FirstEnergy Q2 2024 Earnings Report
Key Takeaways
FirstEnergy Corp. reported second quarter 2024 GAAP earnings of $45 million, or $0.08 per share, on revenue of $3.3 billion. Operating (non-GAAP) earnings for the second quarter of 2024 were $0.56 per share, above the midpoint of the company’s guidance.
Second quarter GAAP earnings were $0.08 per share, and operating (non-GAAP) earnings were $0.56 per share, exceeding guidance midpoint.
Affirmed targeted 6-8% long-term annual operating earnings per share growth and full-year 2024 operating (non-GAAP) earnings guidance of $2.61 to $2.81 per share.
Received and deployed final $1.2 billion in proceeds from $3.5 billion FET LLC transaction, strengthening balance sheet and fueling Energize365 investment plan.
Made progress in settling legacy issues with the Securities and Exchange Commission (SEC) and the Office of the Ohio Attorney General.
FirstEnergy
FirstEnergy
Forward Guidance
FirstEnergy provided a third quarter earnings guidance range of $490 million to $547 million, or $0.85 to $0.95 per share. The company also affirmed its 2024 operating (non-GAAP) earnings guidance range of $2.61 to $2.81 per share, 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.