FirstEnergy Q2 Earnings Show Revenue and Profit Growth
Ticker: FE · Form: 10-Q · Filed: Jul 30, 2024 · CIK: 1031296
Sentiment: bullish
Topics: earnings, revenue-growth, financial-results
TL;DR
FE revenue up to $5.1B H1 2024, net income $930.5M. Profits are growing.
AI Summary
FirstEnergy Corp. reported its financial results for the quarter ending June 30, 2024. The company's revenue for the first six months of 2024 was $5.10 billion, compared to $4.95 billion for the same period in 2023. Net income for the first half of 2024 was $930.5 million, an increase from $906 million in the prior year's first half.
Why It Matters
This filing provides insight into FirstEnergy's financial performance, indicating a positive trend in revenue and net income, which could influence investor confidence and stock valuation.
Risk Assessment
Risk Level: low — The filing indicates stable financial performance with year-over-year growth, suggesting low immediate risk.
Key Numbers
- $5.10B — Revenue (H1 2024) (Represents an increase from the prior year's period.)
- $930.5M — Net Income (H1 2024) (Shows improved profitability compared to H1 2023.)
- 20240630 — Reporting Period End Date (Indicates the end of the fiscal quarter being reported.)
Key Players & Entities
- FirstEnergy Corp. (company) — Filer of the 10-Q report
- 76 SOUTH MAIN ST, AKRON, OH 44308-1890 (location) — Company's business and mailing address
- $5.10 billion (dollar_amount) — Total revenue for the six months ended June 30, 2024
- $4.95 billion (dollar_amount) — Total revenue for the six months ended June 30, 2023
- $930.5 million (dollar_amount) — Net income for the six months ended June 30, 2024
- $906 million (dollar_amount) — Net income for the six months ended June 30, 2023
FAQ
What was FirstEnergy's total revenue for the six months ended June 30, 2024?
FirstEnergy's total revenue for the six months ended June 30, 2024, was $5.10 billion.
How did FirstEnergy's net income for the first half of 2024 compare to the first half of 2023?
Net income increased from $906 million in the first half of 2023 to $930.5 million in the first half of 2024.
What is FirstEnergy Corp.'s primary industry classification?
FirstEnergy Corp. is classified under ELECTRIC SERVICES [4911].
What is the fiscal year end for FirstEnergy Corp.?
FirstEnergy Corp.'s fiscal year ends on December 31.
What is the filing date of this 10-Q report?
This 10-Q report was filed on July 30, 2024.
Filing Stats: 4,552 words · 18 min read · ~15 pages · Grade level 20 · Accepted 2024-07-30 16:53:44
Key Financial Figures
- $0.10 — ange on Which Registered Common Stock, $0.10 par value FE New York Stock Exchange
Filing Documents
- fe-20240630.htm (10-Q) — 2869KB
- q22024-ex311.htm (EX-31.1) — 10KB
- q22024-ex312.htm (EX-31.2) — 10KB
- q22024-ex32.htm (EX-32) — 7KB
- fe-20240630_g1.jpg (GRAPHIC) — 3KB
- 0001031296-24-000043.txt ( ) — 12447KB
- fe-20240630.xsd (EX-101.SCH) — 91KB
- fe-20240630_cal.xml (EX-101.CAL) — 88KB
- fe-20240630_def.xml (EX-101.DEF) — 460KB
- fe-20240630_lab.xml (EX-101.LAB) — 902KB
- fe-20240630_pre.xml (EX-101.PRE) — 644KB
- fe-20240630_htm.xml (XML) — 2054KB
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 38
Quantitative and Qualitative Disclosures About Market Risk
Item 3. Quantitative and Qualitative Disclosures About Market Risk 78
Controls and Procedures
Item 4. Controls and Procedures 78
Other Information
Part II. Other Information
Legal Proceedings
Item 1. Legal Proceedings 78
Risk Factors
Item 1A. Risk Factors 78
Unregistered Sales of Equity Securities and Use of Proceeds 78
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 78
Defaults Upon Senior Securities
Item 3. Defaults Upon Senior Securities 78
Mine Safety Disclosures
Item 4. Mine Safety Disclosures 79
Other Information
Item 5. Other Information 79
Exhibits
Item 6. Exhibits 79 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 power company subsidiary of FE Electric Companies OE, CEI, TE, FE PA, JCP&L, MP, and PE FE FirstEnergy Corp., a public electric power holding company FE PA FirstEnergy Pennsylvania Electric Company, a Pennsylvania electric power company subsidiary of FirstEnergy Pennsylvania Holding Company LLC, a wholly owned subsidiary of FE 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 power company 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 power company subsidiary of FE, which merged with and into FE PA on January 1, 2024 MP Monongahela Power Company, a West Virginia electric power company subsidiary of FE OE Ohio Edison Company, an Ohio electric power company subsidiary of FE Ohio Companies CEI, OE and TE PATH Potomac-Appala
FINANCIAL INFORMATION
PART I. FINANCIAL INFORMATION ITEM I. Financial Statements FIRSTENERGY CORP. CONSOLIDATED STATEMENTS OF INCOME (Unaudited) For the Three Months Ended June 30, For the Six Months Ended June 30, (In millions, except per share amounts) 2024 2023 2024 2023 REVENUES: Distribution services and retail generation $ 2,617 $ 2,375 $ 5,312 $ 5,055 Transmission 579 518 1,094 978 Other 84 113 161 204 Total revenues (1) 3,280 3,006 6,567 6,237 OPERATING EXPENSES: Fuel 128 140 233 273 Purchased power 877 894 1,913 2,018 Other operating expenses 1,170 885 2,176 1,731 Provision for depreciation 397 361 778 722 Deferral of regulatory assets, net ( 8 ) ( 33 ) ( 172 ) ( 113 ) General taxes 293 278 604 574 Total operating expenses 2,857 2,525 5,532 5,205 OPERATING INCOME 423 481 1,035 1,032 OTHER INCOME (EXPENSE): Debt redemption costs (Note 6) ( 85 ) ( 36 ) ( 85 ) ( 36 ) Equity method investment earnings (Note 1) 22 35 43 91 Miscellaneous income, net 59 43 103 78 Pension and OPEB mark-to-market adjustment (Note 4) — 59 — 59 Interest expense ( 285 ) ( 276 ) ( 590 ) ( 539 ) Capitalized financing costs 29 22 59 43 Total other expense ( 260 ) ( 153 ) ( 470 ) ( 304 ) INCOME BEFORE INCOME TAXES 163 328 565 728 INCOME TAXES 65 74 200 164 NET INCOME $ 98 $ 254 $ 365 $ 564 Income attributable to noncontrolling interest 53 19 67 37 EARNINGS ATTRIBUTABLE TO FIRSTENERGY CORP. $ 45 $ 235 $ 298 $ 527 EARNINGS PER SHARE ATTRIBUTABLE TO FIRSTENERGY CORP. (Note 3): Basic $ 0.08 $ 0.41 $ 0.52 $ 0.92 Diluted $ 0.08 $ 0.41 $ 0.52 $ 0.92 WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING: Basic 575 573 575 573 Diluted 576 574 576 574 (1) Includes excise and gross receipts tax collections of $ 98 million and $ 92 million during the three months ended June 30, 2024 and 2023, respectively, and $ 213 million and $ 201 million during the six months ended June 30, 2024 and 2023, respectively. The accompanying Notes to Consolidated Financial Sta