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FirstEnergy 3Q net income falls almost 50 percent

NEW YORK (AP) -- NEWS: FirstEnergy said Tuesday its net income fell by almost half in the third quarter on lower revenue from its electric utilities, partly because of a cooler-than-usual summer.

DETAILS: FirstEnergy Corp. reported steep declines in revenue for its regulated distribution and competitive energy businesses. However if one-time costs are excluded, its net income was greater than Wall Street expected.

NUMBERS: The company said its net income sank to $218 million, or 52 cents per share, from $425 million, or $1.01 per share. Excluding special items FirstEnergy said operating income fell to 94 cents per share from $1.11 per share. Revenue fell to $4.04 billion from $4.05 billion.

Analysts expected net income of 92 cents per share and $3.97 billion in revenue, according to FactSet.

FUTURE: The Akron, Ohio, company narrowed its annual net income guidance to a range of $2.90 to $3.10 per share from $2.85 to $3.15 per share.

Analysts expect $2.98 per share on average.

STOCK: Shares of FirstEnergy lost 26 cents to $37.31 in afternoon trading.