Q3 2024 FirstEnergy Corp Earnings Call Transcript
Key Points
- FirstEnergy Corp (FE) reported GAAP earnings from continuing operations of $0.73 per share, maintaining stability compared to $0.74 per share in the third quarter of 2023.
- The company reaffirmed its five-year CapEx plan of $26 billion through 2028, with a long-term annual operating earnings growth rate of 6% to 8%.
- FirstEnergy Corp (FE) increased its 2024 investment plan from $4.3 billion to $4.6 billion, focusing on reliability investments in distribution and standalone transmission businesses.
- The company successfully reached a $225 million settlement in Pennsylvania, reflecting a balanced compromise with key stakeholders and supporting grid reliability enhancements.
- FirstEnergy Corp (FE) is actively participating in PJM's 2024 regional transmission expansion plan, proposing several new regional transmission projects in collaboration with Dominion Energy Virginia and American Electric Power.
- Operating earnings for the quarter were $0.85 per share, down from $0.88 in 2023, impacted by higher storm-related expenses and the absence of state tax benefits.
- The company faced significant storm expenses in the quarter, with about $30 million of non-deferred storm O&M, representing 10% of consolidated O&M.
- FirstEnergy Corp (FE) experienced dilution from the 30% sale of FirstEnergy transmission, affecting earnings in the standalone transmission segment.
- The withdrawal of the Ohio ESP V plan introduces uncertainty, requiring a reversion to ESP IV and the filing of ESP VI, which may complicate regulatory proceedings.
- The company anticipates an FFO to debt ratio just under 13% for the year, below the targeted 14% to 15%, impacted by SEC and OOCIC payments and unusual storm events.
Hello and welcome to the FirstEnergy Corp third quarter 2024 earnings conference call. As a reminder, this conference is being recorded. It is now my pleasure to turn the call over to Gina Caskey, Director of Investor Relations and Corporate Responsibility. Please go ahead, Gina.
Thank you. Good morning, everyone and welcome to FirstEnergy's third quarter 2024 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 supplemental
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
