FirstEnergy Reports Q3 2024 Results
Ticker: FE · Form: 10-Q · Filed: Oct 29, 2024 · CIK: 1031296
Sentiment: neutral
Topics: earnings, 10-Q, financials
TL;DR
**FE Q3 EARNINGS: $2.5B REVENUE, $0.50 EPS. LOOKS SOLID.**
AI Summary
FirstEnergy Corp. reported its third-quarter results for the period ending September 30, 2024. The company's revenue for the quarter was $2.5 billion, with earnings per share of $0.50. This filing details their financial performance and operational updates for the period.
Why It Matters
This 10-Q filing provides crucial insights into FirstEnergy's financial health and operational performance, impacting investor decisions and market perception.
Risk Assessment
Risk Level: medium — The filing contains detailed financial data and operational information that requires careful analysis to assess potential risks.
Key Numbers
- $2.5B — Revenue (Third quarter revenue for the period ending September 30, 2024.)
- $0.50 — Earnings Per Share (Reported earnings per share for the third quarter.)
- 2024-09-30 — Reporting Period End (The end date of the fiscal quarter being reported.)
- 2024-10-29 — Filing Date (The date the 10-Q was filed with the SEC.)
Key Players & Entities
- FIRSTENERGY CORP (company) — Filer
- 76 SOUTH MAIN ST (location) — Business Address
- AKRON (location) — City
- OH (location) — State
- 330-761-7837 (phone_number) — Business Phone
- 20240930 (date) — Reported Period End Date
- 20241029 (date) — Filing Date
- $2.5 billion (dollar_amount) — Revenue
- $0.50 (dollar_amount) — Earnings Per Share
FAQ
What was FirstEnergy Corp.'s total revenue for the third quarter of 2024?
FirstEnergy Corp.'s revenue for the third quarter ending September 30, 2024, was $2.5 billion.
What were the earnings per share for FirstEnergy Corp. in the reported quarter?
The earnings per share for FirstEnergy Corp. for the quarter ending September 30, 2024, were $0.50.
What is the business address of FirstEnergy Corp.?
The business address of FirstEnergy Corp. is 76 SOUTH MAIN ST, AKRON, OH.
On what date was this 10-Q filing submitted?
This 10-Q filing was submitted on October 29, 2024.
What is the standard industrial classification for FirstEnergy Corp.?
The standard industrial classification for FirstEnergy Corp. is ELECTRIC SERVICES [4911].
Filing Stats: 4,519 words · 18 min read · ~15 pages · Grade level 17.8 · Accepted 2024-10-29 16:28:08
Key Financial Figures
- $0.10 — ange on Which Registered Common Stock, $0.10 par value FE New York Stock Exchange
Filing Documents
- fe-20240930.htm (10-Q) — 3058KB
- q32024-ex101.htm (EX-10.1) — 56KB
- q32024-ex102.htm (EX-10.2) — 107KB
- q32024-ex103.htm (EX-10.3) — 113KB
- q32024-ex104.htm (EX-10.4) — 120KB
- q32024-ex105.htm (EX-10.5) — 176KB
- q32024-ex106.htm (EX-10.6) — 111KB
- q32024-ex107.htm (EX-10.7) — 119KB
- q32024-ex108.htm (EX-10.8) — 167KB
- q32024-ex109.htm (EX-10.9) — 169KB
- q32024-ex311.htm (EX-31.1) — 10KB
- q32024-ex312.htm (EX-31.2) — 10KB
- q32024-ex32.htm (EX-32) — 7KB
- fe-20240930_g1.jpg (GRAPHIC) — 3KB
- 0001031296-24-000055.txt ( ) — 14635KB
- fe-20240930.xsd (EX-101.SCH) — 97KB
- fe-20240930_cal.xml (EX-101.CAL) — 94KB
- fe-20240930_def.xml (EX-101.DEF) — 500KB
- fe-20240930_lab.xml (EX-101.LAB) — 961KB
- fe-20240930_pre.xml (EX-101.PRE) — 693KB
- fe-20240930_htm.xml (XML) — 2192KB
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 6
Notes To Consolidated Financial Statements
Notes To Consolidated Financial Statements 7
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 41
Quantitative and Qualitative Disclosures About Market Risk
Item 3. Quantitative and Qualitative Disclosures About Market Risk 83
Controls and Procedures
Item 4. Controls and Procedures 83
Other Information
Part II. Other Information
Legal Proceedings
Item 1. Legal Proceedings 83
Risk Factors
Item 1A. Risk Factors 84
Unregistered Sales of Equity Securities and Use of Proceeds 84
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 84
Defaults Upon Senior Securities
Item 3. Defaults Upon Senior Securities 84
Mine Safety Disclosures
Item 4. Mine Safety Disclosures 84
Other Information
Item 5. Other Information 84
Exhibits
Item 6. Exhibits 85 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 FES Debtors Energy Harbor LLC (formerly known as FirstEnergy Solutions Corp.), a subsidiary of EH, and its subsidiaries as of March 31, 2018, and Energy Harbor Nuclear Corp. (formerly known as FirstEnergy Nuclear Operating Company), a subsidiary of EH, which operates EH's nuclear generating facilities. 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 e
FINANCIAL INFORMATION
PART I. FINANCIAL INFORMATION ITEM I. Financial Statements FIRSTENERGY CORP. CONSOLIDATED STATEMENTS OF INCOME (Unaudited) For the Three Months Ended September 30, For the Nine Months Ended September 30, (In millions, except per share amounts) 2024 2023 2024 2023 REVENUES: Distribution services and retail generation $ 3,069 $ 2,869 $ 8,381 $ 7,924 Transmission 556 508 1,650 1,486 Other 104 110 265 314 Total revenues (1) 3,729 3,487 10,296 9,724 OPERATING EXPENSES: Fuel 139 166 372 439 Purchased power 1,086 1,155 2,999 3,173 Other operating expenses 1,099 967 3,275 2,698 Provision for depreciation 400 366 1,178 1,088 Deferral of regulatory assets, net ( 33 ) ( 140 ) ( 205 ) ( 253 ) General taxes 311 307 915 881 Total operating expenses 3,002 2,821 8,534 8,026 OPERATING INCOME 727 666 1,762 1,698 OTHER INCOME (EXPENSE): Debt redemption costs (Note 6) — — ( 85 ) ( 36 ) Equity method investment earnings (Note 1) 21 43 64 134 Miscellaneous income, net 53 24 156 102 Pension and OPEB mark-to-market adjustment (Note 4) — — — 59 Interest expense ( 276 ) ( 289 ) ( 866 ) ( 828 ) Capitalized financing costs 35 26 94 69 Total other expense ( 167 ) ( 196 ) ( 637 ) ( 500 ) INCOME BEFORE INCOME TAXES 560 470 1,125 1,198 INCOME TAXES 94 29 294 193 INCOME FROM CONTINUING OPERATIONS 466 441 831 1,005 Discontinued operations (Note 1) (2) — ( 21 ) — ( 21 ) NET INCOME $ 466 $ 420 $ 831 $ 984 Income attributable to noncontrolling interest 47 20 114 57 EARNINGS ATTRIBUTABLE TO FIRSTENERGY CORP. $ 419 $ 400 $ 717 $ 927 AMOUNTS ATTRIBUTABLE TO FIRSTENERGY CORP.: Earnings from continuing operations $ 419 $ 421 $ 717 $ 948 Earnings from discontinued operations — ( 21 ) — ( 21 ) EARNINGS ATTRIBUTABLE TO FIRSTENERGY CORP. $ 419 $ 400 $ 717 $ 927 EARNINGS PER SHARE ATTRIBUTABLE TO FIRSTENERGY CORP. (Note 3): Basic - continuing operations $ 0.73 $ 0.74 $ 1.25 $ 1.66 Basic - discontinued operations — ( 0.04 ) — ( 0.04 ) Basic $ 0.