Q2 2024 FirstEnergy Corp Earnings Call Transcript
Key Points
- Operating earnings for the quarter increased by 19% to $0.56 per share compared to $0.47 per share last year.
- Customer demand showed positive growth with weather-adjusted residential and commercial sales up 4% and 7%, respectively.
- Capital investments to improve customer experience increased by 22% for the first six months of the year.
- The company reaffirmed its 2024 operating earnings guidance range of $2.61 to $2.81 per share and its CapEx plan of $4.3 billion.
- FirstEnergy Corp (FE) successfully completed the obligations under the deferred prosecution agreement, marking significant progress in resolving legacy issues.
- GAAP earnings for the second quarter were significantly lower at $0.08 per share compared to $0.41 per share last year.
- Higher planned operations and maintenance expenses partially offset the positive impacts on operating earnings.
- The 30% sale of FirstEnergy Transmission LLC to Brookfield resulted in expected dilution.
- The company faces ongoing regulatory challenges, including unresolved issues in Ohio's ESP5 case and pending rate cases in Pennsylvania and Ohio.
- The financial impact of legacy issues remains, with reserves of $100 million for SEC settlement and $19.5 million for Ohio matters.
Please stand by for streaming text.
As a reminder, this conference is being recorded.
It is now my pleasure to turn the call over to Irene Brazil, Vice President, Investor Relations and Communications. Please go ahead, Irene.
Thank you. Good morning, everyone, and welcome to First Energy's Second Quarter 2020 for earnings review. Our President and Chief Executive Officer, Brian Tierney, will lead our call today, and he will be joined by Jon Taylor, our Senior Vice President and Chief Financial Officer.
Our earnings release presentation slides and related financial information are available on our website at firstenergycorp.com. Today's discussion will include the use of non-GAAP financial measures and forward-looking statements. Factors that could cause our results to differ materially from these forward-looking statements can be found in our SEC filings. The appendix of today's presentation includes
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