FirstEnergy(FE) Prnewswire·2025-02-26 21:20Core Insights - FirstEnergy Corp. reported full year 2024 GAAP earnings of $1.70 per share, down from $1.96 in 2023, with operating (non-GAAP) earnings of $2.63 per share, slightly up from $2.56 in 2023 [1][9] - The company plans to invest $4.5 billion in customer-focused capital investments in 2024, a 20% increase over 2023, to enhance grid reliability and support energy transition [1][7] - FirstEnergy is extending its Energize365 capital investment program through 2029, with planned investments of $28 billion, an 8% increase from the previous five-year plan, aiming for a 9% rate base growth [1][8] Financial Performance - For the fourth quarter of 2024, GAAP earnings were $261 million, or $0.45 per share, compared to $175 million, or $0.30 per share in the fourth quarter of 2023 [9][10] - Core (non-GAAP) earnings for the fourth quarter of 2024 were $0.61 per share, up from $0.52 per share in the same quarter of 2023, driven by rate base growth and lower operating expenses [10][12] - Full-year 2024 earnings reflect growth from regulated investment strategies, increased customer demand, and new base rates, despite challenges from higher storm restoration costs and lower revenues in Ohio [15][16] Strategic Initiatives - The company has redesigned its operating model to enhance local service delivery and has established a strong leadership team to support its strategic goals [2][3] - FirstEnergy has completed rate reviews for 83% of its rate base since 2023, addressing several legacy issues to strengthen its financial profile [3][4] - The introduction of a 2025 Core earnings guidance range of $1.4 billion to $1.5 billion, or $2.40 to $2.60 per share, indicates a targeted growth rate of 6-8% compounded annually through the five-year planning period [6][8]