AKRON, Ohio — FirstEnergy Corp. reported Thursday that the company had first quarter net income of $276 million, or basic earnings of $0.91 per share of common stock ($0.90 diluted), on revenues of $3.3 billion.
This compares to record first quarter net income in 2007 of $290 million, or basic and diluted earnings of $0.92 per share, on revenues of $3.0 billion, according to the report.
First quarter 2008 results benefited from increased generation margins – revenue less fuel and purchased power costs – as well as a gain from the sale of non-core assets and the impact of fewer common shares outstanding resulting from last year’s share repurchase program. These factors were offset by decreased investment income, and increases in other costs.
The company achieved record first quarter generation output of 20.4 million megawatt-hours, compared to 19.4 million MWH in 2007.
Electric generation sales in the quarter increased slightly compared to the 2007 period, with a 7 percent increase in wholesale sales, partially offset by a 1 percent decrease in retail generation sales.
“The solid operational performance of our plants helped us exceed our earnings guidance for the quarter,” said Anthony J. Alexander, president and chief executive
officer of FirstEnergy.
“Our record first quarter generation output reflects our continued success in positioning our generation business as the platform for our future growth,” Alexander said.
FirstEnergy’s Consolidated Report to the Financial Community – which provides highlights on company developments and financial results for the quarter – is posted on the company’s Web site at http://www.firstenergycorp.com/ir.'>www.firstenergycorp.com/ir. To access the report, click on
Q1 2008 Consolidated Report to the Financial Community.
FirstEnergy is a diversified energy company headquartered in Akron, Ohio. Its subsidiaries and affiliates are involved in the generation, transmission and distribution of electricity, as well as energy management and other energy-related services.
The company is traded publicly on the New York Stock Exchange under the symbol FE. Its seven electric utility operating companies comprise the nation’s fifth largest investor-owned electric system, based on 4.5 million customers served within a 36,100-square-mile area of Ohio, Pennsylvania and New Jersey, and its generation subsidiaries control more than 14,000 megawatts of capacity.