- FirstEnergy Corp. (FE, Financial) reported a 37% increase in Core Earnings per share to $0.67, up from $0.49 year-over-year.
- Revenue rose by 15% to $3.8 billion, compared to $3.3 billion in Q1 2024.
- The company's transmission rate base grew by 19% despite the dilution impact from the sale of FirstEnergy Transmission equity interest.
FirstEnergy Corp. (FE) announced robust financial results for the first quarter of 2025, delivering a significant boost in both GAAP and Core Earnings compared to the previous year. The company posted GAAP earnings of $360 million, equivalent to $0.62 per share, and Core Earnings of $0.67 per share, marking a substantial increase from $0.44 and $0.49 per share, respectively, in Q1 2024.
FirstEnergy's revenue for the quarter rose to $3.8 billion, a 15% increase from the $3.3 billion reported in the same period last year. This growth was underpinned by successful regulatory strategies and strong execution of capital investment plans, which are part of the $28 billion Energize365 program slated to run through 2029.
The company affirmed its 2025 Core Earnings guidance of $2.40 to $2.60 per share, maintaining its commitment to a 6-8% compound annual growth target through 2029. In the first quarter alone, FirstEnergy invested over $1 billion in customer-focused capital improvements, advancing its $5 billion investment plan for 2025.
Distribution deliveries climbed 4% year-over-year, fueled by a 10% increase in residential sales and a 5% rise in commercial sales. However, industrial sales saw a decline of 3%, highlighting a potential area for attention.
The company's transmission rate base expanded by 19%, though the benefits were partially offset by the dilution from the equity interest sale in FirstEnergy Transmission in March 2024. Lower financing costs also played a role in enhancing the company's financial standing, thanks to a reduction of $560 million in long-term debt and $450 million in lower revolver borrowings.
