Akron-based utility FirstEnergy reporting quarterly and prior year financials this morning. The company reports 2012 revenues of $15.3 billion dollar and net earnings of $771 million, down from the previous year.
Those numbers compare to 2011 annuals of $16.1 billion in revenue and $869 million in net income.
Numbers for fourth quarter 2012 compared to 2011 showed a net loss of $148 million for the just-completed quarter compared to net income of $99 million the same time in 2011.
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(FirstEnergy news release) FirstEnergy Corp. (NYSE: FE) today reported full-year 2012 basic earnings of $3.34 per share of common stock on a non-GAAP* basis. These results exclude the impact of the special items listed below. In 2011, non-GAAP earnings were $3.64 per share.
“In 2012, we successfully controlled costs, improved our operational performance, and continued building our competitive business, consistent with our strategies,” said Anthony J. Alexander, president and chief executive officer of FirstEnergy. “This year, we will remain focused on continuing the strong operational performance in our three core businesses, generation, transmission and distribution, while delivering financial stability and pursuing opportunities for growth.”
The company also reaffirmed its 2013 non-GAAP earnings guidance of $2.85 to $3.15 per share. On a GAAP basis, full-year 2012 earnings were $1.85 per basic share ($1.84 diluted), on net income of $771 million and revenue of $15.3 billion. In 2011, GAAP earnings were $2.22 per basic share ($2.21 diluted) on net income of $869 million and revenue of $16.1 billion.
Fourth quarter 2012 non-GAAP earnings were $0.80 per share of common stock. This compares to fourth quarter 2011 non-GAAP earnings of $0.77 per share. On a GAAP basis, the company reported a fourth quarter 2012 net loss of $148 million, or a loss of $0.35 per basic share, on revenue of $3.5 billion. In 2011, GAAP earnings were $0.23 per basic and diluted share on net income of $99 million and revenue of $3.9 billion.