FirstEnergy profit beats estimates on lower costs

Oct 26 (Reuters) - FirstEnergy beat estimates for third-quarter profit on Thursday, as lower costs helped offset weak demand for electricity due to mild weather.

The company, which serves more than six million customers in Ohio, Pennsylvania, New Jersey, West Virginia, Maryland and New York, said residential usage fell 3.5% in the quarter as a result of mild summer temperatures across its service footprint.

Overall, total distribution deliveries decreased about 1.2% year-over-year.

The impact of mild weather was cancelled out by lower operating expenses, a more than 8% increase in its rate base and tax benefits, the electric utility provider said.

The Akron, Ohio-based company's adjusted earnings was 88 cents per share for the three months ended Sept. 30, beating estimates of 85 cents, according to LSEG data.

FirstEnergy narrowed its full-year earnings outlook on a per-share basis to a range of $2.49 to $2.59, from $2.44 to $2.64. Analysts were expecting $2.54. (Reporting by Mrinalika Roy in Bengaluru; Editing by Devika Syamnath)