FirstEnergy Corp. has reported its first quarter 2024 financial results, showcasing a strong start to the year. The company's GAAP earnings were $0.44 per share, with operating earnings reaching $0.55 per share, exceeding the midpoint of guidance. Brian X. Tierney, President and Chief Executive Officer, expressed satisfaction with the performance, stating, "Despite a mild winter, we're off to a solid start in 2024."
Tierney highlighted the company's milestone in strengthening its balance sheet, mentioning, "We significantly strengthened our balance sheet, supporting long-term organic investments in our fully regulated businesses to enhance reliability and the customer experience." This progress led to FirstEnergy receiving upgrades to investment grade ratings from both Moody's and S&P.
The first quarter results were driven by factors such as approved base rate cases in Maryland, New Jersey, and West Virginia, distribution capital investment riders, and improved weather-related demand. The company also introduced new segment reporting in 2024 to enhance transparency and align with its operating structure, detailing the performance of its Distribution, Integrated, Stand-Alone Transmission, and Corporate/Other segments.
Looking ahead, FirstEnergy provided a second quarter earnings guidance range and affirmed its 2024 operating earnings guidance, maintaining a targeted 6-8% long-term annual operating earnings per share growth rate. The company's commitment to integrity, safety, reliability, and operational excellence underscores its dedication to serving its customers and stakeholders in the electric utility sector.