FirstEnergy Corporation FE delivered first-quarter 2019 operating earnings of 67 cents per share, which beat the Zacks Consensus Estimate of 66 cents by 1.52%. Quarterly earnings were in line with the year-ago quarter’s figure.
On a GAAP basis, the company generated earnings of 59 cents, down from earnings of $2.55 in the prior-year quarter.
FirstEnergy generated total revenues of $2,883 million in first-quarter 2019, which missed the Zacks Consensus Estimate of $2,938 million by 1.88%. The figure improved from $2,862 million in the year-ago quarter.
FirstEnergy Corporation Price, Consensus and EPS Surprise
FirstEnergy Corporation Price, Consensus and EPS Surprise | FirstEnergy Corporation Quote
Highlights of the Release
Total electric delivery dipped 0.2% in the first quarter on a year-over-year basis. Residential sales inched up 0.7% year over year. Commercial and industrial sales fell 1.7% and 0.1% year over year, respectively.
Residential sales improved on the back of higher number of customers and average customer usage, which was offset by state energy efficiency programs and lower weather-related customer usage. Deliveries to industrial customers declined due to lower steel and automotive customer usage.
FirstEnergy's cash and cash equivalents as of Mar 31, 2019 were $174 million, down from $367 million as of Dec 31, 2018.
Long-term debt and other long-term obligations as of Mar 31, 2019 were $18,814 million compared with $17,751 million as of Dec 31, 2018.
Net cash used in operating activities in first-quarter 2019 was $182 million compared with $880 million in the year-ago quarter.
The company expects 2019 EPS in the range of $2.45-$2.75, whose mid-point of $2.60 is higher than the current Zacks Consensus Estimate for the period of $2.58. Also, the company provided second-quarter earnings guidance in the range of 55-65 cents.
FirstEnergy carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
NextEra Energy, Inc. NEE delivered first-quarter 2019 adjusted earnings of $2.20 per share, which beat the Zacks Consensus Estimate of $2.01 by 9.4%.
American Electric Power AEP is scheduled to announce first-quarter 2019 results on Apr 25. The Zacks Consensus Estimate for earnings is pegged at $1.10.
Dominion Energy D is scheduled to deliver first-quarter 2019 results on May 3. The Zacks Consensus Estimate for earnings is pegged at $1.18.
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