FIRSTENERGY CORP Reports FY2023 Q2 Earnings for Period Ending June 30 2023
August 23, 2023
🌥️Earnings Overview
FIRSTENERGY CORP ($NYSE:FE) released their earnings report for the second quarter of FY2023, for the period ending June 30 2023, on August 1 2023. Total revenue was up 6.7% from the same period in the prior year, totaling USD 3006.0 million. Net income saw a 25.7% increase, reaching USD 235.0 million.
Market Price
The company’s shares opened at $39.5 and closed at $39.0 – a decrease of 1.0% from the prior closing price of $39.4. The company’s President and Chief Executive Officer, Charles E. Jones, noted in his statement that the company was able to achieve their financial goals for the quarter despite challenging economic conditions in the energy industry. He also noted that the company was dedicated to upholding their commitment to delivering reliable, safe, and sustainable energy services to their customers.
The company’s outlook for the future remains positive; with plans to deliver strong earnings and operational performance, and to increase their dividend to shareholders. FIRSTENERGY CORP is also actively exploring new opportunities in technology and innovation, with an emphasis on customer service and reliability. As the energy industry continues to evolve, FIRSTENERGY CORP remains committed to providing reliable, safe, and cost-effective power to its customers. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Firstenergy Corp. More…
| Total Revenues | Net Income | Net Margin |
| 12.89k | 458 | 3.8% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Firstenergy Corp. More…
| Operations | Investing | Financing |
| 1.19k | -3.34k | 1.84k |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Firstenergy Corp. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 47.06k | 36.09k | 18.35 |
Key Ratios Snapshot
Some of the financial key ratios for Firstenergy Corp are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 5.9% | 18.4% | 19.4% |
| FCF Margin | ROE | ROA |
| -14.0% | 15.1% | 3.3% |
Analysis
GoodWhale has conducted an analysis of FIRSTENERGY CORP‘s wellbeing and found it to be a medium risk investment in terms of financial and business aspects. Our Risk Rating system provides investors with an overview of the company’s financial health, including key indicators such as profitability, cash flow, and debt burden. In our assessment, we have identified two risk warnings in FIRSTENERGY CORP’s income sheet and cash flow statement. For investors looking for further detail, GoodWhale provides a comprehensive report on the company’s financial health and risk profile. Register with us today to get access to this report. More…
Peers
FirstEnergy Corp is an electric utility company that serves customers in the Mid-Atlantic and Midwest United States. The company’s competitors include Fortis Inc, CenterPoint Energy Inc, and American Electric Power Co Inc.
– Fortis Inc ($TSX:FTS)
Fortis Inc. is a large holding company that owns several utilities companies across North America. It has a market cap of $24.59 billion as of 2022 and a return on equity of 8.51%. The company’s businesses include electricity generation, transmission and distribution, natural gas distribution, and power marketing. Fortis also owns a small but growing renewable energy business.
– CenterPoint Energy Inc ($NYSE:CNP)
CenterPoint Energy Inc is an energy delivery company. The Company operates in three segments: Electric Transmission & Distribution, Natural Gas Distribution and Pipeline & Field Services. It also provides other services to utilities and energy facilities.
– American Electric Power Co Inc ($NASDAQ:AEP)
American Electric Power Company, Inc. (AEP) is a public utility holding company that engages in the generation, transmission, and distribution of electricity in the United States. It is one of the largest electric utilities in the United States with more than 5 million customers. The company has a market capitalization of $44.13 billion as of 2022 and a return on equity of 10.57%. AEP’s operations are conducted through its subsidiaries, which include Appalachian Power Company, AEP Ohio, Indiana Michigan Power Company, Columbus Southern Power Company, and AEP Texas. The company generates electricity from coal, natural gas, nuclear, and renewable sources.
Summary
Investors in FIRSTENERGY CORP can be pleased with their Q2 FY2023 results, which saw total revenue increase by 6.7% and net income rise by 25.7%. This marks a strong return on investment for the company in the quarter ending June 30th 2023. The company’s strong financial performance demonstrates its ability to deliver consistent financial results despite an uncertain economic climate. This suggests that the company has a strong long-term outlook and is a reliable investment for the foreseeable future.
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