U.S. Markets open in 2 hrs 59 mins

FirstEnergy: 1Q Earnings Snapshot

AKRON, Ohio (AP) _ FirstEnergy Corp. (FE) on Monday reported first-quarter net income of $1.21 billion.

The Akron, Ohio-based company said it had net income of $2.54 per share. Earnings, adjusted to account for discontinued operations, were 67 cents per share.

The results missed Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 68 cents per share.

The utility company posted revenue of $2.98 billion in the period.

For the current quarter ending in July, FirstEnergy expects its per-share earnings to range from 47 cents to 57 cents.

The company expects full-year earnings in the range of $2.25 to $2.55 per share.

FirstEnergy shares have increased 12 percent since the beginning of the year, while the Standard & Poor's 500 index has stayed nearly flat. The stock has risen 12 percent in the last 12 months.

_____

This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on FE at https://www.zacks.com/ap/FE