FirstEnergy: 4Q Earnings Snapshot
AKRON, Ohio (AP) _ FirstEnergy Corp. (FE) on Thursday reported fourth-quarter net income of $242 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 profit of 45 cents. Earnings, adjusted for non-recurring gains and to account for discontinued operations, were 32 cents per share.
The results fell short of Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 50 cents per share.
The utility company posted revenue of $2.54 billion in the period.
For the year, the company reported profit of $1.08 billion, or $1.99 per share. Revenue was reported as $10.79 billion.
For the current quarter ending in April, FirstEnergy expects its per-share earnings to range from 62 cents to 72 cents.
The company said it expects revenue in the range of $620,000 to $720,000 for the fiscal first quarter.
FirstEnergy expects full-year earnings in the range of $2.40 to $2.60 per share.
FirstEnergy shares have climbed slightly more than 4% since the beginning of the year, while the Standard & Poor’s 500 index has increased roughly 5%. The stock has decreased 39% in the last 12 months.