Firstenergy Corp Stock Price, News & Analysis

FirstEnergy Corp. reported first quarter 2021 GAAP earnings of $335 million, or $0.62 per share, on revenue of $2.7 billion, matching last year’s revenue but marking a substantial increase in earnings from $74 million, or $0.14 per share. Operating earnings were $0.69 per share, exceeding the midpoint of guidance. Looking ahead, the company forecasts second quarter earnings between $260 million and $315 million and maintains a full-year GAAP earnings forecast of $1.27 billion to $1.38 billion. Key growth was driven by increased residential usage and strategic investments.

FirstEnergy Corp. (NYSE: FE) will announce its first quarter 2021 financial results after market close on April 22. Management will discuss these results during a conference call with analysts on April 23 at 10 a.m. EDT, followed by a Q&A session. Stakeholders can access a live webcast of the call and view presentation materials on their Investor Information website. The webcast will be available for replay for up to one year. FirstEnergy serves customers across several states and operates an extensive transmission network.

Toledo Edison, a subsidiary of FirstEnergy Corp. (NYSE: FE), has collaborated with the U.S. Fish and Wildlife Service to enhance osprey conservation by installing a 55-foot wooden pole with a nesting platform at Cedar Point National Wildlife Refuge. This initiative addresses the growing osprey population by providing a safe nesting area, thereby reducing nesting near electrical equipment, which could lead to power outages. The installation reflects Toledo Edison’s commitment to wildlife protection, having previously installed deterrents to prevent nesting on utility poles.

FirstEnergy Corp. (NYSE: FE) has expanded its Educate to Elevate program, initially launched for Ohio employees, to include partnerships with Alvernia University in Pennsylvania and Pierpont Community and Technical College in West Virginia. This initiative allows employees to pursue college degrees after work hours at company facilities. The program aims to enhance workforce skills and personal development, with 51 students currently enrolled across the three locations. Following the successful transition to online learning during the pandemic, the company demonstrates its commitment to employee growth and career advancement.

Jersey Central Power & Light (JCP&L), a FirstEnergy Corp. subsidiary, is implementing a significant tree trimming initiative over 3,700 miles of power lines in its service area to prevent outages. As of April 2021, 400 miles have been trimmed, with an additional 3,300 miles scheduled for completion by year-end, totaling an expenditure of $41 million. The program also aims to eliminate deteriorated ash trees affected by the Emerald Ash Borer, having removed over 980 trees this year. JCP&L serves 1.1 million customers across various New Jersey counties.

Met-Ed, a subsidiary of FirstEnergy Corp. (NYSE: FE), is actively engaged in tree trimming across Pennsylvania to enhance electric service reliability. This initiative is part of a $28 million vegetation management program for 2020, aiming to clear 3,200 miles of lines. Since the start of the year, 650 miles have been trimmed, contributing to an 11% reduction in tree-related outages from 2019. Work is scheduled across multiple counties, with certified forestry experts managing the program. Met-Ed serves approximately 570,000 customers across 3,300 square miles.

Mon Power, a subsidiary of FirstEnergy, has launched its 2021 tree trimming program to clear nearly 5,700 miles of power lines in West Virginia. With an investment of over $70 million, the initiative aims to improve service reliability and reduce power outages, which have dropped by more than 40% since 2015. The program will involve the proactive removal of deteriorated ash trees and is executed by certified forestry experts. Mon Power serves approximately 385,000 customers in 34 counties and operates on a four-year trimming cycle.

Ohio Edison, a subsidiary of FirstEnergy Corp. (NYSE: FE), is investing $22 million in a tree-trimming program across its 34-county Ohio service area. The initiative aims to enhance service reliability by preventing tree-related power outages, particularly during storm seasons. Currently, contractors have trimmed trees along nearly 1,200 miles of electric lines and plan to complete an additional 3,850 miles by year-end. The program is executed every four years and employs both ground crews and aerial saws for efficiency and safety.