FirstEnergy Q2 2022 Earnings Report
Key Takeaways
FirstEnergy Corp. reported second quarter 2022 GAAP earnings of $187 million, or $0.33 per basic and diluted share, on revenue of $2.8 billion. Operating (non-GAAP) earnings were $0.53 per share for the second quarter of 2022.
Closed on minority sale of FET LLC, raising $2.4 billion at historic premium valuation
Solid execution to improve the balance sheet with over $2.5 billion of debt retired year-to-date
Anticipates achieving targeted FFO/Debt of ~13% in 2023, ahead of schedule
Updates and affirms full-year GAAP and operating guidance and provides outlook for third quarter
FirstEnergy
FirstEnergy
Forward Guidance
For the third quarter of 2022, the company is providing a GAAP and operating (non-GAAP) forecast range of $400 million to $455 million, or $0.70 to $0.80 per share based on 571 million shares outstanding. FirstEnergy updated its full-year 2022 GAAP earnings forecast range to $1,240 million to $1,355 million, or $2.17 to $2.37 per share based on 571 million shares outstanding. The company also affirmed its full-year 2022 operating (non-GAAP) earnings guidance range of $1,315 million to $1,430 million, or $2.30 to $2.50 per share based on 571 million shares outstanding.