FirstEnergy posts 2nd-quarter report

July 31, 2015 at 12:00a.m.

AKRON

FirstEnergy Corp. on Thursday reported second-quarter 2015 operating earnings of $0.53 per basic share of common stock.

Earnings for the second quarter of this year were $187 million, or $0.44 per basic and diluted share of common stock, on revenue of $3.5 billion.

For the second quarter of 2014, earnings were $64 million, or $0.16 per basic share of common stock, on revenue of $3.5 billion.

FirstEnergy also reaffirmed its full-year 2015 operating earnings guidance of $2.40 to $2.70 per basic share, and provided a third quarter 2015 operating earnings guidance range of $0.82 to $0.92 per basic share.

Hercules recalling 90,000 SUV tires

DETROIT

An Ohio company is recalling about 90,000 SUV tires because the tread can separate, causing a loss of air and increasing the risk of a crash.

The recall covers certain 15- and 16-inch Hercules Tire & Rubber Co. All Trac A/T tires made from June 2008 to May 2010.

The Findlay, Ohio, company says in documents filed with U.S. safety regulators that dealers will replace the tires with a newer version that has a full nylon cap. The recalled tires have a partial nylon cap.

The recall was to start this month. It was unclear if there have been any crashes or injuries. The company said in a statement that it’s committed to working with customers through the recall.

The recall came after an attorney notified the National Highway Traffic Safety Administration that the Hercules tires were similar in design and construction to other tires that had been recalled by distributor ITG Voma. The safety agency then began investigating.

ITG Voma had received complaints of tread separation while the tires were in use and recalled its tires last October. The Hercules tires were manufactured by the same company, Shandong Yongsheng Rubber Group of China.

Average 30-year mortgage rate falls

WASHINGTON

Average long-term U.S. mortgage rates fell for a second-straight week, with the key 30-year rate slipping below 4 percent.

Mortgage giant Freddie Mac said Thursday the average rate on a 30-year fixed-rate mortgage declined to 3.98 percent this week from 4.04 percent a week earlier. The rate on 15-year fixed-rate mortgages eased to 3.17 percent from 3.21 percent.

As in recent weeks, mortgage rates followed the yield on the key 10-year Treasury note, which fell. Bond yields for Treasurys were pushed lower by a rise in bond prices, as investors sought safety in U.S. Treasury bonds amid steep declines in global stock markets. The yield on the 10-year note declined to 2.29 percent Wednesday from 2.33 percent a week earlier. It held steady in trading Thursday morning at 2.29 percent.

Staff/wire reports