FIRSTENERGY CORP
For the period ended Jun 30, 2024. Filed Jul 30, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2024 · Filed Jul 30, 2024
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FirstEnergy Corp
CONSOLIDATED STATEMENTS OF INCOME
| For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||
|---|---|---|---|---|
| (In millions, except per share amounts) | 2024 | 2023 | 2024 | 2023 |
| REVENUES: | ||||
| Distribution services and retail generation | $2,617 | $2,375 | $5,312 | $5,055 |
| Transmission | 579 | 518 | 1,094 | 978 |
| Other | 84 | 113 | 161 | 204 |
| Total revenues(1) | 3,280 | 3,006 | 6,567 | 6,237 |
| OPERATING EXPENSES: | ||||
| Fuel | 128 | 140 | 233 | 273 |
| Purchased power | 877 | 894 | 1,913 | 2,018 |
| Other operating expenses | 1,170 | 885 | 2,176 | 1,731 |
| Provision for depreciation | 397 | 361 | 778 | 722 |
| Deferral of regulatory assets, net | (8) | (33) | (172) | (113) |
| General taxes | 293 | 278 | 604 | 574 |
| Total operating expenses | 2,857 | 2,525 | 5,532 | 5,205 |
| OPERATING INCOME | 423 | 481 | 1,035 | 1,032 |
| OTHER INCOME (EXPENSE): | ||||
| Debt redemption costs (Note 6) | (85) | (36) | (85) | (36) |
| Equity method investment earnings (Note 1) | 22 | 35 | 43 | 91 |
| Miscellaneous income, net | 59 | 43 | 103 | 78 |
| Pension and OPEB mark-to-market adjustment (Note 4) | — | 59 | — | 59 |
| Interest expense | (285) | (276) | (590) | (539) |
| Capitalized financing costs | 29 | 22 | 59 | 43 |
| Total other expense | (260) | (153) | (470) | (304) |
| INCOME BEFORE INCOME TAXES | 163 | 328 | 565 | 728 |
| INCOME TAXES | 65 | 74 | 200 | 164 |
| NET INCOME | $98 | $254 | $365 | $564 |
| Income attributable to noncontrolling interest | 53 | 19 | 67 | 37 |
| EARNINGS ATTRIBUTABLE TO FIRSTENERGY CORP. | $45 | $235 | $298 | $527 |
| EARNINGS PER SHARE ATTRIBUTABLE TO FIRSTENERGY CORP. (Note 3): | ||||
| Basic | $0.08 | $0.41 | $0.52 | $0.92 |
| Diluted | $0.08 | $0.41 | $0.52 | $0.92 |
| WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING: | ||||
| Basic | 575 | 573 | 575 | 573 |
| Diluted | 576 | 574 | 576 | 574 |
(1) Includes excise and gross receipts tax collections of $98 million and $92 million during the three months ended June 30, 2024 and 2023, respectively, and $213 million and $201 million during the six months ended June 30, 2024 and 2023, respectively.
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