Saturday, Jul 30, 2016
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Energy

11% increase for quarter posted by FirstEnergy

AKRON FirstEnergy Corp., parent of Toledo Edison, said yesterday that its second-quarter earnings rose 11 percent, helped by higher sales of electricity because of a late cold spell and unusually warm weather in early June.

The company had a profit of $338 million, or $1.10 a share, for the quarter ended June 30, compared with $304 million, or 91 cents a share, a year ago.

Revenue rose to $3.1 billion in the quarter from $2.8 billion a year ago.

Per-share profits were boosted by 7 cents in the quarter because the company bought back 25 million shares since the second quarter of 2006.

Excluding one-time charges, profit was $1.13 a share. Analysts surveyed by Thomson Financial predicted $1.04 a share.

FirstEnergy shares closed yesterday at $64.54, up $1.88, in trading on the New York Stock Exchange.

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