FirstEnergy: 4Q Earnings Snapshot
AKRON, Ohio (AP) _ FirstEnergy Corp. (FE) on Tuesday reported fourth-quarter net income of $138 million, after reporting a loss in the same period a year earlier.
On a per-share basis, the Akron, Ohio-based company said it had net income of 25 cents. Earnings, adjusted for non-recurring costs and to account for discontinued operations, were 50 cents per share.
The results beat Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 48 cents per share.
The utility company posted revenue of $2.71 billion in the period.
For the year, the company reported net income of $1.35 billion, or $1.99 per share, swinging to a profit in the period. Revenue was reported as $11.26 billion.
FirstEnergy expects full-year earnings to be $2.45 to $2.75 per share.
FirstEnergy shares have risen 5.5 percent since the beginning of the year, while the Standard & Poor’s 500 index has risen 11 percent. In the final minutes of trading on Tuesday, shares hit $39.60, a climb of 20 percent in the last 12 months.