FirstEnergy: 2Q Earnings Snapshot
AKRON, Ohio (AP) _ FirstEnergy Corp. (FE) on Tuesday reported second-quarter net income of $299 million.
On a per-share basis, the Akron, Ohio-based company said it had profit of 28 cents. Earnings, adjusted for one-time gains and costs, came to 34 cents per share.
The results fell short of Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 53 cents per share.
The utility company posted revenue of $2.7 billion in the period.
For the current quarter ending in October, FirstEnergy expects its per-share earnings to range from 65 cents to 75 cents.
The company expects full-year earnings in the range of $2.25 to $2.55 per share.
FirstEnergy shares have increased 16 percent since the beginning of the year, while the Standard & Poor’s 500 index has climbed slightly more than 5 percent. In the final minutes of trading on Tuesday, shares hit $35.42, an increase of 11 percent in the last 12 months.