First Energy Corp. FE just released its fourth quarter fiscal 2016 earnings results, posting earnings of $0.38 per share and revenue of $3.4 billion.
FE closed up 1.03% at $31.33 and was flat in after-hours trading shortly after its earnings report was released.
Currently, FE has a Zacks Rank #3 (Hold) but it is subject to change following the release of the company’s latest earnings report. Here are 5 key statistics from this just announced report below.
Missed earnings estimates. The company posted earnings of $0.38 cents per share, missing our Zacks Consensus Estimate of $0.39 per share.
Missed revenue estimates. The company saw revenue figures of $3.4 billion, missing our estimate of $3.603 billion.
First Energy’s 2016 fourth quarter resulted in GAAP loss of $5.8 billion due to asset impairment and plant exit costs. That is compared to fourth quarter 2015 GAAP loss of $266 million.
2017 earnings guidance range has been increased with GAAP earnings estimated to be between $2.47 and $2.77.
"In 2016, we achieved our financial targets, made significant progress on our regulated growth plans, and began an important strategic review that is designed to support our transition into a fully regulated company", said First Energy President and CEO Charles Jones.
Here’s a graph that looks at First Energy’s price, consensus and EPS surprise:
FirstEnergy Corporation Price, Consensus and EPS Surprise
First Energy Corp., headquartered in Akron, Ohio, is an energy company for homes and businesses. First Energy owns and operates one of the largest investor-owned electric systems in the United States. With serving 6 million customers in the Midwest and Mid-Atlantic, the company operates an infrastructure of more than 269,000 miles between the Ohio-Indiana border to New Jersey Shore.
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