FirstEnergy declares dividends

February 17, 2011 at 12:00a.m.

By Kristen Russo

AKRON

FirstEnergy has released its year-end and fourth-quarter results, along with a declaration of dividends for its common-stock investors.

The Akron-based energy company reported a net income of $760 million and revenue of $13.34 billion for 2010, compared with net income of $990 million and revenue of $12.97 billion for 2009.

Earnings in 2010 were $2.57 per diluted share, compared with $3.29 per diluted share in 2009.

For the fourth quarter of 2010, FirstEnergy reported earnings of $0.61 per diluted share. Income per diluted share for 2009 was $0.78.

Net income during the fourth quarter of 2010 was $180 million with a revenue of $3.22 billion, compared with a net income of $236 million and revenue of $2.96 billion for the same period in 2009.

For the fourth quarter of 2010, electric-generation sales were up 23 percent compared with the fourth quarter of 2009. They were up 26 percent for the year.

Total distribution increased 6 percent in 2010.

FirstEnergy spokeswoman Tricia Ingraham attributed the increase to industrial usage and the difference in weather between the summers and winters of 2010 and 2009.

For the second quarter of 2011, FirstEnergy’s board of directors declared an unchanged quarterly dividend of 55 cents per share of outstanding common stock.