WEC - FirstEnergy Q1 Earnings Beat Estimates Revenues Lag | Benzinga
FirstEnergy (NYSE: FE) reported first-quarter 2024 operating earnings of 55 cents per share, which surpassed the Zacks Consensus Estimate of 53 cents by 3.8%. However, the bottom line decreased 8.3% from the year-ago quarter's figure of 60 cents.
Total Revenues
Operating revenues of $3.29 billion missed the Zacks Consensus Estimate of $3.36 billion by 2.04%. The top line, however, increased 1.8% from $3.23 billion recorded in the year-ago quarter.
FirstEnergy Corporation Price, Consensus and EPS Surprise
FirstEnergy Corporation price-consensus-eps-surprise-chart | FirstEnergy Corporation Quote
Segmental Performance
Distribution: Earnings from this segment totaled $1.77 billion, down 2.8% from the prior-year quarter's level. The decline can be attributed to higher planned operating expenses during 2024.
Integrated: Earnings from this segment amounted to $1.09 billion, up 6.5% from the prior-year quarter's reported actuals. The improvement was primarily due to the approval of recent base rate cases in Maryland, New Jersey and West Virginia, investments in formula rate capital programs, and higher weather-related demand.
Stand-Alone Transmission: Earnings from this segment totaled $438 million, up 9.5% from the prior-year ...