FirstEnergy Corp. reported earning $315 million, or 59 cents per share, on revenue of $2.9 billion for the first quarter ending March 31.
The Akron electric utility on Tuesday also updated its earnings guidance for the full year. Results were released after the stock market closed.
A year ago, FirstEnergy reported earning $1.2 billion, or $2.55 a share, on revenue of $2.9 billion. That 2018 first quarter included a gain after the utility deconsolidated FirstEnergy Solutions and related subsidiaries after FirstEnergy Solutions filed for Chapter 11 bankruptcy.
FirstEnergy’s first-quarter adjusted earnings of 67 cents per share came in on the higher end of a projected range of 60 to 70 cents per share, the company said.
"We are pleased with our solid first quarter results, which reflect the continued success of our regulated strategies," Charles E. Jones, FirstEnergy president and chief executive officer, said in a news release. "We are off to a great start for the year, and we are well positioned to continue meeting our commitments to investors, including our compound annual growth rate of 6 to 8 percent."
FirstEnergy said it expects to earn $2.37 to $2.67 per share for the current fiscal year, with adjusted earnings of $2.45 to $2.75 per share.
The utility said it expects to earn 55 cents to 65 cents per share for the second quarter.
First-quarter residential sales increased 0.7 percent, while deliveries to commercial customers decreased 1.4 percent, the company said.
Deliveries to industrial customers were flat as lower demand from steel and automotive customers offset growth in the shale and chemical sectors, the company said.
FirstEnergy shares closed up 15 cents, or 0.4 percent, to $40.74. Shares over the past 52 weeks have ranged from a low of $32.92 to a high of $42.13.
Company executives will discuss first-quarter results with industry analysts in a conference call at 10 a.m. Wednesday. The public can listen in via webcast by going to https://investors.firstenergycorp.com.
Jim Mackinnon can be reached at 330-996-3544 or email@example.com. Follow him @JimMackinnonABJ on Twitter or www.facebook.com/JimMackinnonABJ