Categories Earnings, Energy

FirstEnergy Corp. (NYSE: FE): Q4 2019 Earnings Snapshot

— FirstEnergy Corp. (NYSE: FE) reported adjusted operating earnings of $0.55 per share for the fourth quarter of 2019, vs. $0.50 per share expected.

— On an unadjusted basis, FirstEnergy reported a net loss of $111 million or $0.20 per share, compared to a profit of $128 million or $0.25 per share in the fourth quarter of 2018

— Fourth-quarter revenues came in at $2.7 billion, broadly unchanged from the year-ago period, vs. $2.77 billion expected

— Distribution deliveries dropped 3.2% annually due to mild temperatures and lower commercial and industrial usage

— Residential sales declined 3.1%, reflecting a 7% drop in heating degree days compared to last year

— There was a 4.3% decrease in commercial deliveries; sales to industrial customers dropped 2.4%

— Expects full-year 2020 unadjusted earnings to be between $900 million and $1.41 billion, or $1.66 per share and $2.60 per share, which is unchanged from the prior guidance

— Reaffirms full-year operating earnings guidance in the range of $2.40 per share to $2.60 per share

— For the first quarter, expects the bottom-line to be in the range of a net loss of $75 million to earnings of $380 million (a loss of $0.14 per share to earnings of $0.70 per share), on an unadjusted basis

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