FirstEnergy: 3Q Earnings Snapshot
AKRON, Ohio (AP) _ FirstEnergy Corp. (FE) on Monday reported third-quarter net income of $391 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 73 cents. Earnings, adjusted for one-time gains and costs, came to 76 cents per share.
The results topped Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 73 cents per share.
The utility company posted revenue of $2.96 billion in the period.
FirstEnergy expects full-year earnings in the range of $2.50 to $2.60 per share.
FirstEnergy shares have increased 29% since the beginning of the year, while the Standard & Poor’s 500 index has climbed 22%. The stock has increased 30% in the last 12 months.