Friday, February 12, 2016
Current Weather
Loading Current Weather....
Published: Thursday, 8/21/2003

Five quarters' earnings restated by FirstEnergy

FirstEnergy Corp., parent of Toledo Edison Co., has restated its earnings for 2001 and for the first quarter of this year — cutting previously announced profits by a total of $99 million.

The restatement, because of costs involving the firm's 2001 acquisition of GPU Inc., lowers first-quarter profit by $22.5 million, or 8 cents a share, to $218.5 million, or 74 cents a share. It cut earnings for 2002 by $76.5 million, or 26 cents a share, to $552.8 million, or $1.89 a share.

But FirstEnergy — which has said it also plans to restate earnings for 2000 and 2001 — said the accounting changes will result in a profit increase of $381 million in future years. FirstEnergy's stock closed at $29.19, up $1.23 per share, in New York Stock Exchange trading yesterday, on volume of 6.7 million shares, four times normal. Its share price is still 24 percent below its recent high of $38.50 in early July.

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.