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FirstEnergy Q2 earnings $58 million

Christian Fernsby |
FirstEnergy reported second quarter 2021 GAAP earnings of $58 million, or $0.11 per basic and diluted share of common stock, on revenue of $2.6 billion.

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In the second quarter of 2020, the company reported GAAP earnings of $309 million, or $0.57 per basic and diluted share of common stock, on revenue of $2.5 billion.

GAAP results for the second quarter of 2021 include a charge related to the company's recently announced Deferred Prosecution Agreement to resolve the Department of Justice investigation, as well as other special items listed below.

Operating (non-GAAP) earnings* were $0.59 for the second quarter of 2021, above the top end of the company's guidance range. In the second quarter of 2020 operating (non-GAAP) earnings were $0.57 per share.

For the third quarter of 2021, FirstEnergy is providing a GAAP and operating (non-GAAP) forecast range of $380 million to $435 million, or $0.70 to $0.80 per share based on 544 million shares outstanding.

The company updated its full-year 2021 GAAP earnings forecast range to $1,000 million to $1,110 million, or $1.84 to $2.04 per share based on 544 million shares outstanding. It reaffirmed its full-year 2021 operating (non-GAAP) earnings guidance of $2.40 to $2.60 per share, with expectations to be in the top half of that range.


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