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FirstEnergy Affirms Guidance; To Cooperate With DOJ Investigation

(RTTNews) - FirstEnergy Corp. (FE) affirmed its full-year 2020 GAAP earnings forecast range of $1.02 billion to $1.13 billion, or $1.88 to $2.08 per share, as well as its full-year operating (non-GAAP) guidance of $2.40 to $2.60 per share.

FirstEnergy affirmed its long-term growth rate projections. The company said it remains on track to achieve 6% to 8% compound annual operating (non-GAAP) earnings growth from 2018 to 2021, as well as its extended CAGR of 5% to 7% through 2023.

For the third quarter, FirstEnergy expects operating (non-GAAP) earnings of $0.73 to $0.83 per share.

Second quarter operating (non-GAAP) earnings per share was $0.57, compared to $0.61, prior year. On average, 12 analysts polled by Thomson Reuters expected the company to report profit per share of $0.54, for the quarter. Analysts' estimates typically exclude special items.

Second quarter revenue was $2.5 billion, flat with prior year. Analysts expected revenue of $2.54 billion for the quarter.

"We intend to cooperate fully with the Department of Justice investigation involving the Ohio Speaker of the House, and we will ensure our company's involvement in supporting HB 6 is understood as accurately as possible. I believe that FirstEnergy acted ethically in this matter. At no time did our support for Ohio's nuclear plants interfere with or supersede our ethical obligations to conduct our business properly. I believe the facts will become clear as the investigation progresses," Charles Jones, FirstEnergy CEO stated.

Shares of FirstEnergy Corp. were up nearly 3% after hours.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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