FirstEnergy’s net income surges

FirstEnergy’s net income surges

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.

RTI’s third-quarter income increases

PITTSBURGH

RTI International Metals, Inc.’s third-quarter net income was $2.1 million, up from a net loss of $16.8 million during 2010’s third quarter, according to the company’s earnings report released Tuesday.

The third-quarter earnings per share was 7 cents, down from 56 cents a year ago. EPS is for diluted shares.

RTI’s net income during the first nine months of 2011 totaled $6.5 million, or 22 cents per share, up from $4.9 million, or 16 cents per share in 2010.

The company’s titanium and distribution group’s posted operating profits.

“Overall end-market demand for titanium continues to accelerate, notwithstanding headwinds in the defense sector,” said Dawne S. Hickton, vice chair, president and CEO, in a statement. “We now expect total mill product shipments for the year to exceed 14.0 million pounds.”

The fabrication group posted a net loss.

Pennsylvania gas prices will decrease

ERIE, PA.

About 214,000 customers of National Fuel Gas Distribution Corp. in northwestern Pennsylvania will be paying less to heat their homes.

The Buffalo, N.Y.-based utility cut its gas rates by 8.2 percent for the quarter beginning today. The company will have the opportunity to adjust its rates again Feb. 1.

The company says in a statement that drilling in the Marcellus shale formation has boosted supply and lowered prices, which suppliers are required to pass along to consumers.

National Fuel Gas serves customers in 14 northwestern Pennsylvania counties.

The average household customer, who pays for steady gas use year-round, will see their monthly bill fall from $92.51 to $84.92.

Despite the reduction, the company’s gas rates are slightly higher than for the same date last year, when another reduction cut monthly bills from $91.74 to $82.92.

Vindicator staff reports

Selected local stocks

STOCK, DIVIDENDCLOSECHANGE

Aqua America, .66, 21.65 —.54

Avalon Holdings,2.30—.10

Clear Channel, .65 56.11 —1.17

Cortland Bancorp, 7.40.40

Farmers Nat.4.33 .03

First Energy, 2.20, 44.97.01

FirstMerit Corp., .64,13.31 —.70

First Niles Financial, .24,11.39—.62

First Place Fin., .80—.04

FNB Corp., .48,9.62—.47

General Motors,23.33—2.52

General Electric, .60,16.02—.69

Motors Liquidation, .0422.00

Huntington Bank, .16, 4.97—.21

JP Morgan Chase, 1.00,32.71—2.05

Key Corp, .12,6.83—.23

LaFarge, 9.31 —.84

Macy’s, .40, 30.06—.47

Parker Hannifin, 1.48, 78.50—3.05

PNC, 1.40,51.38—2.33

RTI Intl. Metals,27.461.07

Simon Prop. Grp.,3.20,125.35—3.09

Stoneridge 7.27 —.60

United Community Fin. 1.07—.10

Selected prices at 4 p.m. Tuesday. Provided by Stifel Nicolaus. Not to be construed as an offer or recommendation to buy or sell any security.