FirstEnergy Corporation (FE - Free Report) delivered first-quarter 2020 operating earnings of 66 cents per share, which beat the Zacks Consensus Estimate of 64 cents by 3.13%. Quarterly earnings dropped by a penny from the year-ago quarter’s figure.
On a GAAP basis, the company’s earnings amounted to 14 cents compared with the earnings of 59 cents in the prior-year quarter.
Total Revenues
FirstEnergy generated total revenues of $2,709 million in first-quarter 2020, which missed the Zacks Consensus Estimate of $2,916 million by 7.08%. The figure declined from $2,883 million in the year-ago quarter.
Highlights of the Release
Residential sales fell 12.6% on a year-over-year basis. Commercial deliveries declined 7.5% and industrial sales fell 3% year over year. Total distribution deliveries declined 7.8% from prior-year quarter’s levels due to milder-than-expected temperatures as well as lower usage.
Total operating expenses in the quarter under review amounted to $ 2,177 million, down 3.4% from $2,254 million in the prior-year quarter.
In the first quarter, operating income was $532 million, down 15.4 from $629 million in the year-ago quarter.
Financial Update
FirstEnergy had cash and cash equivalents of $152 million as of Mar 31, 2020 compared with $627 million on Dec 31, 2019.
Long-term debt and other long-term obligations as of Mar 31, 2020 was $20,821 million, up from $19,618 million on Dec 31, 2019.
Net Cash used in operating activities in first-quarter 2020 was $560 million compared with $182 million in the prior-year quarter.
Guidance
Management reaffirmed 2020 earnings per share guidance in the range of $2.40-$2.60, whose mid-point of $2.50 is in line with the current Zacks Consensus Estimate. Also, the company provided second-quarter earnings guidance in the range of 48-58 cents, whose mid-point of 53 cents is lower than the current Zacks Consensus Estimate of 64 cents.
Zacks Rank
FirstEnergy carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Another Utility Release
NextEra Energy, Inc. (NEE - Free Report) reported first-quarter 2020 adjusted earnings of $2.38 per share, which surpassed the Zacks Consensus Estimate of $2.21 by 7.7%.
Upcoming Releases
Dominion Energy (D - Free Report) is scheduled to report first-quarter 2020 results on May 5. The Zacks Consensus Estimate for quarterly earnings is pegged at $1.16 per share.
American Electric Power (AEP - Free Report) is scheduled to announce first-quarter 2020 results on May 6. The Zacks Consensus Estimate for quarterly earnings per share is pegged at $1.22 per share.
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It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
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FirstEnergy Corporation (FE - Free Report) delivered first-quarter 2020 operating earnings of 66 cents per share, which beat the Zacks Consensus Estimate of 64 cents by 3.13%. Quarterly earnings dropped by a penny from the year-ago quarter’s figure.
On a GAAP basis, the company’s earnings amounted to 14 cents compared with the earnings of 59 cents in the prior-year quarter.
Total Revenues
FirstEnergy generated total revenues of $2,709 million in first-quarter 2020, which missed the Zacks Consensus Estimate of $2,916 million by 7.08%. The figure declined from $2,883 million in the year-ago quarter.
Highlights of the Release
Residential sales fell 12.6% on a year-over-year basis. Commercial deliveries declined 7.5% and industrial sales fell 3% year over year. Total distribution deliveries declined 7.8% from prior-year quarter’s levels due to milder-than-expected temperatures as well as lower usage.
Total operating expenses in the quarter under review amounted to $ 2,177 million, down 3.4% from $2,254 million in the prior-year quarter.
In the first quarter, operating income was $532 million, down 15.4 from $629 million in the year-ago quarter.
Financial Update
FirstEnergy had cash and cash equivalents of $152 million as of Mar 31, 2020 compared with $627 million on Dec 31, 2019.
Long-term debt and other long-term obligations as of Mar 31, 2020 was $20,821 million, up from $19,618 million on Dec 31, 2019.
Net Cash used in operating activities in first-quarter 2020 was $560 million compared with $182 million in the prior-year quarter.
Guidance
Management reaffirmed 2020 earnings per share guidance in the range of $2.40-$2.60, whose mid-point of $2.50 is in line with the current Zacks Consensus Estimate. Also, the company provided second-quarter earnings guidance in the range of 48-58 cents, whose mid-point of 53 cents is lower than the current Zacks Consensus Estimate of 64 cents.
Zacks Rank
FirstEnergy carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Another Utility Release
NextEra Energy, Inc. (NEE - Free Report) reported first-quarter 2020 adjusted earnings of $2.38 per share, which surpassed the Zacks Consensus Estimate of $2.21 by 7.7%.
Upcoming Releases
Dominion Energy (D - Free Report) is scheduled to report first-quarter 2020 results on May 5. The Zacks Consensus Estimate for quarterly earnings is pegged at $1.16 per share.
American Electric Power (AEP - Free Report) is scheduled to announce first-quarter 2020 results on May 6. The Zacks Consensus Estimate for quarterly earnings per share is pegged at $1.22 per share.
More Stock News: This Is Bigger than the iPhone!
It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 27 billion devices in just 3 years, creating a $1.7 trillion market.
Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 6 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2020.
Click here for the 6 trades >>
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
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