AKRON — FirstEnergy Corp.’s profit dropped 70 percent in the first quarter because of higher operation and maintenance expenses, reduced interest returns, increased general taxes, and lower margins from its subsidiary, FirstEnergy Solutions, the company has reported.
The Akron company, which owns Toledo Edison, said this week it had first-quarter earnings of $45 million, or 15 cents a share, down from $149 million, or 51 cents a share, for the period a year ago. Revenue was $3.6 billion, up from $3.3 billion a year ago.
Earnings this year were also affected by shares issued in the company’s merger with Allegheny Energy of Greensburg, Pa.
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