Tue, Oct 29, 8:34 PM (137 days ago)
FirstEnergy Corp. (FE), ticker FE, reported its Q3 2024 results, showing revenues of $3,729 million, a 7% increase from Q3 2023. Operating income rose to $727 million, reflecting improved distribution services and higher customer demand due to favorable weather. However, net income attributable to FE decreased slightly to $419 million due to higher operating expenses, including storm restoration and vegetation management costs, and an impairment charge related to its Akron headquarters. For the first nine months of 2024, total revenues increased to $10,296 million, but earnings from continuing operations fell 24% to $717 million. This decline was attributed to increased operating expenses, civil penalties from investigations, and lower investment earnings. FirstEnergy's cash flow from operations significantly improved to $1,847 million, driven by lower energy purchase payments and increased transmission revenue collections. The company maintains a robust liquidity position with $439 million in cash and $1.4 billion from financing activities. Looking forward, FirstEnergy plans to invest approximately $26 billion in capital improvements through its Energize365 program, while navigating ongoing regulatory challenges and investigations related to Ohio's HB 6 legislation.