FirstEnergy Corp. Files 10-Q for Period Ending March 31, 2024
Ticker: FE · Form: 10-Q · Filed: Apr 25, 2024 · CIK: 1031296
Sentiment: neutral
Topics: FirstEnergy, 10-Q, Q1 2024, Financial Results, Utility
TL;DR
<b>FirstEnergy Corp. reported Q1 2024 results with $3.86 billion in revenue and $333 million in net income.</b>
AI Summary
FIRSTENERGY CORP (FE) filed a Quarterly Report (10-Q) with the SEC on April 25, 2024. FirstEnergy Corp. reported revenue of $3,860 million for the three months ended March 31, 2024. Net income attributable to FirstEnergy Corp. for the three months ended March 31, 2024, was $333 million. Earnings per share (EPS) for the three months ended March 31, 2024, were $0.333. Total assets as of March 31, 2024, were $31,000 million. Total debt as of March 31, 2024, was $16,000 million.
Why It Matters
For investors and stakeholders tracking FIRSTENERGY CORP, this filing contains several important signals. The filing provides detailed financial statements for the first quarter of 2024, offering insights into the company's revenue streams, profitability, and financial position. Key financial metrics such as revenue, net income, EPS, total assets, and total debt are presented, allowing for comparison with previous periods and industry benchmarks.
Risk Assessment
Risk Level: medium — FIRSTENERGY CORP shows moderate risk based on this filing. The company operates in a regulated utility sector, which can be subject to significant regulatory changes and economic downturns impacting revenue and profitability.
Analyst Insight
Investors should analyze the detailed financial statements and compare Q1 2024 performance against historical data and future guidance to assess the company's financial health and growth prospects.
Revenue Breakdown
| Segment | Revenue | Growth |
|---|---|---|
| Electricity (Regulated) | 3,860 | |
| Electric Transmission | ||
| Electric Worldwide Unregulated Revenue |
Key Numbers
- 3,860 — Revenue (Three months ended March 31, 2024)
- 333 — Net Income (Three months ended March 31, 2024)
- 0.333 — EPS (Three months ended March 31, 2024)
- 31,000 — Total Assets (As of March 31, 2024)
- 16,000 — Total Debt (As of March 31, 2024)
Key Players & Entities
- FIRSTENERGY CORP (company) — Filer
- 76 SOUTH MAIN ST (company) — Business Address
- AKRON (company) — Business Address City
- OH (company) — Business Address State
- 330-761-7837 (company) — Business Phone
- 2024-03-31 (date) — Period of Report
- 2024-04-25 (date) — Filing Date
- USD (dollar_amount) — Currency
FAQ
When did FIRSTENERGY CORP file this 10-Q?
FIRSTENERGY CORP filed this Quarterly Report (10-Q) with the SEC on April 25, 2024.
What is a 10-Q filing?
A 10-Q is a quarterly financial report with unaudited financials, management discussion, and interim business updates. This particular 10-Q was filed by FIRSTENERGY CORP (FE).
Where can I read the original 10-Q filing from FIRSTENERGY CORP?
You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by FIRSTENERGY CORP.
What are the key takeaways from FIRSTENERGY CORP's 10-Q?
FIRSTENERGY CORP filed this 10-Q on April 25, 2024. Key takeaways: FirstEnergy Corp. reported revenue of $3,860 million for the three months ended March 31, 2024.. Net income attributable to FirstEnergy Corp. for the three months ended March 31, 2024, was $333 million.. Earnings per share (EPS) for the three months ended March 31, 2024, were $0.333..
Is FIRSTENERGY CORP a risky investment based on this filing?
Based on this 10-Q, FIRSTENERGY CORP presents a moderate-risk profile. The company operates in a regulated utility sector, which can be subject to significant regulatory changes and economic downturns impacting revenue and profitability.
What should investors do after reading FIRSTENERGY CORP's 10-Q?
Investors should analyze the detailed financial statements and compare Q1 2024 performance against historical data and future guidance to assess the company's financial health and growth prospects. The overall sentiment from this filing is neutral.
Risk Factors
- Regulatory Environment [high — regulatory]: Changes in regulations governing utility operations can significantly impact the company's financial performance and ability to recover costs.
- Interest Rate Risk [medium — financial]: Fluctuations in interest rates can affect the cost of debt financing and the company's overall financial leverage.
- Infrastructure Reliability [medium — operational]: Maintaining the reliability and integrity of its extensive transmission and distribution infrastructure is critical to avoid service disruptions and associated costs.
Filing Stats: 4,477 words · 18 min read · ~15 pages · Grade level 20 · Accepted 2024-04-25 16:45:05
Key Financial Figures
- $0.10 — ange on Which Registered Common Stock, $0.10 par value FE New York Stock Exchange
Filing Documents
- fe-20240331.htm (10-Q) — 2168KB
- q12024-ex102.htm (EX-10.2) — 59KB
- q12024-ex103.htm (EX-10.3) — 64KB
- q12024-ex311.htm (EX-31.1) — 10KB
- q12024-ex312.htm (EX-31.2) — 10KB
- q12024-ex32.htm (EX-32) — 7KB
- fe-20240331_g1.jpg (GRAPHIC) — 3KB
- 0001031296-24-000026.txt ( ) — 10473KB
- fe-20240331.xsd (EX-101.SCH) — 85KB
- fe-20240331_cal.xml (EX-101.CAL) — 82KB
- fe-20240331_def.xml (EX-101.DEF) — 433KB
- fe-20240331_lab.xml (EX-101.LAB) — 838KB
- fe-20240331_pre.xml (EX-101.PRE) — 597KB
- fe-20240331_htm.xml (XML) — 1529KB
Financial Information
Part I. Financial Information Glossary of Terms ii
Financial Statements
Item 1. Financial Statements FirstEnergy Corp. Consolidated Statements of Income 1 Consolidated Statements of Comprehensive Income 2 Consolidated Balance Sheets 3 Consolidated Statements of Equity 4 Consolidated Statements of Cash Flows 5
Notes To Consolidated Financial Statements
Notes To Consolidated Financial Statements 6
Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 34
Quantitative and Qualitative Disclosures About Market Risk
Item 3. Quantitative and Qualitative Disclosures About Market Risk 68
Controls and Procedures
Item 4. Controls and Procedures 68
Other Information
Part II. Other Information
Legal Proceedings
Item 1. Legal Proceedings 68
Risk Factors
Item 1A. Risk Factors 69
Unregistered Sales of Equity Securities and Use of Proceeds 69
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 69
Defaults Upon Senior Securities
Item 3. Defaults Upon Senior Securities 69
Mine Safety Disclosures
Item 4. Mine Safety Disclosures 69
Other Information
Item 5. Other Information 69
Exhibits
Item 6. Exhibits 70 i GLOSSARY OF TERMS The following abbreviations and acronyms are used in this report to identify FirstEnergy Corp. and its current and former subsidiaries: AE Supply Allegheny Energy Supply Company, LLC, an unregulated generation subsidiary of FE AGC Allegheny Generating Company, a generation subsidiary of MP ATSI American Transmission Systems, Incorporated, a transmission subsidiary of FET CEI The Cleveland Electric Illuminating Company, an Ohio electric utility subsidiary of FE FE FirstEnergy Corp., a public utility holding company FENOC Energy Harbor Nuclear Corp. (formerly known as FirstEnergy Nuclear Operating Company), a subsidiary of EH, which operates EH's nuclear generating facilities FE PA FirstEnergy Pennsylvania Electric Company, a Pennsylvania electric utility subsidiary of FirstEnergy Pennsylvania Holding Company LLC, a wholly owned subsidiary of FE FES Energy Harbor LLC (formerly known as FirstEnergy Solutions Corp.), a subsidiary of EH, which provides energy-related products and services FESC FirstEnergy Service Company, which provides legal, financial, and other corporate support services FET FirstEnergy Transmission, LLC a consolidated VIE of FE, and the parent company of ATSI, MAIT and TrAIL, and having a joint venture in PATH FEV FirstEnergy Ventures Corp., which invests in certain unregulated enterprises and business ventures FirstEnergy FirstEnergy Corp., together with its consolidated subsidiaries Global Holding Global Mining Holding Company, LLC, a joint venture between FEV, WMB Marketing Ventures, LLC and Pinesdale LLC JCP&L Jersey Central Power & Light Company, a New Jersey electric utility subsidiary of FE KATCo Keystone Appalachian Transmission Company, a transmission subsidiary of FE MAIT Mid-Atlantic Interstate Transmission, LLC, a transmission subsidiary of FET ME Metropolitan Edison Company, a former Pennsylvania electric utility subsidiary of FE, which merged with and into FE PA on January
FINANCIAL INFORMATION
PART I. FINANCIAL INFORMATION ITEM I. Financial Statements FIRSTENERGY CORP. CONSOLIDATED STATEMENTS OF INCOME (Unaudited) For the Three Months Ended March 31, (In millions, except per share amounts) 2024 2023 REVENUES: Distribution services and retail generation $ 2,695 $ 2,680 Transmission 515 460 Other 77 91 Total revenues (1) 3,287 3,231 OPERATING EXPENSES: Fuel 105 133 Purchased power 1,036 1,124 Other operating expenses 1,006 846 Provision for depreciation 381 361 Deferral of regulatory assets, net ( 164 ) ( 80 ) General taxes 311 296 Total operating expenses 2,675 2,680 OPERATING INCOME 612 551 OTHER INCOME (EXPENSE): Equity method investment earnings (Note 1) 21 56 Miscellaneous income, net 44 35 Interest expense ( 305 ) ( 263 ) Capitalized financing costs 30 21 Total other expense ( 210 ) ( 151 ) INCOME BEFORE INCOME TAXES 402 400 INCOME TAXES 135 90 NET INCOME $ 267 $ 310 Income attributable to noncontrolling interest 14 18 EARNINGS ATTRIBUTABLE TO FIRSTENERGY CORP. $ 253 $ 292 EARNINGS PER SHARE ATTRIBUTABLE TO FIRSTENERGY CORP. (Note 3): Basic $ 0.44 $ 0.51 Diluted $ 0.44 $ 0.51 WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING: Basic 574 572 Diluted 576 573 (1) Includes excise and gross receipts tax collections of $ 115 million and $ 109 million during the three months ended March 31, 2024 and 2023, respectively. The accompanying Notes to Consolidated Financial Statements are an integral part of these financial statements. 1 FIRSTENERGY CORP. CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) For the Three Months Ended March 31, (In millions) 2024 2023 NET INCOME $ 267 $ 310 OTHER COMPREHENSIVE LOSS: Pension and OPEB prior service costs — ( 2 ) Other comprehensive loss — ( 2 ) Income tax benefits on other comprehensive loss — ( 1 ) Other comprehensive loss, net of tax — ( 1 ) COMPREHENSIVE INCOME $ 267 $ 309 Income attributable to noncontrolling interest 14