FirstEnergy Q1 2024 Earnings Report
Key Takeaways
FirstEnergy Corp. reported first quarter 2024 GAAP earnings of $0.44 per share and operating (non-GAAP) earnings of $0.55 per share, exceeding the midpoint of guidance. The company's balance sheet was significantly strengthened by the closing of the $3.5 billion FET LLC transaction.
First quarter GAAP earnings of $0.44 per share and operating (non-GAAP) earnings of $0.55 per share, above the midpoint of guidance.
Affirmed targeted 6-8% long-term annual operating earnings per share growth.
Increased total equity on balance sheet by 25% with closing on $3.5 billion FET LLC transaction; deployed $2.3 billion of proceeds; expects to receive remaining $1.2 billion later this year.
Distribution deliveries increased 1.5% compared to the first quarter of 2023.
FirstEnergy
FirstEnergy
Forward Guidance
FirstEnergy provided a second quarter earnings guidance range of $290 million to $345 million, or $0.50 to $0.60 per share based on 576 million shares outstanding. The company also affirmed its 2024 operating (non-GAAP) earnings guidance range of $2.61 to $2.81 per share based on 576 million shares outstanding, and its long-term, 6% to 8% targeted annual operating earnings growth rate, which is based off the previous year’s operating earnings guidance midpoint and supported by the company’s refreshed and extended $26 billion, five-year capital investment plan, Energize365.