Saturday, October 10, 2015
Current Weather
Loading Current Weather....
Published: Wednesday, 8/8/2007

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.

Recommended for You

Guidelines: Please keep your comments smart and civil. Don't attack other readers personally, and keep your language decent. If a comment violates these standards or our privacy statement or visitor's agreement, click the "X" in the upper right corner of the comment box to report abuse. To post comments, you must be a Facebook member. To find out more, please visit the FAQ.