FirstEnergy net income rises dramatically in 3Q

AKRON — FirstEnergy Corp.’s net income jumped from $175 million to $509 million during the third quarter, according to the company’s earnings report released today.

Third-quarter basic and diluted earnings were $1.22 per share, up from 59 cents per share during the same quarter of 2010. Those figures are based on Generally Accepted Accounting Principles.

Based on a non-GAAP basis, the per-share earnings were $1.34 per share, up from $1.28.

Net income during the first nine months is $725 million, up from $580 million during the same nine months of 2010.

Earnings are at $1.89 per share during that period ($1.88 diluted), down from $1.97 ($1.96 diluted).

FirstEnergy reported higher sales margins and the merger with Allegheny Energy Inc. led to higher third-quarter results, though higher operating costs held down the increase, according to the press release.