FirstEnergy releases second-quarter earnings

Staff report

YOUNGSTOWN

FirstEnergy Corp. on Friday reported second-quarter 2017 earnings of $174 million on revenue of $3.3 billion.

These results compared with a loss of $1.1 billion for the second quarter of 2016 on revenue of $3.4 billion.

“We are pleased with the continued solid performance of our regulated businesses in the second quarter, reflecting our customer-focused growth initiatives,” said Charles E. Jones, FirstEnergy president and chief executive officer, in a statement. “We remain on track to achieve the operating earnings guidance we outlined earlier this year.”

In FirstEnergy’s regulated distribution business, second-quarter 2017 earnings increased compared with the prior-year period as a result of new rates that went into effect in Ohio, Pennsylvania and New Jersey in January, which offset lower weather-related distribution deliveries and higher operating and maintenance and depreciation expenses.

Total distribution deliveries decreased 0.7 percent compared with the second quarter of 2016, primarily due to the impact of milder weather on residential and commercial sales.

In the regulated transmission business, earnings increased compared with the second quarter of 2016 as a result of higher transmission revenues, which offset higher operating expenses.

In the competitive energy services segment, results improved compared with the prior year period due to lower asset impairment and plant exit costs as compared with the second quarter of 2016.