FirstEnergy: 2Q Earnings Snapshot
AKRON, Ohio (AP) _ FirstEnergy Corp. (FE) on Tuesday reported second-quarter earnings of $312 million.
On a per-share basis, the Akron, Ohio-based company said it had profit of 58 cents. Earnings, adjusted for one-time gains and costs, were 61 cents per share.
The results exceeded Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 60 cents per share.
The utility company posted revenue of $2.52 billion in the period.
For the current quarter ending in October, FirstEnergy expects its per-share earnings to range from 68 cents to 80 cents.
The company expects full-year earnings in the range of $2.45 to $2.75 per share.
FirstEnergy shares have increased 15% since the beginning of the year, while the Standard & Poor’s 500 index has increased 20%. In the final minutes of trading on Tuesday, shares hit $43.32, a rise of 24% in the last 12 months.