We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
FirstEnergy's (FE) Q1 Earnings Lag Estimates, Revenues Beat
Read MoreHide Full Article
FirstEnergy Corporation (FE - Free Report) delivered first-quarter 2023 operating earnings per share (EPS) of 60 cents, which missed the Zacks Consensus Estimate of 61 cents by 1.64%. The bottom line was on par with the year-ago quarter’s figure.
The company reported GAAP earnings of 51 cents per share, on par with the prior-year quarter EPS.
Total Revenues
FirstEnergy generated operating revenues of $3,238 million in the first quarter, which surpassed the Zacks Consensus Estimate of $3,174 million by 2%. The top line improved 8.3% from the year-ago quarter’s tally.
FirstEnergy Corporation Price, Consensus and EPS Surprise
Electric sales improved 8.3% from the prior-year period, primarily due to improved sales to industrial and commercial customers.
Total operating expenses amounted to $2,624 million, up 8.7% from the year-ago quarter’s $2,413 million.
Financial Update
As of Apr 24, 2023, FE reported a strong balance sheet with available liquidity of approximately $3.9 billion, including cash and cash equivalents of $130 million.
Long-term debt and other long-term obligations as of Mar 31, 2023, were $22.1 billion compared with $21.2 billion as of Dec 31, 2022.
Net cash used for operating activities was $112 million against $355 million cash provided in the year-ago quarter.
Guidance
FirstEnergy reaffirmed 2023 earnings guidance in the range of $2.44-$2.64 per share, based on 574 million shares outstanding. The Zacks Consensus Estimate for earnings stands at $2.51 per share, lower than $2.54 per share midpoint of the guided range. It also provided second-quarter total earnings guidance in the range of $230-$285 million, or 40-50 cents per share, based on 573 million shares outstanding.
The company reaffirmed its long-term annual operating EPS growth rate of 6-8%. It also reiterated the FFO/debt target of 14-15%.
Eversource Energy (ES - Free Report) is set to release first-quarter 2023 results on May 3, after market close. The Zacks Consensus Estimate for earnings is pegged at $1.36 per share, implying a year-over-year increase of 4.62%.
Eversource Energy’s long-term (three- to five-year) earnings growth rate is projected at 6.34%. The consensus estimate for 2023 EPS stands at $4.36, indicating a year-over-year improvement of 6.6%.
Exelon Corporation (EXC - Free Report) is slated to report first-quarter results on May 3, before market open. The Zacks Consensus Estimate for earnings is pegged at 66 cents per share, implying a year-over-year increase of 3.13%.
EXC’s long-term earnings growth rate is currently pinned at 6.68%. The consensus estimate for 2023 EPS stands at $2.35, indicating a year-over-year improvement of 3.52%.
Duke Energy (DUK - Free Report) is scheduled to report first-quarter results on May 9, before market open. The Zacks Consensus Estimate for earnings is pegged at $1.31 per share, indicating a year-over-year increase of 0.77%.
DUK’s long-term earnings growth rate is currently pinned at 6.18%. The consensus mark for 2023 EPS stands at $5.61, implying a year-over-year improvement of 6.45%.
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Bigstock
FirstEnergy's (FE) Q1 Earnings Lag Estimates, Revenues Beat
FirstEnergy Corporation (FE - Free Report) delivered first-quarter 2023 operating earnings per share (EPS) of 60 cents, which missed the Zacks Consensus Estimate of 61 cents by 1.64%. The bottom line was on par with the year-ago quarter’s figure.
The company reported GAAP earnings of 51 cents per share, on par with the prior-year quarter EPS.
Total Revenues
FirstEnergy generated operating revenues of $3,238 million in the first quarter, which surpassed the Zacks Consensus Estimate of $3,174 million by 2%. The top line improved 8.3% from the year-ago quarter’s tally.
FirstEnergy Corporation Price, Consensus and EPS Surprise
FirstEnergy Corporation price-consensus-eps-surprise-chart | FirstEnergy Corporation Quote
Highlights of the Release
Electric sales improved 8.3% from the prior-year period, primarily due to improved sales to industrial and commercial customers.
Total operating expenses amounted to $2,624 million, up 8.7% from the year-ago quarter’s $2,413 million.
Financial Update
As of Apr 24, 2023, FE reported a strong balance sheet with available liquidity of approximately $3.9 billion, including cash and cash equivalents of $130 million.
Long-term debt and other long-term obligations as of Mar 31, 2023, were $22.1 billion compared with $21.2 billion as of Dec 31, 2022.
Net cash used for operating activities was $112 million against $355 million cash provided in the year-ago quarter.
Guidance
FirstEnergy reaffirmed 2023 earnings guidance in the range of $2.44-$2.64 per share, based on 574 million shares outstanding. The Zacks Consensus Estimate for earnings stands at $2.51 per share, lower than $2.54 per share midpoint of the guided range. It also provided second-quarter total earnings guidance in the range of $230-$285 million, or 40-50 cents per share, based on 573 million shares outstanding.
The company reaffirmed its long-term annual operating EPS growth rate of 6-8%. It also reiterated the FFO/debt target of 14-15%.
Zacks Rank
FirstEnergy currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Upcoming Releases
Eversource Energy (ES - Free Report) is set to release first-quarter 2023 results on May 3, after market close. The Zacks Consensus Estimate for earnings is pegged at $1.36 per share, implying a year-over-year increase of 4.62%.
Eversource Energy’s long-term (three- to five-year) earnings growth rate is projected at 6.34%. The consensus estimate for 2023 EPS stands at $4.36, indicating a year-over-year improvement of 6.6%.
Exelon Corporation (EXC - Free Report) is slated to report first-quarter results on May 3, before market open. The Zacks Consensus Estimate for earnings is pegged at 66 cents per share, implying a year-over-year increase of 3.13%.
EXC’s long-term earnings growth rate is currently pinned at 6.68%. The consensus estimate for 2023 EPS stands at $2.35, indicating a year-over-year improvement of 3.52%.
Duke Energy (DUK - Free Report) is scheduled to report first-quarter results on May 9, before market open. The Zacks Consensus Estimate for earnings is pegged at $1.31 per share, indicating a year-over-year increase of 0.77%.
DUK’s long-term earnings growth rate is currently pinned at 6.18%. The consensus mark for 2023 EPS stands at $5.61, implying a year-over-year improvement of 6.45%.