FirstEnergy Q3 2024 Earnings Report
Key Takeaways
FirstEnergy Corp. reported third quarter 2024 GAAP earnings from continuing operations of $419 million, or $0.73 per basic and diluted share, on revenue of $3.7 billion. Operating (non-GAAP) earnings for the third quarter of 2024 were $0.85 per share, within the company’s guidance range.
GAAP earnings from continuing operations of $0.73 per share.
Operating (non-GAAP) earnings of $0.85 per share, within guidance range.
Full-year 2024 operating (non-GAAP) earnings guidance narrowed to $2.61 to $2.71 per share.
2024 capital investment plan increased from $4.3 billion to $4.6 billion, a 24% increase over 2023.
FirstEnergy
FirstEnergy
Forward Guidance
FirstEnergy narrowed its 2024 operating (non-GAAP) earnings guidance range to $2.61 to $2.71 per share, from its original range of $2.61 to $2.81 per share.
Challenges Ahead
- Lower customer demand from mild weather compared to normal.
- Lower distribution revenues in Ohio as a result of the Electric Security Plan V order.
- Significantly higher storm restoration costs in the third quarter.