FirstEnergy 1Q earnings off 4.8 percent
5/1/2008AKRON, Ohio - Regional electric utility FirstEnergy Corp. said first-quarter earnings dipped 4.8 percent, with increased costs and reduced investment income offsetting record first-quarter generation and a slight sales increase.
FirstEnergy said Thursday it earned $276 million, or 90 cents per share, for the quarter ended March 31 compared with a profit of $290 million, or 92 cents per share, a year ago. Sales rose $3.3 billion in the quarter from $3 billion a year ago.
Analysts surveyed by a Thomson Financial expected FirstEnergy to earn 83 cents per share.
FirstEnergy, the nation's fifth largest investor-owned electric system, controls seven electric utility operating companies. It serves 4.5 million customers in Ohio, Pennsylvania and New Jersey.