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Published: Wednesday, 10/29/2003

FirstEnergy lowers '03 earnings estimate

AKRON — FirstEnergy Corp., parent of Toledo Edison, which restated first-quarter and 2002 earnings in August, said 2003 net income will be $1.61 to $1.81 a share, below a September forecast, because some costs were inadvertently dropped from estimates.

Expenses in the second quarter of about 30 cents a share, including costs from a New Jersey electricity-rate case, were left out of the company's Sept. 8 forecast of earnings of $1.91 to $2.11, Treasurer Tom Navin said at an industry conference in Orlando, Fla.

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