FirstEnergy posts 1st-quarter earnings

Staff report

Akron

Despite an unusually warm winter, FirstEnergy Corp. of Akron announced it had first-quarter earnings of 82 cents per share of common stock on a non- generally accepted accounting practices basis.

This was a slight increase from the non-GAAP earnings of 75 cents per share in the first quarter of 2011.

On a GAAP basis, first-quarter earnings were 73 cents per share of common stock on net income of $306 million and revenue of $4.1 billion.

During the first quarter of 2011, earnings were 15 cents per share of common stock on net income of $52 million, with revenue of $3.6 billion.

Last year’s results included charges relating to the closing of the merger with Allegheny Energy, which reduced earnings by 43 cents per share.

“While our first-quarter results were impacted by unseasonably warm weather, we are pleased with the continued success of our retail strategy and improving economic conditions — particularly within the Ohio industrial sector,” said Anthony J. Alexander, FirstEnergy president and chief executive officer.

Distribution deliveries, excluding Allegheny Energy deliveries, decreased by 4 percent in the quarter due to the warm weather.

Residential sales decreased by 8 percent, and commercial deliveries decreased 2 percent. Usage by FirstEnergy’s industrial customers was relatively flat, despite the improvement in Ohio in industrial activity, according to a FirstEnergy press release.