FirstEnergy (FE) Lags Q1 Earnings Estimates, Reaffirms View

FirstEnergy Corporation FEreported first-quarter 2018 operating earnings of 67 cents per share, lagging the Zacks Consensus Estimate of 68 cents by 1.5%. Quarterly earnings improved 28.9% year over year to come in within the expected range of 60-70 cents.

On a GAAP basis, the company reported earnings of $2.

54 per share compared with 46 cents in the prior-year quarter. The difference between GAAP and operating earnings in the reported quarter was due to the impact of one-time gain from the exit of competitive business.

Total Revenues

FirstEnergy generated total revenues of $2,976 million in first-quarter 2018, missing the Zacks Consensus Estimate of $3,262 million by 8.8%.

Revenues moved up 4.2% from $2,855 million in the year-ago quarter. The top line improved primarily on the back of higher regulated transmission and distribution revenues.