Changes - Weather-adjusted residential sales increased by 4% and commercial sales by 7% [4] - Positive weather-adjusted customer demand of 1% over the last 12 months, with commercial demand up 1.3% and industrial demand up 1.1% [25] Company Strategy and Development Direction - The company initiated a five-year $26 billion capital investment program, Energize365, representing a 44% increase over the previous plan [7] - The company is focused on executing its operating and regulatory plans while addressing legacy issues [11] - The company is exploring opportunities in data centers and enhancing its transmission capacity to support economic development [12][11] Management's Comments on Operating Environment and Future Outlook - Management noted that while there are positive trends in load growth, overall growth remains modest and steady [38] - The company is actively engaged in discussions regarding generation resource adequacy and potential regulatory changes to support new generation [42][53] - Management expressed optimism about reaching settlements on regulatory matters in Pennsylvania and Ohio [46] Other Important Information - The company has made significant progress in resolving legacy issues, including compliance with the deferred prosecution agreement [14][50] - The company recorded a reserve of $100 million for a proposed settlement with the SEC [15] - Management announced the retirement of two long-serving executives, marking a significant transition in leadership [18] Q&A Session Summary Question: What is holding back load growth despite opportunities in data centers? - Management is evaluating future load growth rates and sees positive impacts from data centers and EV adoption, but overall growth remains modest [38] Question: Why hasn't the company filed at FERC regarding co-located nuclear data center deals? - Management believes FERC will address these issues and does not see it as business impactful at this time [40] Question: What is the likelihood of reaching a settlement in Pennsylvania? - Management indicated that discussions are in early stages but remains optimistic about reaching a settlement before hearings [46] Question: How does the company view the impact of rising power prices on customers? - Management is conducting a jurisdiction-by-jurisdiction analysis to assess the impact of higher capacity and energy prices on customers [51] Question: What cost savings are expected from facility optimization moves? - Management expects minimal savings from moving headquarters but is focusing on workforce productivity and infrastructure investments for significant cost savings [55]

Core Viewpoint - FirstEnergy reported earnings of $0.55 per share, exceeding expectations, but revenues of $3.28 billion fell short of estimates, indicating mixed performance in the latest quarter [1][7]. Financial Performance - FirstEnergy's revenues for the quarter ended June 2024 were $3.28 billion, missing the Zacks Consensus Estimate by 5.58%, compared to $3.01 billion in the same quarter last year [1]. - The company has not surpassed consensus revenue estimates in the last four quarters [1]. - The current consensus EPS estimate for the upcoming quarter is $0.89 on revenues of $3.97 billion, and for the current fiscal year, it is $2.70 on revenues of $14.71 billion [4]. Stock Performance - FirstEnergy shares have increased by approximately 13.3% since the beginning of the year, while the S&P 500 has gained 14.5% [2]. - The stock has a Zacks Rank of 2 (Buy), indicating expectations of outperforming the market in the near future [11]. Industry Context - The Utility - Electric Power industry is currently ranked in the top 29% of over 250 Zacks industries, suggesting a favorable outlook compared to lower-ranked industries [12]. - NRG Energy, a competitor in the same industry, is expected to report revenues of $4.48 billion, down 29.4% from the previous year [6].

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☑ Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date: OUTSTANDING These SEC filings are posted on FirstEnergy's website as soon as reasonably practicable after they are electronically filed with or furnished to the SEC. Additionally, FirstEnergy routinely posts additional important information, including press rele ...

ocused on Our Future Published July 30, 2024 This presentation includes forward-looking statements within the messing of the Private Securities Liligation Reform Act of 1965 based on information currently wallable to readers are cautioned not to place undue reliance on these forward-looking statements. These statements include declarations regardrig management's inters, beliefs and curr terms "articipate", "potential," "exped," "forecast," "till", "finlend," "polent," "selimele," "plan" and similar words. F ...

Reports second quarter 2024 GAAP earnings of $0.08 per share and operating (non-GAAP) earnings of $0.56 per share, above the midpoint of guidance and a 19% increase compared to the second quarter of 2023 Operating (non-GAAP) earnings for the second quarter of 2024 were $0.56 per share, above the midpoint of the company's guidance. In the second quarter of 2023, operating (non-GAAP) earnings were $0.47 per share. Affirms targeted 6-8% long-term annual operating earnings per share growth and full-year 2024 op ...

Met-Ed project will help prevent or minimize outages for more than 24,000 customers John Hawkins, FirstEnergy's President, Pennsylvania: "These upgrades to our energy delivery system will help prevent or minimize the impact of power outages for our Met-Ed customers in numerous communities across York and Adams counties. This important work is part of our Long-Term Infrastructure Improvement Plan (LTIIP) II, a $153 million initiative to accelerate investments in our Met-Ed system over five years to help ensu ...

AKRON, Ohio, July 19, 2024 /PRNewswire/ -- FirstEnergy Corp. (NYSE: FE) is extending its title sponsorship with The International Soap Box Derby (ISBD) for three years. Running from 2025-2027, the sponsorship continues a strong relationship between the two Akron-based institutions that began in 2012. The extension was announced during race week activities surrounding the 86th FirstEnergy All-American Soap Box Derby, as more than 320 competitors from throughout the United States, Canada and Japan geared up t ...

Deploys final $1.2 billion in proceeds to further strengthen balance sheet, supporting sustainable, long-term growth through industry-leading Energize365 grid investment program FirstEnergy is deploying these proceeds in a credit-accretive manner, consistent with the company's plan to further transform its balance sheet and support its five-year, $26 billion Energize365 grid investment program. "With the successful execution of these strategic transactions, FirstEnergy now has a strong balance sheet to supp ...