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FirstEnergy (FE) Beats Earnings and Revenue Estimates in Q3
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FirstEnergy Corporation (FE - Free Report) reported third-quarter 2018 operating earnings of 80 cents per share, beating the Zacks Consensus Estimate of 73 cents by 9.59%. Quarterly earnings improved 27% year over year.
On a GAAP basis, the company reported loss of $1.02 per share, including one-time settlement of $ 1.82.
Total Revenues
FirstEnergy generated total revenues of $3,064 million in third-quarter 2018, beating the Zacks Consensus Estimate of $2,823 million by 8.52%.. Revenues increased 5.3% from $2,910 million in the year-ago quarter.
FirstEnergy Corporation Price, Consensus and EPS Surprise
Total electric delivery increased 6.3% year over year. Residential sales improved 12.9% on a year-over-year basis. Commercial and industrial sales rose 2.7% and 2.5% year over year, respectively. Total distribution deliveries increased primarily due to increase in residential and industrial usage.
Cooling-degree-days were 28% than year-over-year and were 29% above normal .
Financial Update
FirstEnergy's cash and cash equivalents as of Sep 30, 2018 were $436 million, down from $588 million as of Dec 31, 2017.
Long-term debt and other long-term obligations as of Sep 30, 2018 were $16,608 million compared with $ 18,687 million as of Dec 31, 2017.
Net cash provided from operating activities was $846 million in the quarter under review compared with $1,280 million in the third quarter of 2017.
Guidance
FirstEnergy updated 2018 GAAP earnings in the range of $1.68-$2.60 per share and operating non-GAAP earnings guidance in the range of $2.50-$2.60.
NextEra Energy (NEE - Free Report) reported third-quarter 2018 adjusted earnings of $2.18 per share, beating the Zacks Consensus Estimate of $2.17 by 0.46%.
DTE Energy Company (DTE - Free Report) reported third-quarter 2018 operating EPS of $2.13, which beat the Zacks Consensus Estimate of $1.74 by 22.4%.
American Electric Power Co (AEP - Free Report) reported third-quarter 2018 operating EPS of $1.25, which beat the Zacks Consensus Estimate of $1.23 by 1.6%.
The Hottest Tech Mega-Trend of All
Last year, it generated $8 billion in global revenues. By 2020, it's predicted to blast through the roof to $47 billion. Famed investor Mark Cuban says it will produce "the world's first trillionaires," but that should still leave plenty of money for regular investors who make the right trades early.
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FirstEnergy (FE) Beats Earnings and Revenue Estimates in Q3
FirstEnergy Corporation (FE - Free Report) reported third-quarter 2018 operating earnings of 80 cents per share, beating the Zacks Consensus Estimate of 73 cents by 9.59%. Quarterly earnings improved 27% year over year.
On a GAAP basis, the company reported loss of $1.02 per share, including one-time settlement of $ 1.82.
Total Revenues
FirstEnergy generated total revenues of $3,064 million in third-quarter 2018, beating the Zacks Consensus Estimate of $2,823 million by 8.52%.. Revenues increased 5.3% from $2,910 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 increased 6.3% year over year. Residential sales improved 12.9% on a year-over-year basis. Commercial and industrial sales rose 2.7% and 2.5% year over year, respectively. Total distribution deliveries increased primarily due to increase in residential and industrial usage.
Cooling-degree-days were 28% than year-over-year and were 29% above normal .
Financial Update
FirstEnergy's cash and cash equivalents as of Sep 30, 2018 were $436 million, down from $588 million as of Dec 31, 2017.
Long-term debt and other long-term obligations as of Sep 30, 2018 were $16,608 million compared with $ 18,687 million as of Dec 31, 2017.
Net cash provided from operating activities was $846 million in the quarter under review compared with $1,280 million in the third quarter of 2017.
Guidance
FirstEnergy updated 2018 GAAP earnings in the range of $1.68-$2.60 per share and operating non-GAAP earnings guidance in the range of $2.50-$2.60.
Zacks Rank
FirstEnergy sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Utility Releases
NextEra Energy (NEE - Free Report) reported third-quarter 2018 adjusted earnings of $2.18 per share, beating the Zacks Consensus Estimate of $2.17 by 0.46%.
DTE Energy Company (DTE - Free Report) reported third-quarter 2018 operating EPS of $2.13, which beat the Zacks Consensus Estimate of $1.74 by 22.4%.
American Electric Power Co (AEP - Free Report) reported third-quarter 2018 operating EPS of $1.25, which beat the Zacks Consensus Estimate of $1.23 by 1.6%.
The Hottest Tech Mega-Trend of All
Last year, it generated $8 billion in global revenues. By 2020, it's predicted to blast through the roof to $47 billion. Famed investor Mark Cuban says it will produce "the world's first trillionaires," but that should still leave plenty of money for regular investors who make the right trades early.
See Zacks' 3 Best Stocks to Play This Trend >>