This document provides a consolidated report for FirstEnergy Corp for the first quarter of 2008. Some key highlights include:
- Normalized non-GAAP earnings were $0.88 per share, unchanged from the first quarter of 2007. GAAP earnings were $0.91 per share compared to $0.92 per share in the prior year.
- Electric distribution deliveries increased 1% overall, increasing earnings by $0.02 per share. Generation revenues increased $0.23 per share due to higher wholesale and retail prices.
- Fuel and purchased power expenses reduced earnings by $0.19 per share due to higher fuel costs and market prices.
- 2008 earnings guidance remains at $4.15
This document is a consolidated report from FirstEnergy Corp for the second quarter of 2008. Some key points:
- Normalized non-GAAP earnings were $0.87 per share for Q2 2008, down from $1.13 per share in Q2 2007, with lower distribution deliveries and higher fuel/purchased power costs reducing earnings.
- GAAP earnings were $0.86 per share for Q2 2008 compared to $1.11 per share in the prior year.
- Earnings guidance for 2008 was revised to $4.25 to $4.35 per share on a non-GAAP basis.
first energy 3Q 08 Consolidated Finan Communityfinance21
This document summarizes FirstEnergy's financial results for the third quarter of 2008 compared to the third quarter of 2007. Key points include:
- Earnings per share increased to $1.55 from $1.36 due to higher wholesale sales prices and lower expenses, partially offset by higher fuel costs.
- Electric deliveries declined 2% due to mild weather while generation revenues increased due to higher wholesale prices. Fuel and purchased power expenses rose.
- Several other factors positively impacted earnings, including lower pension expenses and financing costs.
- Guidance for 2008 earnings per share was increased to $4.30 to $4.40, up from $4.25 to $4.35.
First, earnings per share for the first quarter of 2007 were $0.92 compared to $0.67 in the first quarter of 2006. Normalized non-GAAP earnings, excluding special items, were $0.88 per share for the first quarter of 2007. Higher electric distribution deliveries and generation revenues increased earnings, while higher fuel and purchased power expenses and lower distribution rates reduced earnings. Earnings guidance for 2007 remains at $4.05 to $4.25 per share on a non-GAAP basis excluding special items.
This document provides a consolidated report and financial highlights for FirstEnergy Corp for the 4th quarter of 2007. Some key points:
- Normalized non-GAAP earnings per share for Q4 2007 were $0.90 compared to $0.84 in Q4 2006.
- GAAP earnings per share for Q4 2007 were $0.88 compared to $0.85 in Q4 2006.
- Normalized non-GAAP earnings for 2007 were $4.23 per share, near the top of guidance range.
- 2008 earnings guidance range is $4.15 to $4.35 per share.
first energy 4Q 06 Consolidated Report to the Financial_Communityfinance21
This document is Consolidated Energy's quarterly report for Q4 2006. It provides an analysis of changes in EPS from Q4 2005 to Q4 2006. Normalized non-GAAP EPS increased from $0.77 to $0.84 primarily due to regulatory changes in Ohio that increased earnings. However, lower distribution deliveries and generation revenues, along with higher fuel and purchase power costs reduced earnings. Guidance for 2007 normalized non-GAAP EPS is $4.05 to $4.25.
This document provides a consolidated report for FirstEnergy Corp.'s third quarter of 2007. Some key highlights include:
- Normalized non-GAAP earnings were $1.32 per share for Q3 2007 compared to $1.42 per share for Q3 2006.
- GAAP earnings were $1.36 per share for Q3 2007 compared to $1.41 per share for Q3 2006.
- Earnings guidance for 2007 was revised to $4.15 to $4.25 per share from the previous range of $4.05 to $4.25 per share.
This document provides a consolidated report for FirstEnergy Corp for the second quarter of 2007. Some key highlights include:
- Normalized non-GAAP earnings were $1.13 per share for Q2 2007 compared to $0.95 per share for Q2 2006.
- GAAP earnings were $1.11 per share for Q2 2007 compared to $0.92 per share for Q2 2006.
- Higher electric distribution deliveries and generation revenues contributed to increased earnings. However, this was partially offset by higher purchased power costs and financing costs.
This document provides a summary of FirstEnergy Corp.'s financial results for the third quarter of 2006.
- Normalized non-GAAP earnings were $1.42 per share for Q3 2006, up from $1.04 per share in Q3 2005. GAAP earnings were $1.41 per share for Q3 2006 compared to $1.01 per share in Q3 2005.
- Factors that increased earnings included regulatory changes in Ohio and lower fuel and purchased power costs. Factors that decreased earnings included lower distribution deliveries due to mild weather and lower generation revenues from lower wholesale prices and sales volumes.
- Guidance for 2006 normalized non-GAAP earnings was increased to
This document is a consolidated report from FirstEnergy Corp for the second quarter of 2008. Some key points:
- Normalized non-GAAP earnings were $0.87 per share for Q2 2008, down from $1.13 per share in Q2 2007, with lower distribution deliveries and higher fuel/purchased power costs reducing earnings.
- GAAP earnings were $0.86 per share for Q2 2008 compared to $1.11 per share in the prior year.
- Earnings guidance for 2008 was revised to $4.25 to $4.35 per share on a non-GAAP basis.
first energy 3Q 08 Consolidated Finan Communityfinance21
This document summarizes FirstEnergy's financial results for the third quarter of 2008 compared to the third quarter of 2007. Key points include:
- Earnings per share increased to $1.55 from $1.36 due to higher wholesale sales prices and lower expenses, partially offset by higher fuel costs.
- Electric deliveries declined 2% due to mild weather while generation revenues increased due to higher wholesale prices. Fuel and purchased power expenses rose.
- Several other factors positively impacted earnings, including lower pension expenses and financing costs.
- Guidance for 2008 earnings per share was increased to $4.30 to $4.40, up from $4.25 to $4.35.
First, earnings per share for the first quarter of 2007 were $0.92 compared to $0.67 in the first quarter of 2006. Normalized non-GAAP earnings, excluding special items, were $0.88 per share for the first quarter of 2007. Higher electric distribution deliveries and generation revenues increased earnings, while higher fuel and purchased power expenses and lower distribution rates reduced earnings. Earnings guidance for 2007 remains at $4.05 to $4.25 per share on a non-GAAP basis excluding special items.
This document provides a consolidated report and financial highlights for FirstEnergy Corp for the 4th quarter of 2007. Some key points:
- Normalized non-GAAP earnings per share for Q4 2007 were $0.90 compared to $0.84 in Q4 2006.
- GAAP earnings per share for Q4 2007 were $0.88 compared to $0.85 in Q4 2006.
- Normalized non-GAAP earnings for 2007 were $4.23 per share, near the top of guidance range.
- 2008 earnings guidance range is $4.15 to $4.35 per share.
first energy 4Q 06 Consolidated Report to the Financial_Communityfinance21
This document is Consolidated Energy's quarterly report for Q4 2006. It provides an analysis of changes in EPS from Q4 2005 to Q4 2006. Normalized non-GAAP EPS increased from $0.77 to $0.84 primarily due to regulatory changes in Ohio that increased earnings. However, lower distribution deliveries and generation revenues, along with higher fuel and purchase power costs reduced earnings. Guidance for 2007 normalized non-GAAP EPS is $4.05 to $4.25.
This document provides a consolidated report for FirstEnergy Corp.'s third quarter of 2007. Some key highlights include:
- Normalized non-GAAP earnings were $1.32 per share for Q3 2007 compared to $1.42 per share for Q3 2006.
- GAAP earnings were $1.36 per share for Q3 2007 compared to $1.41 per share for Q3 2006.
- Earnings guidance for 2007 was revised to $4.15 to $4.25 per share from the previous range of $4.05 to $4.25 per share.
This document provides a consolidated report for FirstEnergy Corp for the second quarter of 2007. Some key highlights include:
- Normalized non-GAAP earnings were $1.13 per share for Q2 2007 compared to $0.95 per share for Q2 2006.
- GAAP earnings were $1.11 per share for Q2 2007 compared to $0.92 per share for Q2 2006.
- Higher electric distribution deliveries and generation revenues contributed to increased earnings. However, this was partially offset by higher purchased power costs and financing costs.
This document provides a summary of FirstEnergy Corp.'s financial results for the third quarter of 2006.
- Normalized non-GAAP earnings were $1.42 per share for Q3 2006, up from $1.04 per share in Q3 2005. GAAP earnings were $1.41 per share for Q3 2006 compared to $1.01 per share in Q3 2005.
- Factors that increased earnings included regulatory changes in Ohio and lower fuel and purchased power costs. Factors that decreased earnings included lower distribution deliveries due to mild weather and lower generation revenues from lower wholesale prices and sales volumes.
- Guidance for 2006 normalized non-GAAP earnings was increased to
Duke Energy provided a reconciliation of reported earnings per share for the third quarter and year-to-date 2003 and 2004. Several one-time gains and losses were identified for both years, including asset sales, impairments, settlements and tax adjustments. Excluding these one-time items, ongoing earnings per share were $0.35 for the third quarter of 2003 and $1.07 year-to-date, compared to $0.38 for the third quarter of 2004 and $1.15 year-to-date. The reconciliation identified various factors across Duke Energy's business segments that impacted reported results.
- Integrys Energy Group reported income from continuing operations of $24.8 million for Q2 2008, compared to a loss of $39.6 million in Q2 2007.
- Key drivers of improved performance included higher margins at natural gas utilities due to rate increases and weather, lower fuel costs for electric utilities, and unrealized gains on energy contracts at Integrys Energy Services.
- For 2008, Integrys expects diluted EPS between $3.33-$3.53, assuming normal weather, plant availability, merger impacts and synergy savings, and recent rate relief.
The document provides operating and financial results for 2008 for CEMAR and Light. Key highlights include:
- Billed energy volume grew 1.4% to 9,271 GWh for the year. CEMAR's volume grew 4% while Light's was flat.
- CEMAR's energy losses were 28.2% and Light's were 20.23% in the fourth quarter.
- Consolidated net operating revenues grew 9.6% to R$2,346 million for the year. EBITDA grew 15.8% to R$784.4 million.
- The Board approved a proposed dividend payment of R$190.2 million and capital reduction of R$82.
first energy 4Q 08 Consolidated Report NEW NEW209finance21
- FirstEnergy reported normalized non-GAAP earnings per share of $1.21 for Q4 2008, up from $0.90 in Q4 2007. Normalized non-GAAP earnings for 2008 were $4.57 per share.
- Key drivers of the increase were lower generation O&M expenses due to fewer outages and emission allowance gains, as well as lower energy delivery and transmission costs from cost control measures. Higher wholesale and retail electricity prices also contributed.
- These increases were partially offset by higher fuel costs due to fuel surcharges and transportation costs, as well as impairment of securities held for nuclear decommissioning trust funds.
- FirstEnergy did not provide 2009 earnings guidance
Duke Energy reconciliation_consolidated_epsfinance21
Duke Energy provided a reconciliation of its consolidated earnings per share for the second quarter and year-to-date in 2003 compared to 2002. Various factors contributed to changes in earnings across its business segments, including higher expenses, gains or losses on sales of assets, changes in foreign currency exchange rates, and one-time accounting adjustments. The overall impact was a decrease in EPS for the quarter but an increase year-to-date, with reported EPS of $0.46 for the quarter and $0.71 year-to-date in 2003.
Duke Energy provided a reconciliation of its reported 2003 and 2004 earnings per share from ongoing (recurring) earnings. For 2003, reported EPS was $(2.23) for Q4 and $(1.48) for the full year, while ongoing EPS was $0.22 for Q4 and $1.28 for the full year. The reconciliation lists adjustments between reported and ongoing EPS for various business segments and items such as impairments, settlements, and tax adjustments. For 2004, reported EPS was $0.38 for Q4 and $1.59 for the full year, compared to ongoing EPS of $0.24 for Q4 and $1.38 for the full year.
The document provides financial information for DTE Energy Company for Q3 2005, including:
- Operating net income was $5 million compared to $97 million in Q3 2004. Electric utility income was $97 million and gas utility lost $18 million.
- Factors impacting results included unrealized mark-to-market losses at Energy Trading of $140 million, gain on land sale of $10 million, and impairment charges of $15 million.
- Consolidated statements of financial position and cash flows are provided for the company and its subsidiaries.
DTE Energy reported first quarter earnings of $138 million compared to $117 million in the first quarter of 2000. Revenue from non-regulated businesses increased 251% to $817 million, contributing to increased earnings. The results were positively impacted by the suspension of the fuel clause and the company expects to complete its merger with MCN Energy in June, which is an important part of DTE Energy's growth strategy.
This document contains forward-looking statements about Sherwin-Williams' sales, earnings, and other matters that are based on management's current expectations and are subject to risks. It discusses Sherwin-Williams' financial highlights for 2007 including net sales, EBITDA, income, earnings per share, and return on assets. It also provides an overview of the global and U.S. coatings industry, Sherwin-Williams' operating segments, and its strategies for future growth.
FirstEnergy Corp. reported consolidated revenues of $3.079 billion for the three months ended December 31, 2007, an increase of $399 million compared to the same period in 2006. Higher electric sales and purchased power expenses contributed to increased revenues and expenses across most segments. Overall, net income decreased by $6 million to $268 million due to lower income from continuing operations in the Energy Delivery Services segment, partially offset by higher income in the Competitive Energy Services segment.
This document is an amendment to a previously filed Form 10-K for ConAgra Foods Inc. It provides restated financial statements for fiscal years 2004, 2003 and 2002, and the first two quarters of fiscal 2005 due to errors discovered in income tax accounting. The errors resulted in an aggregate net increase in income tax expense of approximately $105 million for the periods affected. As a result of the restatement, ending stockholders' equity was reduced by $45.6 million as of May 30, 2004. The filing amends and restates items 6, 7, 8, 9A and 15 to reflect the restatement and its effects.
The 2008 Annual Report summarizes Sherwin-Williams' financial performance in 2008. Net sales were $7.98 billion, a slight decrease from 2007. Net income declined 22.5% to $476.9 million due to asset impairment charges and rising input costs. Cash from operations increased to $876.2 million. The company continued investing in new stores, acquisitions, capital expenditures, dividends, and share repurchases. Challenging market conditions reduced sales and profits for the Paint Stores and Consumer groups. The Global Finishes Group grew sales but saw lower profits due to input costs. The company launched new products, expanded internationally, and initiated an EcoVision program.
Major brands in the Retail Products segment that posted sales growth included ACT II, Blue Bonnet, Butterball, Kid Cuisine, Marie Callender's, Reddi-wip and Ro*Tel. Brands that posted sales declines included Armour, Banquet, Cook's, DAVID, Eckrich, Egg Beaters, Healthy Choice, Hebrew National, Hunt's, LaChoy, Orville Redenbacher, PAM, Parkay, Peter Pan, Slim Jim, Snack Pack, Swiss Miss, Van Camp's and Wesson. Retail Products volume declined 5% for the quarter while Foodservice Products volume increased 2%. Corporate expense for the quarter was approximately $103 million
The Sherwin-Williams Company reported record financial results for 2007. Net sales increased 2.5% to $8 billion, a new record. Net income grew 6.9% to $615.6 million. Earnings per share increased 12% to $4.70. Cash from operations was $874.5 million, an increase of nearly $60 million over 2006. The company completed seven acquisitions to expand its product offerings and store presence globally.
Eaton Corporation achieved record financial results in 2005:
1) Net sales increased 13% to a record $11.1 billion.
2) Earnings per share rose 27% to a record $5.23.
3) Cash flow from operations increased 30% to $1.135 billion.
- FirstEnergy reported normalized non-GAAP earnings of $0.87 per share for Q2 2008, compared to $1.13 per share for Q2 2007. GAAP earnings were $0.86 per share for Q2 2008 and $1.11 per share for Q2 2007.
- Electric distribution deliveries declined 2% due to milder weather, decreasing earnings by $0.05 per share. Generation revenues increased earnings by $0.08 per share due to higher wholesale and retail prices despite a 6% decline in generation sales.
- Higher fuel and purchased power expenses reduced earnings by $0.23 per share due to increased market prices and coal transportation costs.
first energy 3Q 08 Consolidated Finan Communityfinance21
This document summarizes FirstEnergy's financial results for the third quarter of 2008 compared to the third quarter of 2007. Key points include:
- Earnings per share increased to $1.55 from $1.36 due to higher wholesale sales prices and lower expenses, partially offset by higher fuel costs.
- Electric deliveries declined 2% due to mild weather while generation revenues increased due to higher wholesale prices. Fuel and purchased power expenses rose due to higher market prices.
- FirstEnergy increased its full-year 2008 earnings guidance due to better-than-expected third quarter results.
This document provides a consolidated report for FirstEnergy Corp.'s third quarter of 2007. Some key highlights include:
- Normalized non-GAAP earnings were $1.32 per share for Q3 2007 compared to $1.42 per share for Q3 2006.
- GAAP earnings were $1.36 per share for Q3 2007 compared to $1.41 per share for Q3 2006.
- Earnings guidance for 2007 was revised to $4.15 to $4.25 per share from the previous range of $4.05 to $4.25 per share.
First, earnings per share for the first quarter of 2007 were $0.92 compared to $0.67 in the first quarter of 2006. Normalized non-GAAP earnings, excluding special items, were $0.88 per share for the first quarter of 2007. Higher electric distribution deliveries and generation revenues increased earnings, while higher fuel and purchased power expenses and lower distribution rates reduced earnings. Overall, normalized earnings increased due to various factors including higher sales volumes and market prices.
This document summarizes FirstEnergy's financial results for the fourth quarter of 2007. Some key points:
- Normalized non-GAAP earnings were $0.90 per share for Q4 2007, up from $0.84 per share in Q4 2006.
- GAAP earnings for Q4 2007 were $0.88 per share, up from $0.85 per share in Q4 2006.
- For the full year 2007, normalized non-GAAP earnings were $4.23 per share, near the guidance range, and up from $3.88 per share in 2006.
This document provides a consolidated report for FirstEnergy Corp for the second quarter of 2007. Some key highlights include:
- Normalized non-GAAP earnings were $1.13 per share for Q2 2007 compared to $0.95 per share for Q2 2006.
- GAAP earnings for Q2 2007 were $1.11 per share compared to $0.92 per share in Q2 2006.
- Electric distribution deliveries increased 4% primarily due to higher weather-related usage. Earnings guidance for 2007 remains at $4.05 to $4.25 per share on a normalized non-GAAP basis.
first energy 4Q06 Consolidated Report to the Financial_Communityfinance21
- FirstEnergy reported normalized non-GAAP earnings of $0.84 per share for Q4 2006, up from $0.77 per share in Q4 2005. GAAP earnings were $0.85 per share compared to $0.58 per share in Q4 2005.
- Earnings were positively impacted by Ohio regulatory changes which increased earnings by $0.23 per share. However, lower distribution deliveries and generation revenues reduced earnings. Higher fuel and purchased power costs also decreased earnings.
- For full-year 2006, normalized non-GAAP earnings were $3.88 per share, exceeding guidance of $3.75-$3.85 per share. GAAP earnings were $3.
Duke Energy provided a reconciliation of reported earnings per share for the third quarter and year-to-date 2003 and 2004. Several one-time gains and losses were identified for both years, including asset sales, impairments, settlements and tax adjustments. Excluding these one-time items, ongoing earnings per share were $0.35 for the third quarter of 2003 and $1.07 year-to-date, compared to $0.38 for the third quarter of 2004 and $1.15 year-to-date. The reconciliation identified various factors across Duke Energy's business segments that impacted reported results.
- Integrys Energy Group reported income from continuing operations of $24.8 million for Q2 2008, compared to a loss of $39.6 million in Q2 2007.
- Key drivers of improved performance included higher margins at natural gas utilities due to rate increases and weather, lower fuel costs for electric utilities, and unrealized gains on energy contracts at Integrys Energy Services.
- For 2008, Integrys expects diluted EPS between $3.33-$3.53, assuming normal weather, plant availability, merger impacts and synergy savings, and recent rate relief.
The document provides operating and financial results for 2008 for CEMAR and Light. Key highlights include:
- Billed energy volume grew 1.4% to 9,271 GWh for the year. CEMAR's volume grew 4% while Light's was flat.
- CEMAR's energy losses were 28.2% and Light's were 20.23% in the fourth quarter.
- Consolidated net operating revenues grew 9.6% to R$2,346 million for the year. EBITDA grew 15.8% to R$784.4 million.
- The Board approved a proposed dividend payment of R$190.2 million and capital reduction of R$82.
first energy 4Q 08 Consolidated Report NEW NEW209finance21
- FirstEnergy reported normalized non-GAAP earnings per share of $1.21 for Q4 2008, up from $0.90 in Q4 2007. Normalized non-GAAP earnings for 2008 were $4.57 per share.
- Key drivers of the increase were lower generation O&M expenses due to fewer outages and emission allowance gains, as well as lower energy delivery and transmission costs from cost control measures. Higher wholesale and retail electricity prices also contributed.
- These increases were partially offset by higher fuel costs due to fuel surcharges and transportation costs, as well as impairment of securities held for nuclear decommissioning trust funds.
- FirstEnergy did not provide 2009 earnings guidance
Duke Energy reconciliation_consolidated_epsfinance21
Duke Energy provided a reconciliation of its consolidated earnings per share for the second quarter and year-to-date in 2003 compared to 2002. Various factors contributed to changes in earnings across its business segments, including higher expenses, gains or losses on sales of assets, changes in foreign currency exchange rates, and one-time accounting adjustments. The overall impact was a decrease in EPS for the quarter but an increase year-to-date, with reported EPS of $0.46 for the quarter and $0.71 year-to-date in 2003.
Duke Energy provided a reconciliation of its reported 2003 and 2004 earnings per share from ongoing (recurring) earnings. For 2003, reported EPS was $(2.23) for Q4 and $(1.48) for the full year, while ongoing EPS was $0.22 for Q4 and $1.28 for the full year. The reconciliation lists adjustments between reported and ongoing EPS for various business segments and items such as impairments, settlements, and tax adjustments. For 2004, reported EPS was $0.38 for Q4 and $1.59 for the full year, compared to ongoing EPS of $0.24 for Q4 and $1.38 for the full year.
The document provides financial information for DTE Energy Company for Q3 2005, including:
- Operating net income was $5 million compared to $97 million in Q3 2004. Electric utility income was $97 million and gas utility lost $18 million.
- Factors impacting results included unrealized mark-to-market losses at Energy Trading of $140 million, gain on land sale of $10 million, and impairment charges of $15 million.
- Consolidated statements of financial position and cash flows are provided for the company and its subsidiaries.
DTE Energy reported first quarter earnings of $138 million compared to $117 million in the first quarter of 2000. Revenue from non-regulated businesses increased 251% to $817 million, contributing to increased earnings. The results were positively impacted by the suspension of the fuel clause and the company expects to complete its merger with MCN Energy in June, which is an important part of DTE Energy's growth strategy.
This document contains forward-looking statements about Sherwin-Williams' sales, earnings, and other matters that are based on management's current expectations and are subject to risks. It discusses Sherwin-Williams' financial highlights for 2007 including net sales, EBITDA, income, earnings per share, and return on assets. It also provides an overview of the global and U.S. coatings industry, Sherwin-Williams' operating segments, and its strategies for future growth.
FirstEnergy Corp. reported consolidated revenues of $3.079 billion for the three months ended December 31, 2007, an increase of $399 million compared to the same period in 2006. Higher electric sales and purchased power expenses contributed to increased revenues and expenses across most segments. Overall, net income decreased by $6 million to $268 million due to lower income from continuing operations in the Energy Delivery Services segment, partially offset by higher income in the Competitive Energy Services segment.
This document is an amendment to a previously filed Form 10-K for ConAgra Foods Inc. It provides restated financial statements for fiscal years 2004, 2003 and 2002, and the first two quarters of fiscal 2005 due to errors discovered in income tax accounting. The errors resulted in an aggregate net increase in income tax expense of approximately $105 million for the periods affected. As a result of the restatement, ending stockholders' equity was reduced by $45.6 million as of May 30, 2004. The filing amends and restates items 6, 7, 8, 9A and 15 to reflect the restatement and its effects.
The 2008 Annual Report summarizes Sherwin-Williams' financial performance in 2008. Net sales were $7.98 billion, a slight decrease from 2007. Net income declined 22.5% to $476.9 million due to asset impairment charges and rising input costs. Cash from operations increased to $876.2 million. The company continued investing in new stores, acquisitions, capital expenditures, dividends, and share repurchases. Challenging market conditions reduced sales and profits for the Paint Stores and Consumer groups. The Global Finishes Group grew sales but saw lower profits due to input costs. The company launched new products, expanded internationally, and initiated an EcoVision program.
Major brands in the Retail Products segment that posted sales growth included ACT II, Blue Bonnet, Butterball, Kid Cuisine, Marie Callender's, Reddi-wip and Ro*Tel. Brands that posted sales declines included Armour, Banquet, Cook's, DAVID, Eckrich, Egg Beaters, Healthy Choice, Hebrew National, Hunt's, LaChoy, Orville Redenbacher, PAM, Parkay, Peter Pan, Slim Jim, Snack Pack, Swiss Miss, Van Camp's and Wesson. Retail Products volume declined 5% for the quarter while Foodservice Products volume increased 2%. Corporate expense for the quarter was approximately $103 million
The Sherwin-Williams Company reported record financial results for 2007. Net sales increased 2.5% to $8 billion, a new record. Net income grew 6.9% to $615.6 million. Earnings per share increased 12% to $4.70. Cash from operations was $874.5 million, an increase of nearly $60 million over 2006. The company completed seven acquisitions to expand its product offerings and store presence globally.
Eaton Corporation achieved record financial results in 2005:
1) Net sales increased 13% to a record $11.1 billion.
2) Earnings per share rose 27% to a record $5.23.
3) Cash flow from operations increased 30% to $1.135 billion.
- FirstEnergy reported normalized non-GAAP earnings of $0.87 per share for Q2 2008, compared to $1.13 per share for Q2 2007. GAAP earnings were $0.86 per share for Q2 2008 and $1.11 per share for Q2 2007.
- Electric distribution deliveries declined 2% due to milder weather, decreasing earnings by $0.05 per share. Generation revenues increased earnings by $0.08 per share due to higher wholesale and retail prices despite a 6% decline in generation sales.
- Higher fuel and purchased power expenses reduced earnings by $0.23 per share due to increased market prices and coal transportation costs.
first energy 3Q 08 Consolidated Finan Communityfinance21
This document summarizes FirstEnergy's financial results for the third quarter of 2008 compared to the third quarter of 2007. Key points include:
- Earnings per share increased to $1.55 from $1.36 due to higher wholesale sales prices and lower expenses, partially offset by higher fuel costs.
- Electric deliveries declined 2% due to mild weather while generation revenues increased due to higher wholesale prices. Fuel and purchased power expenses rose due to higher market prices.
- FirstEnergy increased its full-year 2008 earnings guidance due to better-than-expected third quarter results.
This document provides a consolidated report for FirstEnergy Corp.'s third quarter of 2007. Some key highlights include:
- Normalized non-GAAP earnings were $1.32 per share for Q3 2007 compared to $1.42 per share for Q3 2006.
- GAAP earnings were $1.36 per share for Q3 2007 compared to $1.41 per share for Q3 2006.
- Earnings guidance for 2007 was revised to $4.15 to $4.25 per share from the previous range of $4.05 to $4.25 per share.
First, earnings per share for the first quarter of 2007 were $0.92 compared to $0.67 in the first quarter of 2006. Normalized non-GAAP earnings, excluding special items, were $0.88 per share for the first quarter of 2007. Higher electric distribution deliveries and generation revenues increased earnings, while higher fuel and purchased power expenses and lower distribution rates reduced earnings. Overall, normalized earnings increased due to various factors including higher sales volumes and market prices.
This document summarizes FirstEnergy's financial results for the fourth quarter of 2007. Some key points:
- Normalized non-GAAP earnings were $0.90 per share for Q4 2007, up from $0.84 per share in Q4 2006.
- GAAP earnings for Q4 2007 were $0.88 per share, up from $0.85 per share in Q4 2006.
- For the full year 2007, normalized non-GAAP earnings were $4.23 per share, near the guidance range, and up from $3.88 per share in 2006.
This document provides a consolidated report for FirstEnergy Corp for the second quarter of 2007. Some key highlights include:
- Normalized non-GAAP earnings were $1.13 per share for Q2 2007 compared to $0.95 per share for Q2 2006.
- GAAP earnings for Q2 2007 were $1.11 per share compared to $0.92 per share in Q2 2006.
- Electric distribution deliveries increased 4% primarily due to higher weather-related usage. Earnings guidance for 2007 remains at $4.05 to $4.25 per share on a normalized non-GAAP basis.
first energy 4Q06 Consolidated Report to the Financial_Communityfinance21
- FirstEnergy reported normalized non-GAAP earnings of $0.84 per share for Q4 2006, up from $0.77 per share in Q4 2005. GAAP earnings were $0.85 per share compared to $0.58 per share in Q4 2005.
- Earnings were positively impacted by Ohio regulatory changes which increased earnings by $0.23 per share. However, lower distribution deliveries and generation revenues reduced earnings. Higher fuel and purchased power costs also decreased earnings.
- For full-year 2006, normalized non-GAAP earnings were $3.88 per share, exceeding guidance of $3.75-$3.85 per share. GAAP earnings were $3.
xcel energy C5D23DB6-FFE8-47B3-9F6C-CCCE26FC3192_Q408_Presentationfinance26
This document provides an earnings presentation for a utility company for the fourth quarter and full year of 2008. It summarizes key financial metrics including EPS results, EPS changes from the prior year, drivers of changes in electric and gas margins, O&M expense changes, liquidity, 2008 accomplishments, pending regulatory filings, and 2009 earnings guidance.
xcel energy C5D23DB6-FFE8-47B3-9F6C-CCCE26FC3192_Q408_Presentationfinance26
This document provides an earnings presentation for a 2008 year-end report. Key points include:
- 2008 EPS was $1.46 compared to $1.35 in 2007. Regulated operations contributed $1.59 to EPS.
- Factors contributing to EPS growth included lower O&M expenses and higher electric and gas margins.
- The company has strong liquidity with $1.9 billion in available credit and cash.
- 2008 accomplishments included raising $2.3 billion, an S&P credit rating upgrade, and ongoing regulatory filings. 2009 EPS guidance is $1.45 to $1.55.
This document provides a summary of FirstEnergy Corp.'s financial results for the third quarter of 2006.
- Normalized non-GAAP earnings were $1.42 per share for Q3 2006, up from $1.04 per share in Q3 2005. GAAP earnings were $1.41 per share for Q3 2006 compared to $1.01 per share in Q3 2005.
- Factors that increased earnings included regulatory changes in Ohio and lower fuel and purchased power costs. Factors that decreased earnings included lower distribution deliveries due to mild weather and lower generation revenues from lower wholesale prices and sales volumes.
- Guidance for 2006 normalized non-GAAP earnings was increased to
Xcel Energy reported first quarter 2008 earnings per share of $0.35, up from $0.28 in the first quarter of 2007. Higher electric and natural gas margins contributed to the increased earnings. Total operating and maintenance expenses were $15 million higher in the first quarter of 2008 compared to the same period in 2007, largely due to higher fuel and contract labor costs. The presentation provides guidance of $1.45 to $1.55 EPS for 2008.
Xcel Energy reported first quarter 2008 earnings per share of $0.35, up from $0.28 in the first quarter of 2007. Higher electric and natural gas margins contributed to the increased earnings. Total operating and maintenance expenses were $15 million higher in the first quarter of 2008 compared to the same period in 2007, largely due to higher fuel and contract labor costs. The presentation provides guidance of $1.45 to $1.55 EPS for 2008.
first energy 4Q 08 Consolidated ReportNEW NEW209finance21
- Fourth quarter 2008 earnings were $1.09 per share on a GAAP basis and $1.21 per share on a non-GAAP basis, excluding special items, compared to $0.88 and $0.90 per share respectively in the fourth quarter of 2007.
- Key drivers of the increased earnings included lower generation O&M expenses, lower energy delivery expenses, and a higher effective income tax rate. These increases were partially offset by higher fuel costs and impairment of securities held in trust.
- For the full year 2008, earnings were $4.41 per share on a GAAP basis and $4.57 per share on a non-GAAP basis, excluding special items, exceeding guidance
DTE Energy Company reported financial results for the first quarter of 2000. Operating revenues increased 15.4% to $1.182 billion due to higher fuel and purchased power expenses. Net income rose 1.7% to $117 million. Earnings per share increased 2.6% to $0.81. Excluding merger costs, EPS rose 6.1% to $0.84. Detroit Edison, DTE Energy's regulated utility, saw revenues increase 4.1% but net income fell 7.2% due to higher fuel expenses. Non-regulated subsidiaries contributed significantly higher earnings from new projects and trading gains.
DTE Energy Company reported financial results for the first quarter of 2000. Operating revenues increased 15.4% to $1.182 billion due to a 48.9% rise in fuel and purchased power costs. Net income rose 1.7% to $117 million. Earnings per share increased 2.6% to $0.81, or $0.84 excluding merger costs. Detroit Edison, DTE Energy's regulated utility, saw operating revenues increase 4.1% but net income fell 7.2% due to higher fuel expenses. Non-regulated subsidiaries contributed significantly to earnings growth through new projects and trading gains.
This document provides operating and financial results for 2008. Some key highlights include:
- Billed energy volume for CEMAR and Light increased 1.4% to 9,271 GWh for the year.
- CEMAR's energy losses were 28.2% in Q4 2008, down slightly from the previous quarter. Light's losses decreased to 20.23%.
- Consolidated net operating revenues increased 9.6% to R$2,346.0 million for 2008, driven by growth at CEMAR and Light.
- The board approved a dividend payment of R$190.2 million and capital reduction of R$82.3 million, totaling R$284
This document provides details from Ameren's Q2 2008 earnings call, including a reconciliation of 2007 and 2008 GAAP and core earnings per share, guidance for 2008 core and GAAP EPS, expected segment contributions, and the company's regulatory calendar. Key points include a 2008 core EPS guidance range of $2.80-$3.20 and an estimated $1.20-$1.30 contribution from the Missouri Regulated segment. The document also outlines the schedule for rate cases in Missouri and Illinois.
DTE Energy Company reported its historical operating net income for 2004 and preliminary results for the first two quarters of 2005. Some key highlights include:
- For full year 2004, DTE Energy reported total operating net income of $427 million, up from $134 million in the first quarter.
- In the second quarter of 2005, operating net income was $161 million, down from $215 million in the same period of 2004.
- Electric utility operations contributed steadily to profits in 2004 but were down in the second quarter of 2005 due to lower rates and weather.
- Gas utility profits fluctuated in 2004 and lost $2 million in the second quarter of 2005 due to higher gas costs and regulatory orders
DTE Energy Company reported its historical operating net income for 2004 and preliminary results for the first two quarters of 2005. Some key highlights include:
- For full year 2004, DTE Energy reported total operating net income of $427 million, up from $134 million in the first quarter.
- In the second quarter of 2005, operating net income was $161 million, down from $215 million in the same period of 2004.
- Electric utility operations contributed steadily to profits in 2004 but were down in the second quarter of 2005 due to lower rates and weather.
- Gas utility profits fluctuated in 2004 and lost $2 million in the second quarter of 2005 due to higher gas costs and regulatory orders
DTE Energy Company reported financial results for the first quarter of 1999. Operating revenues increased 8.4% to $1.024 billion compared to $945 million in the first quarter of 1998. However, operating expenses rose 13.6% to $809 million, resulting in a 7.7% decline in operating income to $215 million. Net income increased 10.6% to $115 million due to a lower effective tax rate, though earnings per share grew at a slower rate of 9.7% to $0.79 per share. Total sales volumes increased across all customer classes for the first quarter of 1999 compared to the prior year.
ConAgra Foods is selling its chicken business to focus on branded and value-added food items. The sale includes chicken processing operations and will generate cash for ConAgra to reinvest. ConAgra will receive Class A shares in Pilgrim's Pride, the chicken company acquiring its business, representing 7% of voting shares and 49% of equity. It can sell up to 1/3 of these shares annually but expects to reduce ownership over time based on market conditions. ConAgra will also receive notes from Pilgrim's Pride due in 2011 with a 10.5% interest rate to be paid semi-annually.
This document summarizes the Q1 FY2004 earnings results of a large packaged foods company. Key points include:
- Q1 EPS was $0.37 compared to $0.43 in Q1 FY2003, impacted by various one-time gains and losses.
- Packaged foods sales were down $168M excluding divested businesses, with a 5% volume decline.
- Several major brands saw growth, while others like Butterball declined.
- Corporate expenses increased due to litigation expenses from a past joint venture.
- The effective tax rate for FY2004 is estimated at 38%.
ConAgra Foods is selling its United Agri Products business to focus on branded and value-added products, as part of a broader strategy of divesting non-core businesses over the past year including fresh beef/pork, canned seafood, and cheese operations. The sale is expected to close by December 31, 2003 for cash and $60-75 million in preferred stock. ConAgra will retain some international UAP operations generating $250 million in annual sales, concentrated in several countries. Proceeds will be used for debt paydown and general corporate purposes including acquisitions and stock buybacks.
ConAgra Foods divested its poultry business to focus on branded, value-added foods with strong margins and growth. The $300 million cash and 25 million Pilgrim's Pride shares valued at $245 million totaled less than the poultry business' estimated $545 million book value due to the shares being valued based on past prices, not current prices. ConAgra Foods can sell up to 1/3 of the shares each year and account for shares eligible for resale within a year as securities, and other shares using cost accounting. The poultry business was previously reported in Meat Processing but is now in Discontinued Operations.
ConAgra Foods completed the divestiture of its chicken processing and crop inputs businesses, finalizing its strategy to focus on branded, value-added food opportunities. The company received $300 million in cash and 25 million shares of Pilgrim's Pride stock worth $245 million for the chicken business. ConAgra can sell up to 1/3 of the Pilgrim's Pride shares per year and will account for the shares as securities held for resale within one year or using the cost method if the eligibility for resale is over one year away. The chicken business was previously reported as part of ConAgra's Meat Processing segment but is now in Discontinued Operations.
ConAgra Foods has divested several commodity businesses and acquired branded and value-added food products to focus on higher margin businesses. The company is planning a share repurchase program using cash from strong operating cash flows and recent divestitures. ConAgra expects to continue investing in growth through acquisitions and paying down debt while deploying cash to dividends, debt repayment, and share repurchases as appropriate.
The document provides a Q&A summary of ConAgra Foods' financial results for Q2 FY04 compared to Q2 FY03. Key points include:
- Q2 FY04 diluted EPS was $0.51 compared to $0.44 in Q2 FY03, impacted by $0.04 in discontinued operations in FY04 and $0.03 in divestiture expenses in FY03.
- Sales comparability was impacted by $506M in divested fresh meat businesses in FY03 and $154M in divested canned food businesses in FY03.
- Examples of brand sales growth included Banquet, Chef Boyardee, Egg Beaters
Packaged Foods sales increased 4% excluding divestitures, with 2% volume growth. Several brands posted sales growth including Armour, Banquet, and Blue Bonnet, while others like ACT II and Butterball declined. Sales comparability was affected by $155 million in divested businesses last year. Operating profit grew 5% in Packaged Foods and 10% overall when adjusting for divested businesses and cost savings initiatives. The company is implementing cost cutting measures expected to save more than implementation costs in the future.
The document provides the quarterly and annual financial results for a company. Some key highlights include:
- Several consumer brands posted sales growth for the quarter including Banquet, Blue Bonnet, and Chef Boyardee, while others like ACT II and Eckrich saw declines.
- Total depreciation and amortization was around $93 million for the quarter and $352 million for the fiscal year.
- Capital expenditures were around $106 million for the quarter and $352 million for the fiscal year.
- Net interest expense was $80 million for the quarter and $275 million for the fiscal year.
- Corporate expenses were around $95 million for the quarter and $342 million
- Major brands in the Retail Products segment that posted sales growth included ACT II, Armour, Banquet, and Blue Bonnet. Brands that posted sales declines included Healthy Choice, Slim Jim, and Snack Pack.
- Retail volume increased 8% while foodservice volume was flat excluding divested businesses.
- Increased input costs negatively impacted operating profits in the Retail Products segment by approximately $45 million.
- Capital expenditures were approximately $105 million, reflecting increased investment in information systems.
This document contains the questions and answers from ConAgra Foods' Q2 FY2005 earnings call. Some key details include:
- Several major brands in the Retail Products segment posted sales growth, while others saw declines.
- Retail volume increased 7% and Foodservice volume decreased 1% excluding divested businesses.
- Capital expenditures increased significantly year-over-year due to investments in information systems.
- The company received proceeds from the sale of its minority interest in Swift Foods and shares of Pilgrim's Pride stock.
This document summarizes the Q3 2005 earnings results of a major food company. Some key highlights include: 1) Major brands in the Retail Products segment saw mixed sales results, with growth for brands like Chef Boyardee but declines for brands like Butterball. 2) Unit volumes declined 3% for Retail Products but increased 4% for Foodservice Products. 3) The packaged meats operations were slightly profitable but profits were over $45 million lower than the previous year. The company expects some improvement but not year-over-year profit gains for packaged meats in Q4.
This document summarizes ConAgra Foods' earnings results for fiscal year 2005 (FY05) in a question and answer format. Some key details include:
- FY05 diluted EPS was $1.23, including $0.12 in expenses that impacted comparability.
- Major brands in the Retail Products segment that saw sales growth included ACT II, Banquet, and Blue Bonnet. Brands that saw declines included Armour and Butterball.
- Retail Products volume increased 2% while Foodservice Products volume decreased 2% in Q4.
- Total depreciation and amortization was approximately $351 million for FY05 and $90 million for Q4. Capital expenditures
The document provides the questions and answers from the Q1 FY06 earnings call for ConAgra Foods. Some key details from the summary include:
- Sales grew for major brands like Butterball but declined for brands like ACT II. Retail Products volume declined 3% while Foodservice increased 4%.
- Depreciation and amortization was $89 million. Capital expenditures were $71 million and net interest expense was $68 million. Corporate expense was $73 million.
- Gross margin was 21.6% and operating margin was 10.9%. The effective tax rate for FY06 is estimated to be 36%.
The document provides financial information from ConAgra Foods' Q3 FY06 quarterly earnings call. Some key details include:
- Retail segment sales grew 4% and Foodservice grew 1% over the prior year. Several major brands posted sales growth while others declined.
- Gross margin was 24.8% and operating margin was 12.5% for the quarter.
- Net debt was $3.6 billion, down from $4.5 billion a year prior due to debt repayment of $500 million during the quarter.
- Capital expenditures for the quarter and fiscal year-to-date were below prior year levels. Projected fiscal year expenditures are up to $400
- Major brands in the Consumer Foods segment that posted sales growth in Q4 FY06 included Blue Bonnet, Chef Boyardee, DAVID, Egg Beaters, Hebrew National, and Hunt's. Brands that posted sales declines included ACT II, Banquet, Healthy Choice, Peter Pan, Slim Jim, Snack Pack, and Van Camp's.
- Consumer Foods volume declined 2% in Q4 while Food and Ingredients volume increased 1%.
- Total depreciation and amortization for Q4 was approximately $85 million and approximately $353 million for all of FY06. Capital expenditures were approximately $92 million for Q4 and $288 million for FY
This document summarizes the Q1 FY07 financial results of ConAgra Foods. Some key highlights include:
- Consumer Foods volume increased 1% and Food and Ingredients volume increased 2% in Q1.
- Gross margin was 24.7% and operating margin was 11.7% for the quarter.
- Net debt decreased to $2.88 billion from $3.97 billion in Q1 FY06.
- Restructuring charges totaled $39 million pre-tax, impacting costs in Consumer Foods and corporate expenses.
Major brands in the Consumer Foods segment that posted sales growth included Egg Beaters, Healthy Choice, and Slim Jim. Brands that posted sales declines included ACT II and Blue Bonnet. Total depreciation and amortization from continuing operations was $88 million for the quarter and $177 million year-to-date. Capital expenditures were $66 million for the quarter and $111 million year-to-date. Net interest expense was $52 million for the quarter and $110 million year-to-date.
1) Several major brands in the Consumer Foods segment posted sales growth for the quarter, while others like ACT II and Banquet saw declines. Overall, Consumer Foods volume declined 1% excluding divested businesses.
2) Total depreciation and amortization from continuing operations was around $91 million for the quarter and $268 million year-to-date. Capital expenditures were around $147 million for the quarter and $258 million year-to-date.
3) The company's net debt at the end of the quarter was around $3 billion, with a net debt to total capital ratio of 39%.
1) Several major brands in the Consumer Foods segment posted sales growth for the quarter, while others such as ACT II and Knott's Berry Farm saw declines.
2) Consumer Foods volume was flat excluding divested businesses, while Food and Ingredients volume increased 3%.
3) Capital expenditures increased significantly both for the quarter and full fiscal year compared to the previous year.
Monthly Market Risk Update: June 2024 [SlideShare]Commonwealth
Markets rallied in May, with all three major U.S. equity indices up for the month, said Sam Millette, director of fixed income, in his latest Market Risk Update.
For more market updates, subscribe to The Independent Market Observer at https://blog.commonwealth.com/independent-market-observer.
An accounting information system (AIS) refers to tools and systems designed for the collection and display of accounting information so accountants and executives can make informed decisions.
Every business, big or small, deals with outgoing payments. Whether it’s to suppliers for inventory, to employees for salaries, or to vendors for services rendered, keeping track of these expenses is crucial. This is where payment vouchers come in – the unsung heroes of the accounting world.
A toxic combination of 15 years of low growth, and four decades of high inequality, has left Britain poorer and falling behind its peers. Productivity growth is weak and public investment is low, while wages today are no higher than they were before the financial crisis. Britain needs a new economic strategy to lift itself out of stagnation.
Scotland is in many ways a microcosm of this challenge. It has become a hub for creative industries, is home to several world-class universities and a thriving community of businesses – strengths that need to be harness and leveraged. But it also has high levels of deprivation, with homelessness reaching a record high and nearly half a million people living in very deep poverty last year. Scotland won’t be truly thriving unless it finds ways to ensure that all its inhabitants benefit from growth and investment. This is the central challenge facing policy makers both in Holyrood and Westminster.
What should a new national economic strategy for Scotland include? What would the pursuit of stronger economic growth mean for local, national and UK-wide policy makers? How will economic change affect the jobs we do, the places we live and the businesses we work for? And what are the prospects for cities like Glasgow, and nations like Scotland, in rising to these challenges?
South Dakota State University degree offer diploma Transcriptynfqplhm
办理美国SDSU毕业证书制作南达科他州立大学假文凭定制Q微168899991做SDSU留信网教留服认证海牙认证改SDSU成绩单GPA做SDSU假学位证假文凭高仿毕业证GRE代考如何申请南达科他州立大学South Dakota State University degree offer diploma Transcript
Madhya Pradesh, the "Heart of India," boasts a rich tapestry of culture and heritage, from ancient dynasties to modern developments. Explore its land records, historical landmarks, and vibrant traditions. From agricultural expanses to urban growth, Madhya Pradesh offers a unique blend of the ancient and modern.
What Lessons Can New Investors Learn from Newman Leech’s Success?Newman Leech
Newman Leech's success in the real estate industry is based on key lessons and principles, offering practical advice for new investors and serving as a blueprint for building a successful career.
University of North Carolina at Charlotte degree offer diploma Transcripttscdzuip
办理美国UNCC毕业证书制作北卡大学夏洛特分校假文凭定制Q微168899991做UNCC留信网教留服认证海牙认证改UNCC成绩单GPA做UNCC假学位证假文凭高仿毕业证GRE代考如何申请北卡罗莱纳大学夏洛特分校University of North Carolina at Charlotte degree offer diploma Transcript
How to Invest in Cryptocurrency for Beginners: A Complete GuideDaniel
Cryptocurrency is digital money that operates independently of a central authority, utilizing cryptography for security. Unlike traditional currencies issued by governments (fiat currencies), cryptocurrencies are decentralized and typically operate on a technology called blockchain. Each cryptocurrency transaction is recorded on a public ledger, ensuring transparency and security.
Cryptocurrencies can be used for various purposes, including online purchases, investment opportunities, and as a means of transferring value globally without the need for intermediaries like banks.
In World Expo 2010 Shanghai – the most visited Expo in the World History
https://www.britannica.com/event/Expo-Shanghai-2010
China’s official organizer of the Expo, CCPIT (China Council for the Promotion of International Trade https://en.ccpit.org/) has chosen Dr. Alyce Su as the Cover Person with Cover Story, in the Expo’s official magazine distributed throughout the Expo, showcasing China’s New Generation of Leaders to the World.
“Amidst Tempered Optimism” Main economic trends in May 2024 based on the results of the New Monthly Enterprises Survey, #NRES
On 12 June 2024 the Institute for Economic Research and Policy Consulting (IER) held an online event “Economic Trends from a Business Perspective (May 2024)”.
During the event, the results of the 25-th monthly survey of business executives “Ukrainian Business during the war”, which was conducted in May 2024, were presented.
The field stage of the 25-th wave lasted from May 20 to May 31, 2024. In May, 532 companies were surveyed.
The enterprise managers compared the work results in May 2024 with April, assessed the indicators at the time of the survey (May 2024), and gave forecasts for the next two, three, or six months, depending on the question. In certain issues (where indicated), the work results were compared with the pre-war period (before February 24, 2022).
✅ More survey results in the presentation.
✅ Video presentation: https://youtu.be/4ZvsSKd1MzE
Discover the Future of Dogecoin with Our Comprehensive Guidance36 Crypto
Learn in-depth about Dogecoin's trajectory and stay informed with 36crypto's essential and up-to-date information about the crypto space.
Our presentation delves into Dogecoin's potential future, exploring whether it's destined to skyrocket to the moon or face a downward spiral. In addition, it highlights invaluable insights. Don't miss out on this opportunity to enhance your crypto understanding!
https://36crypto.com/the-future-of-dogecoin-how-high-can-this-cryptocurrency-reach/
KYC Compliance: A Cornerstone of Global Crypto Regulatory FrameworksAny kyc Account
This presentation explores the pivotal role of KYC compliance in shaping and enforcing global regulations within the dynamic landscape of cryptocurrencies. Dive into the intricate connection between KYC practices and the evolving legal frameworks governing the crypto industry.
KYC Compliance: A Cornerstone of Global Crypto Regulatory Frameworks
first energy 1Q/08N
1. Consolidated Report to the Financial Community
First Quarter 2008
(Released May 1, 2008) (Unaudited)
HIGHLIGHTS After-Tax EPS Variance Analysis 1st Qtr.
1Q 2007 Basic EPS – GAAP Basis $0.92
• Normalized non-GAAP* earnings, excluding Special Items – 2007 (0.04)
special items, were $0.88 per share for the first 1Q 2007 Normalized Earnings – Non-GAAP Basis* $0.88
Distribution Deliveries 0.02
quarter of 2008, unchanged from the first quarter
Generation Revenues 0.23
of 2007. GAAP earnings for the first quarter Fuel & Purchased Power (0.19)
were $0.91 per share in 2008 compared with Generation O&M 0.01
$0.92 per share in the prior year. Energy Delivery O&M (0.03)
Pension Expense 0.01
Depreciation (0.01)
1Q 2008 Results vs. 1Q 2007
General Taxes (0.02)
• Electric distribution deliveries increased 1% Corporate-Owned Life Insurance (COLI) (0.06)
overall reflecting a 2% increase in both Financing Costs 0.02
Reduced Common Shares Outstanding 0.03
residential and commercial deliveries, partially
Other (0.01)
offset by a 1% decrease in industrial deliveries.
1Q 2008 Normalized Earnings – Non-GAAP Basis* $0.88
The resulting higher distribution delivery Special Items - 2008 0.03
revenues increased earnings by $0.02 per share. 1Q 2008 Basic EPS – GAAP Basis $0.91
Heating-degree-days were 1% lower than in the
same period last year, but 2% above normal.
• Total electric generation sales increased slightly. Wholesale electricity sales increased 0.4
million megawatt-hours (MWH) or 7%, while retail generation sales decreased 0.2 million
MWH or 1%. Generation revenues, excluding power sourced from third-party auction suppliers
for our Jersey Central Power & Light Company (JCP&L) and Pennsylvania Power Company
(Penn Power) customers, increased earnings by $0.23 per share. This increase was attributable
primarily to higher wholesale and retail prices.
• Total fuel and purchased power expenses reduced earnings by $0.19 per share. Higher fuel
costs reduced earnings by $0.13 per share, largely due to a 5% increase in generation output, a
higher proportion of fossil output in the generation mix, and rising coal and transportation costs.
Higher purchased power expense, excluding JCP&L and Penn Power purchases from third-party
auction suppliers, reduced earnings by $0.06 per share, primarily due to higher market prices
compared to the same period last year.
• Lower generation O&M expenses increased earnings by $0.01 per share. Fewer scheduled
outages at the fossil plants increased earnings by $0.05 per share. Higher nuclear operating
expenses reduced earnings by $0.04 per share, mainly due to this year’s refueling outage at the
Davis-Besse Plant, with no comparable outage in the first quarter of 2007.
• Increased Energy Delivery O&M expenses reduced earnings by $0.03 per share, reflecting
higher storm-related maintenance activities.
2. • Reduced pension expense increased earnings by $0.01 per share, primarily due to an increase in
the discount rate used to determine benefit obligations as of December 31, 2007.
• Incremental property additions increased depreciation expense by $0.01 per share.
• Higher general taxes reduced earnings by $0.02 per share, primarily due to higher payroll and
property taxes, as well as higher Pennsylvania gross receipts taxes.
• Decreased investment income due to market-related declines in the value of corporate-owned
life insurance reduced earnings by $0.06 per share.
• Lower financing costs increased earnings by $0.02 per share. The decrease in financing costs
reflects lower interest rates and reduced short-term borrowings.
• The reduction in shares outstanding, due to the accelerated repurchase of 14.4 million common
shares in March 2007, enhanced earnings by $0.03 per share.
• Two special items were recognized during the first quarter of 2008. The first was a $0.06 per
share increase in earnings recognized from the gain on the sale of non-core assets. The second
relates to a $0.03 per share reduction in earnings from impairment of securities held in trust for
future nuclear decommissioning activities.
2008 Earnings Guidance
• Normalized non-GAAP* earnings guidance for 2008, excluding special items, remains at $4.15
to $4.35 per share.
* The 2008 GAAP to non-GAAP reconciliation statements can be found on page 10 of this report and all GAAP to non-GAAP
reconciliation statements are available on the Investor Information section of FirstEnergy Corp.'s Web site at
www.firstenergycorp.com/ir.
For additional information, please contact:
Ronald E. Seeholzer Kurt E. Turosky Rey Y. Jimenez
Vice President, Investor Relations Director, Investor Relations Principal, Investor Relations
(330) 384-5415 (330) 384-5500 (330) 761-4239
Consolidated Report to the Financial Community – 1st Quarter 2008 2
3. FirstEnergy Corp.
Consolidated Statements of Income
(Unaudited)
(In millions, except for per share amounts)
Three Months Ended March 31,
2008 2007 Change
Revenues
(1) Electric sales $ 3,030 $ 2,764 $ 266
(2) Other 247 209 38
(3) 3,277 2,973 304
Total Revenues
Expenses
(4) Fuel 328 262 66
(5) Purchased power 1,000 859 141
(6) Other operating expenses 800 749 51
(7) Provision for depreciation 164 156 8
(8) Amortization of regulatory assets 258 251 7
(9) Deferral of new regulatory assets (105) (144) 39
(10) General taxes 215 203 12
(11) 2,660 2,336 324
Total Expenses
(12) 617 637 (20)
Operating Income
Other Income (Expense)
(13) Investment income 17 33 (16)
(14) Interest expense (179) (185) 6
(15) Capitalized interest 8 5 3
(16) (154) (147) (7)
Total Other Expense
(17) 463 490 (27)
Income Before Income Taxes
(18) Income taxes 187 200 (13)
(19) $ 276 $ 290 $ (14)
Net Income
(20) Earnings Per Share of Common Stock
(21) Basic $ 0.91 $ 0.92 $ (0.01)
(22) Diluted $ 0.90 $ 0.92 $ (0.02)
(23) Weighted Average Number of
Common Shares Outstanding
(24) Basic 304 314 (10)
(25) Diluted 307 316 (9)
______________________________________________________________________________________________________
Consolidated Report to the Financial Community – 1st Quarter 2008 3
4. FirstEnergy Corp.
Consolidated Income Segments
(Unaudited)
(In millions)
Three Months Ended March 31, 2008
Ohio
Energy Competitive Transitional Other &
Delivery Energy Generation Reconciling
Services (a) Services (b) Services (c) Adjustments (d) Consolidated
Revenues
Electric sales $ 2,050 $ 289 $ 691 $ - $ 3,030
(1)
Other 162 40 16 29 247
(2)
Internal revenues - 776 - (776) -
(3)
Total Revenues 2,212 1,105 707 (747) 3,277
(4)
Expenses
Fuel 1 327 - - 328
(5)
Purchased power 982 206 588 (776) 1,000
(6)
Other operating expenses 445 309 77 (31) 800
(7)
Provision for depreciation 106 53 - 5 164
(8)
Amortization of regulatory assets 249 - 9 - 258
(9)
Deferral of new regulatory assets (100) - (5) - (105)
(10)
General taxes 173 32 1 9 215
(11)
Total Expenses 1,856 927 670 (793) 2,660
(12)
Operating Income 356 178 37 46 617
(13)
Other Income (Expense)
Investment income 45 (6) 1 (23) 17
(14)
Interest expense (103) (34) - (42) (179)
(15)
Capitalized interest - 7 - 1 8
(16)
Total Other Expense (58) (33) 1 (64) (154)
(17)
Income Before Income Taxes 298 145 38 (18) 463
(18)
119 58 15 (5) 187
Income taxes
(19)
Net Income $ 179 $ 87 $ 23 $ (13) $ 276
(20)
(a) Consists of regulated transmission and distribution operations, including transition cost recovery, and provider of last resort
generation service for FirstEnergy's Pennsylvania and New Jersey electric utility subsidiaries.
(b) Consists of unregulated generation and commodity operations, including competitive electric sales, and generation sales to
affiliated electric utilities.
(c) Represents provider of last resort generation service by FirstEnergy's Ohio electric utility subsidiaries.
(d) Consists primarily of interest expense related to holding company debt, corporate support services revenues and expenses,
telecommunications services and elimination of intersegment transactions.
______________________________________________________________________________________________________
Consolidated Report to the Financial Community – 1st Quarter 2008 4
5. FirstEnergy Corp.
Consolidated Income Segments
(Unaudited)
(In millions)
Three Months Ended March 31, 2007
Ohio
Energy Competitive Transitional Other &
Delivery Energy Generation Reconciling
Services (a) Services (b) Services (c) Adjustments (d) Consolidated
Revenues
Electric sales $ 1,875 $ 276 $ 613 $ - $ 2,764
(1)
Other 165 45 6 (7) 209
(2)
Internal revenues - 714 - (714) -
(3)
2,040 1,035 619 (721) 2,973
Total Revenues
(4)
Expenses
Fuel 1 261 - - 262
(5)
Purchased power 843 186 544 (714) 859
(6)
Other operating expenses 408 300 49 (8) 749
(7)
Provision for depreciation 98 51 - 7 156
(8)
Amortization of regulatory assets 246 - 5 - 251
(9)
Deferral of new regulatory assets (124) - (20) - (144)
(10)
General taxes 165 28 2 8 203
(11)
Total Expenses 1,637 826 580 (707) 2,336
(12)
Operating Income 403 209 39 (14) 637
(13)
Other Income (Expense)
Investment income 70 3 1 (41) 33
(14)
Interest expense (109) (52) (1) (23) (185)
(15)
Capitalized interest 2 3 - - 5
(16)
Total Other Expense (37) (46) - (64) (147)
(17)
Income Before Income Taxes 366 163 39 (78) 490
(18)
148 65 15 (28) 200
Income taxes
(19)
Net Income $ 218 $ 98 $ 24 $ (50) $ 290
(20)
(a) Consists of regulated transmission and distribution operations, including transition cost recovery, and provider of last resort
generation service for FirstEnergy's Pennsylvania and New Jersey electric utility subsidiaries.
(b) Consists of unregulated generation and commodity operations, including competitive electric sales, and generation sales to
affiliated electric utilities.
(c) Represents provider of last resort generation service by FirstEnergy's Ohio electric utility subsidiaries.
(d) Consists primarily of interest expense related to holding company debt, corporate support services revenues and expenses,
telecommunications services and elimination of intersegment transactions.
______________________________________________________________________________________________________
Consolidated Report to the Financial Community – 1st Quarter 2008 5
6. FirstEnergy Corp.
Consolidated Income Segments
(Unaudited)
(In millions)
Three Months Ended March 31, 2008 vs. Three Months Ended March 31, 2007
Ohio
Energy Competitive Transitional Other &
Delivery Energy Generation Reconciling
Services (a) Services (b) Services (c) Adjustments (d) Consolidated
Revenues
Electric sales $ 175 $ 13 $ 78 $ - $ 266
(1)
Other (3) (5) 10 36 38
(2)
Internal revenues - 62 - (62) -
(3)
172 70 88 (26) 304
Total Revenues
(4)
Expenses
Fuel - 66 - - 66
(5)
Purchased power 139 20 44 (62) 141
(6)
Other operating expenses 37 9 28 (23) 51
(7)
Provision for depreciation 8 2 - (2) 8
(8)
Amortization of regulatory assets 3 - 4 - 7
(9)
Deferral of new regulatory assets 24 - 15 - 39
(10)
General taxes 8 4 (1) 1 12
(11)
219 101 90 (86) 324
Total Expenses
(12)
Operating Income (47) (31) (2) 60 (20)
(13)
Other Income (Expense)
Investment income (25) (9) - 18 (16)
(14)
Interest expense 6 18 1 (19) 6
(15)
Capitalized interest (2) 4 - 1 3
(16)
Total Other Expense (21) 13 1 - (7)
(17)
Income Before Income Taxes (68) (18) (1) 60 (27)
(18)
(29) (7) - 23 (13)
Income taxes
(19)
$ (39) $ (11) $ (1) $ 37 $ (14)
Net Income
(20)
(a) Consists of regulated transmission and distribution operations, including transition cost recovery, and provider of last resort
generation service for FirstEnergy's Pennsylvania and New Jersey electric utility subsidiaries.
(b) Consists of unregulated generation and commodity operations, including competitive electric sales, and generation sales to
affiliated electric utilities.
(c) Represents provider of last resort generation service by FirstEnergy's Ohio electric utility subsidiaries.
(d) Consists primarily of interest expense related to holding company debt, corporate support services revenues and expenses,
telecommunications services and elimination of intersegment transactions.
______________________________________________________________________________________________________
Consolidated Report to the Financial Community – 1st Quarter 2008 6
7. FirstEnergy Corp.
Financial Statements
(Unaudited)
(In millions)
Condensed Consolidated Balance Sheets
March 31, December 31,
2008 2007
Assets
Current Assets:
Cash and cash equivalents $ 70 $ 129
Receivables 1,423 1,421
Other 877 680
Total Current Assets 2,370 2,230
Property, Plant and Equipment 15,905 15,383
Investments 3,418 3,598
Deferred Charges and Other Assets 10,722 10,857
Total Assets $ 32,415 $ 32,068
Liabilities and Capitalization
Current Liabilities:
Currently payable long-term debt $ 2,183 $ 2,014
Short-term borrowings 1,649 903
Accounts payable 754 777
Other 1,583 1,454
Total Current Liabilities 6,169 5,148
Capitalization:
Common stockholders' equity 8,991 8,977
Long-term debt and other long-term obligations 8,332 8,869
Total Capitalization 17,323 17,846
Noncurrent Liabilities 8,923 9,074
Total Liabilities and Capitalization $ 32,415 $ 32,068
General Information
Three Months Ended March 31,
2008 2007
Debt and equity securities redemptions $ (368) $ (904)
New long-term debt issues $ - $ 250
Short-term borrowings $ 746 $ 1,139
Capital expenditures $ 711 $ 296
Adjusted Capitalization (Including Off-Balance Sheet Items) - Rating Agency View
As of March 31,
2008 % Total 2007 % Total
Total common equity $ 8,991 39% $ 8,299 37%
Long-term debt and other long-term obligations 8,332 37% 8,546 39%
Currently payable long-term debt 2,183 10% 2,093 10%
Short-term borrowings 1,649 7% 2,247 10%
Adjustments:
Sale-leaseback net debt equivalents 2,026 9% 1,235 6%
JCP&L securitization debt (391) -2% (420) -2%
Total $ 22,790 100% $ 22,000 100%
______________________________________________________________________________________________________
Consolidated Report to the Financial Community – 1st Quarter 2008 7
8. FirstEnergy Corp.
Financial Statements
(Unaudited)
(In millions)
Condensed Consolidated Statements of Cash Flows
Three Months Ended March 31,
2008 2007
Cash flows from operating activities:
$ 276 $ 290
Net income
Adjustments to reconcile net income to net cash
from operating activities:
Depreciation, amortization, and deferral
317 263
of regulatory assets
(59) (116)
Deferred purchased power and other costs
89 53
Deferred income taxes and investment tax credits
4 (25)
Deferred rents and lease market valuation liability
- (300)
Pension trust contribution
8 6
Cash collateral, net
(19) (17)
Electric service prepayment programs
(260) (211)
Change in working capital and other
Cash flows provided from (used for) operating activities: 356 (57)
227 346
Cash flows provided from financing activities:
(642) (290)
Cash flows used for investing activities
$ (59) $ (1)
Net decrease in cash and cash equivalents
Deferrals and Amortizations
Three Months Ended March 31,
2008 2007 Change
Ohio Rate Plans and Transmission Deferrals
$ 1,847 $ 1,863
Regulatory Assets - Beginning
Interest on shopping incentives 8 10 $ (2)
MISO costs and interest 2 8 (6)
RCP distribution reliability costs and interest 40 46 (6)
RCP fuel costs and interest 7 14 (7)
Other 7 6 1
$ 64 $ 84 $ (20)
Current period deferrals
Amortization
Ohio transition costs $ (72) $ (68) $ (4)
Shopping incentives (30) (30) -
MISO costs (5) (5) -
Other (5) (2) (3)
$ (112) $ (105) $ (7)
Current period amortization
$ 1,799 $ 1,842
Regulatory Assets - Ending
Pennsylvania Deferred PJM Costs
$ 254 $ 157
Beginning balance
Deferrals 40 35 $ 5
Interest 2 1 1
Amortizations (3) (1) (2)
$ 293 $ 192
Ending balance
New Jersey Deferred Energy Costs
$ 236 $ 369
Beginning balance
$ (5)
Net recovery of energy costs (17) (12)
$ 219 $ 357
Ending balance
______________________________________________________________________________________________________
Consolidated Report to the Financial Community – 1st Quarter 2008 8
9. FirstEnergy Corp.
Statistical Summary
(Unaudited)
ELECTRIC SALES STATISTICS Three Months Ended March 31,
(in millions of kWhs) 2008 2007 Change
Electric Distribution Deliveries
Ohio - Residential 4,947 4,831 2.4%
- Commercial 3,849 3,795 1.4%
- Industrial 5,630 5,679 -0.9%
- Other 91 94 -3.2%
Total Ohio 14,517 14,399 0.8%
Pennsylvania - Residential 3,437 3,303 4.1%
- Commercial 2,860 2,771 3.2%
- Industrial 2,509 2,542 -1.3%
- Other 21 20 5.0%
Total Pennsylvania 8,827 8,636 2.2%
New Jersey - Residential 2,355 2,353 0.1%
- Commercial 2,325 2,297 1.2%
- Industrial 693 702 -1.3%
- Other 22 21 4.8%
Total New Jersey 5,395 5,373 0.4%
Total Residential 10,739 10,487 2.4%
Total Commercial 9,034 8,863 1.9%
Total Industrial 8,832 8,923 -1.0%
Total Other 134 135 -0.7%
Total Distribution Deliveries 28,739 28,408 1.2%
Electric Sales Shopped
Ohio - Residential 554 560 -1.1%
- Commercial 851 880 -3.3%
- Industrial 631 642 -1.7%
Total Ohio 2,036 2,082 -2.2%
Pennsylvania - Residential 35 - -
- Commercial 198 108 83.3%
- Industrial 488 415 17.6%
Total Pennsylvania 721 523 37.9%
New Jersey - Residential - - -
- Commercial 565 475 18.9%
- Industrial 533 519 2.7%
Total New Jersey 1,098 994 10.5%
Total Electric Sales Shopped 3,855 3,599 7.1%
Electric Generation Sales
Retail - Regulated 24,884 24,809 0.3%
Retail - Competitive 2,916 3,206 -9.0%
Total Retail 27,800 28,015 -0.8%
Wholesale 5,417 5,063 7.0%
Total Electric Generation Sales 33,217 33,078 0.4%
Three Months Ended
Operating Statistics March 31,
2008 2007
Capacity Factors:
Fossil - Baseload 84% 64%
Fossil - Load Following 69% 74%
Nuclear 88% 99%
Generation Output:
Fossil - Baseload 40% 32%
Fossil - Load Following 22% 24%
Peaking 1% 1%
Nuclear 37% 43%
Three Months Ended March 31,
Weather 2008 2007 Normal
Composite Heating-Degree-Days 2,865 2,902 2,805
Composite Cooling-Degree-Days - 1 1
______________________________________________________________________________________________________
Consolidated Report to the Financial Community – 1st Quarter 2008 9
10. FirstEnergy Corp.
Special Items and EPS Reconciliations
(Unaudited)
(In millions, except for per share amounts)
Special Items
Three Months Ended March 31,
2008 2007
Pre-tax Items - Income Increase (Decrease)
$ 32 $ -
Gain on Sale of Non-Core Assets (a)
Saxton Decommissioning costs regulatory assets (b) - 27
(16) (5)
Trust securities impairment (c)
$ 16 $ 22
Total-Pretax Items
EPS Effect $ 0.03 $ 0.04
(a) Included in quot;Revenues - Otherquot;
(b) Included in quot;Deferral of new regulatory assetsquot;
(c) Included in quot;Investment incomequot;
2008 Earnings Per Share (EPS)
(Reconciliation of GAAP to Non-GAAP)
ACTUAL Non-GAAP
Three Months Guidance For
Ended March 31 Year 2008
Basic EPS (GAAP basis) $ 0.91 $4.18 - $4.38
Gain on Sale of Non-Core Assets (0.06) (0.06)
Trust securities impairment 0.03 0.03
Basic EPS (Non-GAAP basis) $ 0.88 $4.15 - $4.35
______________________________________________________________________________________________________
Consolidated Report to the Financial Community – 1st Quarter 2008 10
11. RECENT DEVELOPMENTS
Ohio Substitute Senate Bill 221
On April 10, 2008, an updated version of Substitute Senate Bill 221 (Substitute SB221) was introduced in the
Ohio House Public Utilities Committee (HPUC), which had been holding hearings on the Ohio Senate version of
the bill. The bill would require all utilities to file an updated rate stabilization plan, now called an electric security
plan (ESP), with the Public Utilities Commission of Ohio (PUCO). A utility also could simultaneously file a
market rate offer (MRO) in which it would have to prove the following objective market criteria:
• the utility or its transmission service affiliate belongs to a Federal Energy Regulatory Commission-
approved regional transmission organization (RTO),
• the RTO has a market-monitor function and the ability to mitigate market power, and
• a published source exists that identifies information for traded electricity and energy products scheduled
for delivery two years into the future.
The PUCO would test the ESP and its pricing and all other terms and conditions against the MRO and choose the
more favorable option. The substitute bill also includes most of the provisions of House Bill 487 (introduced on
February 21, 2008) dealing with advanced and renewable energy standards and energy efficiency, including
requirements to meet annual benchmarks. On April 15, 2008, Substitute SB221 was reported out of the HPUC and
referred to the full Ohio House of Representatives for consideration. On April 22, an amended version of
Substitute SB221 was passed by the House and sent back to the Senate for concurrence. On April 23, the Senate
approved Amended Substitute SB221 and forwarded the bill to the Governor for signature, where it is pending.
Ohio Distribution Rate Case Filing
On February 25, 2008, evidentiary hearings concluded in the distribution rate requests for FirstEnergy subsidiaries
Ohio Edison Company, The Cleveland Electric Illuminating Company, and The Toledo Edison Company (TE).
The requests for $332 million in revenue increases were filed on June 7, 2007. Public hearings were held from
March 5, 2008, through March 24, 2008. Main briefs were filed on March 28, 2008, and reply briefs were filed on
April 18, 2008. The PUCO is expected to render its decision during the 2nd or 3rd quarter of 2008.
Penn Power Interim Default Service Supply Plan
On March 13, 2008, the Pennsylvania Public Utility Commission (PPUC) approved the residential procurement
approach in Pennsylvania Power Company’s (Penn Power) Joint Petition for Settlement. This Request For
Proposal (RFP) approach calls for load-following, full-requirements contracts for default service procurement for
residential customers for the period June 1, 2008, through May 31, 2011. The PPUC had previously approved the
default service procurement approaches for commercial and industrial customers. The default service procurement
for small commercial customers was conducted through multiple RFPs, while the default service procurement for
large commercial and industrial customers will use hourly pricing. Bids in the first RFP for small commercial
load were received on February 20, 2008, and approved by the PPUC on February 22, 2008. Bids in the second
RFP were received on March 18, 2008, and approved by the PPUC on March 20, 2008. On March 28, 2008, Penn
Power filed compliance tariffs with the new default service generation rates based on the approved RFP bids for
small commercial customers, which the PPUC then certified on April 4, 2008. On April 14, 2008, the first RFP for
residential load was held consisting of tranches for both 12- and 24-month supply. The PPUC approved the bids
on April 16, 2008. The second RFP is scheduled to be held on May 14, 2008, after which Penn Power expects the
PPUC to approve the new rates, which would go into effect June 1, 2008.
Met-Ed and Penelec Transmission Service Charge Update Filing
On April 14, 2008, Metropolitan Edison Company (Met-Ed) and Pennsylvania Electric Company (Penelec) filed
annual updates to the transmission service charge rider (TSC) for the period June 1, 2008, through May 31, 2009.
The proposed TSCs include a component for under-recovery of actual transmission costs incurred during the prior
period and future transmission cost projections for June 2008 through May 2009. Met-Ed, has proposed a
transition approach that would recover past under-recovered costs plus carrying charges through the new TSC, and
defer a portion of the projected costs plus carrying charges for recovery through future TSCs by December 31,
2010.
Consolidated Report to the Financial Community – 1st Quarter 2008 11
12. Repurchase and Remarketing of Auction Rate Bonds
In February 2008, FirstEnergy’s subsidiaries elected to convert all $530 million of their outstanding auction rate
bonds to a weekly rate mode in response to disruptions in the auction rate securities markets and a loss of
confidence in bond insurers. The conversion of these bonds required their mandatory purchase on the applicable
conversion dates. Between February 27, 2008, and April 2, 2008, FirstEnergy’s subsidiaries repurchased these
securities. The companies initially funded the repurchase with short-term debt, capping their exposure at the short-
term borrowing rate. On April 22, 2008, Met-Ed ($28.5 million) and Penelec ($45 million) remarketed their bonds
that previously had been in an auction rate mode in a variable-rate mode supported by a bank letter of credit.
Subject to market conditions, the companies plan to remarket or refund the rest of these securities over the balance
of the year, either in fixed-rate or variable-rate modes.
Record Generation Output
FirstEnergy set a new first quarter generation output record of 20.4 million megawatt-hours, a 1.8% increase over
the previous record established in the first quarter of 2006. The generation record reflected favorable performance
from both the fossil and nuclear fleets.
Nuclear Operations Update
On April 14, 2008, the Perry Nuclear Power Plant returned to service following completion of a 10-day planned
outage for valve work and other maintenance in preparation for the upcoming summer months.
On April 14, 2008, Beaver Valley Unit 2 began its regularly scheduled refueling outage. During the outage,
several improvement projects are expected to take place on the 868-megawatt (MW) unit, including replacing the
high pressure turbine and inspecting the reactor vessel and other plant safety systems. BV2 operated for 520
consecutive days when it was taken off line for the outage.
Sale of Telecommunications Assets
On March 7, 2008, FirstEnergy sold substantially all of the assets of FirstEnergy Telecom Services, Inc. to First
Communications, Inc., (FirstCom) for $45 million in cash, with FirstCom also assuming related liabilities. The
sale resulted in an after-tax gain of approximately $0.06 per share. FirstEnergy is a 15.6% shareholder in
FirstCom.
Consolidated Report to the Financial Community – 1st Quarter 2008 12
13. Forward-looking Statements. This Consolidated Report to the Financial Community includes forward-looking
statements based on information currently available to management. Such statements are subject to certain risks and
uncertainties. These statements include declarations regarding our, or our management’s, intents, beliefs and current
expectations. These statements typically contain, but are not limited to, the terms “anticipate,” “potential,” “expect,”
“believe,” “estimate” and similar words. Forward-looking statements involve estimates, assumptions, known and
unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be
materially different from any future results, performance or achievements expressed or implied by such forward-looking
statements. Actual results may differ materially due to the speed and nature of increased competition in the electric
utility industry and legislative and regulatory changes affecting how generation rates will be determined following the
expiration of existing rate plans in Ohio and Pennsylvania, economic or weather conditions affecting future sales and
margins, changes in markets for energy services, changing energy and commodity market prices, replacement power
costs being higher than anticipated or inadequately hedged, the continued ability of FirstEnergy’s regulated utilities to
collect transition and other charges or to recover increased transmission costs, maintenance costs being higher than
anticipated, other legislative and regulatory changes including revised environmental requirements and possible
greenhouse gas emissions regulation, the uncertainty of the timing and amounts of the capital expenditures needed to,
among other things, implement the Air Quality Compliance Plan (including that such amounts could be higher than
anticipated) or levels of emission reductions related to the Consent Decree resolving the New Source Review litigation
or other potential regulatory initiatives, adverse regulatory or legal decisions and outcomes (including, but not limited
to, the revocation of necessary licenses or operating permits and oversight by the Nuclear Regulatory Commission
including, but not limited to, the Demand for Information issued to FENOC on May 14, 2007) as disclosed in our SEC
filings, the timing and outcome of various proceedings before the PUCO (including, but not limited to, the Distribution
Rate Cases and the generation supply plan filing for the Ohio Companies and the successful resolution of the issues
remanded to the PUCO by the Supreme Court of Ohio regarding the Rate Stabilization Plan and the Rate Certainty Plan,
including the deferral of fuel costs) and Met-Ed and Penelec’s transmission service charge filings with the PPUC (as
well as the resolution of the Petitions for Review filed with the Commonwealth Court of Pennsylvania with respect to
the transition rate plan for Met-Ed and Penelec), the continuing availability of generating units and their ability to
continue to operate at or near full capacity, the ability to comply with applicable state and federal reliability standards,
the ability to accomplish or realize anticipated benefits from strategic goals (including employee workforce initiatives),
the ability to improve electric commodity margins and to experience growth in the distribution business, changing
market conditions that could affect the value of assets held in our nuclear decommissioning trust fund, pension fund and
other trust funds, the ability to access the public securities and other capital markets and the cost of such capital, the
risks and other factors discussed from time to time in our SEC filings, and other similar factors. The foregoing review
of factors should not be construed as exhaustive. New factors emerge from time to time, and it is not possible for us to
predict all such factors, nor can we assess the impact of any such factor on our business or the extent to which any
factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking
statements. We expressly disclaim any current intention to update any forward-looking statements contained herein as a
result of new information, future events, or otherwise.
Consolidated Report to the Financial Community – 1st Quarter 2008 13