FirstEnergy forecasts downbeat 2025 earnings, misses quarterly profit estimates

FirstEnergy

26/02/2025 22:37

Feb 26 (Reuters) - FirstEnergy FE.N forecast downbeat earnings for the current year after the utility firm missed Wall Street estimates for fourth-quarter profit on Wednesday, hurt by mild weather.

Shares of the company were down 3.2%, at $41.69, in extended trading.

FirstEnergy said the heating degree days, a measure of energy demand for space heating, were 10% below normal, which negatively impacted results in the October-December quarter from a year earlier.

The utility now expects current-year profit between $2.4 and $2.6 per share, below Wall Street estimates of $2.89 per share.

The capital expenditure for the year is expected to be $5 billion, about 11% higher than last year.

FirstEnergy, through its three segments - distribution, integrated, and stand-alone transmission - serves about 6 million customers in the areas of Ohio, Pennsylvania, New Jersey, West Virginia and Maryland.

The Akron, Ohio-based company, however, reported a net income of $261 million in the quarter, up 49% from a year earlier on the back of higher electricity rates.

The company reported an adjusted profit of 61 cents per share for the quarter ended December 31, missing Wall Street estimates of 70 cents per share, according to data compiled by LSEG.

 (Reporting by Tanay Dhumal in Bengaluru; Editing by Mohammed Safi Shamsi)

 ((Tanay.Dhumal@thomsonreuters.com; Twitter: https://twitter.com/TanayDhumal;))