Friday, April 29, 2016
Current Weather
Loading Current Weather....
Published: Wednesday, 10/28/2009

FirstEnergy profits fall by half in latest quarter

AKRON — Power company FirstEnergy Corp., which owns Toledo Edison, said yesterday its profit was halved in the third quarter as a weak economy coupled with a mild summer hurt demand for electricity.

FirstEnergy earned $230 million, or 77 cents a share, compared with profit of $471 million, or $1.54 ashare, in the year -go quarter. Revenue fell to $3.4 billion from $3.9 billion.

Like other utilities, FirstEnergy has been hurt by slumping demand for electricity during the recession, particularly among industrial customers. FirstEnergy said industrial sales fell 16 percent during the quarter, primarily because of lower consumption by steel and automotive customers.

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.