FIRSTENERGY CORP
For the period ended Sep 30, 2024. Filed Oct 29, 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.
Sep 30, 2024 · Filed Oct 29, 2024
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FirstEnergy Corp
CONSOLIDATED STATEMENTS OF INCOME
| For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||
|---|---|---|---|---|
| (In millions, except per share amounts) | 2024 | 2023 | 2024 | 2023 |
| REVENUES: | ||||
| Distribution services and retail generation | $3,069 | $2,869 | $8,381 | $7,924 |
| Transmission | 556 | 508 | 1,650 | 1,486 |
| Other | 104 | 110 | 265 | 314 |
| Total revenues(1) | 3,729 | 3,487 | 10,296 | 9,724 |
| OPERATING EXPENSES: | ||||
| Fuel | 139 | 166 | 372 | 439 |
| Purchased power | 1,086 | 1,155 | 2,999 | 3,173 |
| Other operating expenses | 1,099 | 967 | 3,275 | 2,698 |
| Provision for depreciation | 400 | 366 | 1,178 | 1,088 |
| Deferral of regulatory assets, net | (33) | (140) | (205) | (253) |
| General taxes | 311 | 307 | 915 | 881 |
| Total operating expenses | 3,002 | 2,821 | 8,534 | 8,026 |
| OPERATING INCOME | 727 | 666 | 1,762 | 1,698 |
| OTHER INCOME (EXPENSE): | ||||
| Debt redemption costs (Note 6) | — | — | (85) | (36) |
| Equity method investment earnings (Note 1) | 21 | 43 | 64 | 134 |
| Miscellaneous income, net | 53 | 24 | 156 | 102 |
| Pension and OPEB mark-to-market adjustment (Note 4) | — | — | — | 59 |
| Interest expense | (276) | (289) | (866) | (828) |
| Capitalized financing costs | 35 | 26 | 94 | 69 |
| Total other expense | (167) | (196) | (637) | (500) |
| INCOME BEFORE INCOME TAXES | 560 | 470 | 1,125 | 1,198 |
| INCOME TAXES | 94 | 29 | 294 | 193 |
| INCOME FROM CONTINUING OPERATIONS | 466 | 441 | 831 | 1,005 |
| Discontinued operations (Note 1)(2) | — | (21) | — | (21) |
| NET INCOME | $466 | $420 | $831 | $984 |
| Income attributable to noncontrolling interest | 47 | 20 | 114 | 57 |
| EARNINGS ATTRIBUTABLE TO FIRSTENERGY CORP. | $419 | $400 | $717 | $927 |
| AMOUNTS ATTRIBUTABLE TO FIRSTENERGY CORP.: | ||||
| Earnings from continuing operations | $419 | $421 | $717 | $948 |
| Earnings from discontinued operations | — | (21) | — | (21) |
| EARNINGS ATTRIBUTABLE TO FIRSTENERGY CORP. | $419 | $400 | $717 | $927 |
| EARNINGS PER SHARE ATTRIBUTABLE TO FIRSTENERGY CORP. (Note 3): | ||||
| Basic - continuing operations | $0.73 | $0.74 | $1.25 | $1.66 |
| Basic - discontinued operations | — | (0.04) | — | (0.04) |
| Basic | $0.73 | $0.70 | $1.25 | $1.62 |
| Diluted - continuing operations | $0.73 | $0.73 | $1.24 | $1.65 |
| Diluted - discontinued operations | — | (0.04) | — | (0.04) |
| Diluted | $0.73 | $0.69 | $1.24 | $1.61 |
| WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING: | ||||
| Basic | 576 | 573 | 575 | 573 |
| Diluted | 577 | 574 | 576 | 574 |
(1) Includes excise and gross receipts tax collections of $116 million and $114 million during the three months ended September 30, 2024 and 2023, respectively, and $329 million and $315 million during the nine months ended September 30, 2024 and 2023, respectively.
(2) Consists of income taxes of $21 million during the three and nine months ended September 30, 2023.
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