FirstEnergy earnings down first quarter, year over year - WOWK 13 Charleston, Huntington WV News, Weather, Sports

FirstEnergy earnings down first quarter, year over year

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MORGANTOWN, WV -

FirstEnergy reported first quarter 2013 GAAP earnings May 7 of $0.47 per share, compared with $0.73 per share in the first quarter of 2012.

Net income was $196 million on revenue of $3.7 billion, compared with net income of $306 million and revenue of $4 billion in the year-ago period.

Non-GAAP earnings were $0.76 per share, compared with $0.82 per share last year.

"Our first quarter results were solidly in line with our expectations," said FirstEnergy President and Chief Executive Officer Anthony Alexander in the company's media release.  

Non-GAAP results benefited from higher distribution deliveries, a lower effective income tax rate, reduced operating costs, and lower general taxes, the company said.  Results were negatively affected by lower commodity margin, higher depreciation expense and reduced revenues from the regulated transmission business.

Cooler weather in the first quarter of 2013 compared to the same period last year resulted in a 3 percent increase in distribution deliveries.  Residential sales increased 6 percent, while commercial and industrial deliveries increased slightly.  

The company's competitive subsidiary, FirstEnergy Solutions, continued to expand its business and customer base, the company said, but the gains were offset by lower capacity prices, which drove an overall reduction in commodity margin. 

Affecting GAAP earnings most significantly were debt redemption costs of $0.18 per share.

The company's financial report is available at www.firstenergy.com/ir.

A live webcast of the company's teleconference for financial analysts will take place at 1 p.m. Eastern time on May 7; on the website, click on "Q1 2013 Earnings Conference Call."

FirstEnergy share trade on the New York Stock Exchange under the symbol FE.