Ohio News: First Energy reports drop,

OHIO

FirstEnergy reports drop
in 4th-quarter earnings

AKRON — FirstEnergy Corp. said Monday that its earnings in the fourth quarter of 2007 fell 2 percent, hurt by higher costs to buy power.

The regional electric power generation and transmission company earned $268 million, or 87 cents per share, for the quarter ended Dec. 31. That compares with a $274 million profit, or 84 cents per share, in the year-ago quarter.

Per-share results were up because FirstEnergy has bought back stock.

Revenue rose 15 percent in the quarter to $3.1 billion from $2.7 billion in the year-ago quarter.

NATION

4th-quarter profits
decline for Lowe’s

CHARLOTTE, N.C. — Lowe’s Cos. reported Monday that fourth-quarter profit dropped by a third. But its shares rose after the nation’s second-biggest home improvement retailer predicted that sales — while still hurt by a soft housing market — would improve slightly in 2008.

After opening lower, Lowe’s shares rose 91 cents, or 3.9 percent, to close at $24.50 in trading Monday.

The home improvement industry has suffered as consumers pulled back spending on home renovations in the face of declining home values, lower sales and tighter credit requirements.

Associated Press