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.
This document is FirstEnergy Corp.'s consolidated report for the first quarter of 2008. It provides highlights of financial results including non-GAAP earnings of $0.88 per share, unchanged from the prior year. Increased electric distribution deliveries and generation revenues were offset by higher fuel and purchased power costs. The report also reaffirms earnings guidance for 2008.
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 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.
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 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 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.
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.
- 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.
This document is FirstEnergy Corp.'s consolidated report for the first quarter of 2008. It provides highlights of financial results including non-GAAP earnings of $0.88 per share, unchanged from the prior year. Increased electric distribution deliveries and generation revenues were offset by higher fuel and purchased power costs. The report also reaffirms earnings guidance for 2008.
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 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.
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 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 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.
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.
- 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.
- Revenue for the third quarter of 2008 was $1.965 billion, up slightly from $1.865 billion in the third quarter of 2007.
- Net earnings for the quarter were $187.65 million, up 8% from $174.59 million in the third quarter of 2007.
- Earnings per share for the quarter were $1.01, up from $0.87 in the prior year period.
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
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
DTE Energy Company reported financial results for the second quarter of 2000. Operating revenues increased 24.2% to $1.428 billion due to higher fuel and purchased power costs. Net income was $108 million, down slightly from $110 million in the previous year. Earnings per share were $0.76, unchanged from the prior year when excluding one-time items. For the six months ended June 30, 2000, operating revenues increased 20.1% to $2.610 billion while net income was $224 million, relatively unchanged from the previous year.
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.
DTE Energy reported financial results for the second quarter and first six months of 1999. Operating revenues increased 8.1% and 8.2% respectively compared to the same periods in 1998. However, higher operating expenses led to a decrease in operating income of 14.9% and 11.4%. Net income increased by 8.9% and 9.8% due to lower income tax expenses. Cash used for investing activities increased as the company spent more on plant and equipment expenditures.
DTE Energy Company reported financial results for the third quarter of 1999. Operating revenues increased 20.1% to $1.44 billion due to higher net system sales and a performance reserve from Fermi 2. Total operating expenses rose 24.3% to $1.16 billion primarily from increased fuel and purchased power costs. As a result, operating income grew 5.4% while net income increased 21.8% and earnings per share rose 21.8% to $1.11.
This document provides selected financial data for FirstEnergy Corp for the years 2007-2003. It includes key financial metrics such as revenues, income, earnings per share, dividends per share, total assets and capitalization. It also lists the high and low stock prices for each quarter of 2007 and 2006. Finally, it shows a graph comparing the total cumulative return of FirstEnergy stock to industry and market indexes over the period.
- Sherwin-Williams reported a 1.5% increase in first quarter sales to a record $1.782 billion and EPS of $0.64, above guidance of $0.56 to $0.61.
- Global Group sales increased 14.8% due to volume gains, price increases, and acquisitions while Paint Stores Group sales declined 1.9% due to soft architectural paint and non-paint sales.
- The company expects Q2 EPS of $1.45 to $1.60 and reaffirms full year 2008 EPS guidance of $4.70 to $4.85, representing a low single digit increase in consolidated sales.
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.
Sherwin-Williams updated its sales and earnings expectations for the first quarter and full year 2008. For Q1, net sales are expected to increase in the low single digits compared to last year, and EPS is forecasted to be between $0.56 to $0.61, lower than previous guidance. For the full year, net sales growth guidance remains at low-to-mid single digits, but EPS is lowered to a range of $4.70 to $4.85. The shortfall is due to lower than expected domestic sales, raw material cost increases, and a shift in business mix towards lower margin segments. The company is implementing cost cutting measures to offset challenges in the housing market.
Christopher M. Connor, Chairman and CEO of The Sherwin-Williams Company, presented forward-looking statements about sales, earnings, and other matters. The presentation discussed Sherwin-Williams' financial highlights in 2007 including $8.01 billion in net sales and $616 million in income. It also reviewed the company's diversified customer base, global market share as one of the top coatings manufacturers worldwide, and competitive strengths including controlled distribution, leading technology, and growth from acquisitions.
This document is the annual report for 2007 of FirstEnergy Corp. and its subsidiaries. It includes management narrative analyses of results of operations for each subsidiary, management reports, independent auditor reports, consolidated financial statements including income statements, balance sheets, statements of capitalization, statements of stockholder equity, and statements of cash flows for each subsidiary. It also includes combined management discussion and analysis of the registrant subsidiaries and combined notes to the consolidated financial statements. The report covers FirstEnergy Solutions Corp., Ohio Edison Company, The Cleveland Electric Illuminating Company, The Toledo Edison Company, Jersey Central Power & Light Company, Metropolitan Edison Company, Pennsylvania Electric Company, and their respective results for the year.
The document is a letter from the Chairman of the Board of Directors of FirstEnergy to shareholders. It summarizes that in 2007, FirstEnergy had strong financial performance resulting in a nearly $3 billion increase in market value. The company's total shareholder return was among the best in the industry. The Board increased the dividend by 10% based on confidence in the company's future. It also discusses FirstEnergy's commitment to strong corporate governance and ethics.
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
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 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.'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 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, 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 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 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
- Revenue for the third quarter of 2008 was $1.965 billion, up slightly from $1.865 billion in the third quarter of 2007.
- Net earnings for the quarter were $187.65 million, up 8% from $174.59 million in the third quarter of 2007.
- Earnings per share for the quarter were $1.01, up from $0.87 in the prior year period.
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
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
DTE Energy Company reported financial results for the second quarter of 2000. Operating revenues increased 24.2% to $1.428 billion due to higher fuel and purchased power costs. Net income was $108 million, down slightly from $110 million in the previous year. Earnings per share were $0.76, unchanged from the prior year when excluding one-time items. For the six months ended June 30, 2000, operating revenues increased 20.1% to $2.610 billion while net income was $224 million, relatively unchanged from the previous year.
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.
DTE Energy reported financial results for the second quarter and first six months of 1999. Operating revenues increased 8.1% and 8.2% respectively compared to the same periods in 1998. However, higher operating expenses led to a decrease in operating income of 14.9% and 11.4%. Net income increased by 8.9% and 9.8% due to lower income tax expenses. Cash used for investing activities increased as the company spent more on plant and equipment expenditures.
DTE Energy Company reported financial results for the third quarter of 1999. Operating revenues increased 20.1% to $1.44 billion due to higher net system sales and a performance reserve from Fermi 2. Total operating expenses rose 24.3% to $1.16 billion primarily from increased fuel and purchased power costs. As a result, operating income grew 5.4% while net income increased 21.8% and earnings per share rose 21.8% to $1.11.
This document provides selected financial data for FirstEnergy Corp for the years 2007-2003. It includes key financial metrics such as revenues, income, earnings per share, dividends per share, total assets and capitalization. It also lists the high and low stock prices for each quarter of 2007 and 2006. Finally, it shows a graph comparing the total cumulative return of FirstEnergy stock to industry and market indexes over the period.
- Sherwin-Williams reported a 1.5% increase in first quarter sales to a record $1.782 billion and EPS of $0.64, above guidance of $0.56 to $0.61.
- Global Group sales increased 14.8% due to volume gains, price increases, and acquisitions while Paint Stores Group sales declined 1.9% due to soft architectural paint and non-paint sales.
- The company expects Q2 EPS of $1.45 to $1.60 and reaffirms full year 2008 EPS guidance of $4.70 to $4.85, representing a low single digit increase in consolidated sales.
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.
Sherwin-Williams updated its sales and earnings expectations for the first quarter and full year 2008. For Q1, net sales are expected to increase in the low single digits compared to last year, and EPS is forecasted to be between $0.56 to $0.61, lower than previous guidance. For the full year, net sales growth guidance remains at low-to-mid single digits, but EPS is lowered to a range of $4.70 to $4.85. The shortfall is due to lower than expected domestic sales, raw material cost increases, and a shift in business mix towards lower margin segments. The company is implementing cost cutting measures to offset challenges in the housing market.
Christopher M. Connor, Chairman and CEO of The Sherwin-Williams Company, presented forward-looking statements about sales, earnings, and other matters. The presentation discussed Sherwin-Williams' financial highlights in 2007 including $8.01 billion in net sales and $616 million in income. It also reviewed the company's diversified customer base, global market share as one of the top coatings manufacturers worldwide, and competitive strengths including controlled distribution, leading technology, and growth from acquisitions.
This document is the annual report for 2007 of FirstEnergy Corp. and its subsidiaries. It includes management narrative analyses of results of operations for each subsidiary, management reports, independent auditor reports, consolidated financial statements including income statements, balance sheets, statements of capitalization, statements of stockholder equity, and statements of cash flows for each subsidiary. It also includes combined management discussion and analysis of the registrant subsidiaries and combined notes to the consolidated financial statements. The report covers FirstEnergy Solutions Corp., Ohio Edison Company, The Cleveland Electric Illuminating Company, The Toledo Edison Company, Jersey Central Power & Light Company, Metropolitan Edison Company, Pennsylvania Electric Company, and their respective results for the year.
The document is a letter from the Chairman of the Board of Directors of FirstEnergy to shareholders. It summarizes that in 2007, FirstEnergy had strong financial performance resulting in a nearly $3 billion increase in market value. The company's total shareholder return was among the best in the industry. The Board increased the dividend by 10% based on confidence in the company's future. It also discusses FirstEnergy's commitment to strong corporate governance and ethics.
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
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 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.'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 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, 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 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 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
Raytheon reported strong financial results for Q2 2008, with sales up 11% and EPS up 27%. All business segments saw sales growth. Raytheon increased full-year guidance for sales, EPS, operating cash flow and return on invested capital. The company also reported solid bookings of $6 billion for Q2 and a backlog of $37.5 billion.
Royal Dutch Shell reported a 5% increase in second quarter 2008 earnings compared to the same period last year, driven by higher oil and gas prices offsetting lower production volumes and weaker downstream conditions. The company declared a dividend of $0.40 per share, an increase of 11% from the prior year, and invested $5.7 billion in capital projects during the quarter. Shell also announced an offer to acquire Duvernay Oil Corp. for $5.9 billion including debt, subject to regulatory approvals.
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
Merck reported financial results for the second quarter of 2008, with non-GAAP EPS of $0.86 excluding restructuring charges, and GAAP EPS of $0.82. Worldwide sales were $6.1 billion, a 1% decrease from the previous year. Key drugs like JANUVIA, ISENTRESS and COZAAR/HYZAAR saw strong growth. At this time, Merck is not providing full-year 2008 or long-term guidance due to needing to assess results of the SEAS study on its cholesterol joint venture.
Merck reported financial results for the second quarter of 2008, with non-GAAP EPS of $0.86 excluding restructuring charges, and GAAP EPS of $0.82. Worldwide sales were $6.1 billion, a 1% decrease from the previous year. Key drugs like Januvia and Isentress saw strong growth, while the FDA closed a warning letter regarding Merck's vaccine manufacturing. However, Merck did not provide full-year guidance due to the impact of new data on its cholesterol joint venture with Schering-Plough.
2 q08 financial and operating results presentationEquatorial
This document provides operating and financial results for CEMAR, Light, and Equatorial for 2Q08 and 1H08. Key highlights include:
- Billed energy volume was down 0.9% year-over-year for 1H08. CEMAR was up 2.1% while Light was down 1.2%.
- CEMAR's losses improved to 28.8% in 2Q08, down 0.7 percentage points from 2Q07. Light's losses held steady at 20.4%.
- Net operating revenue increased 6.1% to R$1,111.4 million for 1H08, with EBITDA up 4.0% to R$338
The document summarizes Spectra Energy's second quarter 2008 earnings review, noting that earnings exceeded expectations due to strong performance across all business segments driven by robust commodity prices. Key highlights included a 47% increase in ongoing EPS compared to the previous year and earnings contributions from major expansion projects. Management also provided forward guidance around expected dividend yield and total shareholder returns.
This document provides Burlington Northern Santa Fe Corporation's financial results for the 2nd quarter of 2008. It includes:
- Freight revenues increased 16% to $4.35 billion compared to $3.74 billion in 2Q2007, driven by improved yields and higher fuel surcharges.
- Operating income was $714 million compared to $841 million in 2Q2007, with a $474 million increase in fuel expenses and $175 million environmental charge.
- Net income was $350 million compared to $433 million in 2Q2007, with earnings per share of $1.00 compared to $1.20 previously.
- Capital expenditures for 2008 will increase to $2.
This document summarizes Viacom's financial results for the third quarter of 2008. Revenues increased 4% year-over-year to $3.4 billion. Operating income decreased 15% to $689 million due to an 11% increase in expenses. Adjusted net earnings decreased 22% to $339 million, while adjusted diluted EPS decreased 15% to $0.55. Free cash flow was $564 million for the quarter compared to a significant decrease year-to-date. Total debt was $8.95 billion as of September 30, 2008, while cash on hand was $525 million.
- Integrys Energy Group reported lower income available for common shareholders of $25.6 million for Q4 2008 compared to $85.1 million for Q4 2007, due to non-cash accounting losses at its Integrys Energy Services segment.
- The losses were driven by a $89.1 million decrease in non-cash activity related to fair value adjustments on derivatives and inventory valuation at Integrys Energy Services as energy prices declined.
- Excluding the non-cash effects, Integrys Energy Services had strong economic performance evidenced by growth in its forward book value despite lower retail volume growth.
- Earnings at the natural gas segment improved due to a rate increase and colder weather, while
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.
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%.
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 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%.
OJP data from firms like Vicinity Jobs have emerged as a complement to traditional sources of labour demand data, such as the Job Vacancy and Wages Survey (JVWS). Ibrahim Abuallail, PhD Candidate, University of Ottawa, presented research relating to bias in OJPs and a proposed approach to effectively adjust OJP data to complement existing official data (such as from the JVWS) and improve the measurement of labour demand.
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Economic Risk Factor Update: June 2024 [SlideShare]Commonwealth
May’s reports showed signs of continued economic growth, said Sam Millette, director, fixed income, in his latest Economic Risk Factor Update.
For more market updates, subscribe to The Independent Market Observer at https://blog.commonwealth.com/independent-market-observer.
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Vicinity Jobs’ data includes more than three million 2023 OJPs and thousands of skills. Most skills appear in less than 0.02% of job postings, so most postings rely on a small subset of commonly used terms, like teamwork.
Laura Adkins-Hackett, Economist, LMIC, and Sukriti Trehan, Data Scientist, LMIC, presented their research exploring trends in the skills listed in OJPs to develop a deeper understanding of in-demand skills. This research project uses pointwise mutual information and other methods to extract more information about common skills from the relationships between skills, occupations and regions.
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?
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Discover essential details about Thailand's recent visa policy changes, tailored for tourists and students. Amit Kakkar Easy Visa provides a comprehensive overview of new requirements, application processes, and tips to ensure a smooth transition for all travelers.
Unlock Your Potential with NCVT MIS.pptxcosmo-soil
The NCVT MIS Certificate, issued by the National Council for Vocational Training (NCVT), is a crucial credential for skill development in India. Recognized nationwide, it verifies vocational training across diverse trades, enhancing employment prospects, standardizing training quality, and promoting self-employment. This certification is integral to India's growing labor force, fostering skill development and economic growth.
Discover the Future of Dogecoin with Our Comprehensive Guidance36 Crypto
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Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
1. Consolidated Report to the Financial Community
Second Quarter 2008
(Released August 1, 2008) (Unaudited)
HIGHLIGHTS 2nd Qtr.
After-Tax EPS Variance Analysis
2Q 2007 Basic EPS – GAAP Basis $1.11
• Normalized non-GAAP* earnings, excluding Special Items – 2007 0.02
special items, were $0.87 per share for the 2Q 2007 Normalized Earnings – Non-GAAP Basis* $1.13
Distribution Deliveries (0.05)
second quarter of 2008, compared with $1.13
Generation Revenues 0.08
per share for the second quarter of 2007. GAAP Fuel & Purchased Power (0.23)
earnings for the second quarter of 2008 were Generation O&M (0.04)
$0.86 per share compared with $1.11 per share Pension Expense 0.01
Depreciation (0.02)
in the prior year.
Company-Owned Life Insurance (COLI) (0.04)
Financing Costs 0.04
2Q 2008 Results vs. 2Q 2007
Other (0.01)
• Electric distribution deliveries declined 2% 2Q 2008 Normalized Earnings – Non-GAAP Basis* $0.87
Special Items - 2008 (0.01)
primarily due to milder weather. Heating-
2Q 2008 Basic EPS – GAAP Basis $0.86
degree-days were 7% lower compared with both
the same period last year and the normal level.
Cooling-degree-days were 11% lower than the same period last year but 2% above normal.
Residential deliveries decreased 5% (representing approximately two-thirds of the total decrease
in distribution deliveries) while commercial and industrial deliveries declined 2% and 0.3%,
respectively. The resulting lower distribution delivery revenues decreased earnings by $0.05
per share.
• Total electric generation sales decreased 6%. Retail generation sales decreased 1.3 million
megawatt-hours (MWH) or 5%, reflecting the impact of weather and fewer renewals of
competitive commercial and industrial contracts in PJM. Wholesale electricity sales declined
0.5 million MWH or 8%, due in part to an 8% decrease in generation output. 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 $0.08 per share due to higher wholesale and retail prices.
• Total fuel and purchased power expenses reduced earnings by $0.23 per share. Higher
purchased power expense, excluding JCP&L and Penn Power purchases from third-party
auction suppliers, reduced earnings by $0.20 per share due to higher market prices compared to
the same period last year. Higher fuel costs reduced earnings by $0.03 per share, primarily due
to increased coal transportation costs.
• Increased generation O&M expenses reduced earnings by $0.04 per share. An increased
number of scheduled outages at the fossil plants in the second quarter of 2008 decreased
earnings by $0.06 per share while lower nuclear operating expenses increased earnings by $0.02
per share.
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 $0.02 per share.
• Decreased investment income due to market-related declines in the value of corporate-owned
life insurance reduced earnings by $0.04 per share.
• Lower financing costs increased earnings by $0.04 per share. The decrease in financing costs
reflects lower interest rates on short-term borrowings and variable rate long-term debt.
• Two special items were recognized during the second quarter of 2008. The first was a $0.03 per
share increase in earnings recognized from the settlement of a claim related to a former GPU
international asset. The second relates to a $0.04 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, has been revised
to $4.25 to $4.35 per share from our previous non-GAAP guidance of $4.15 to $4.35 per share.
Year-to-date normalized non-GAAP earnings now stand at $1.75 per share, producing guidance
for the second half of 2008 of $2.50 to $2.60 per share. Earnings for the remainder of the year,
exclusive of any special items, are expected to be allocated approximately 56% to the third
quarter and 44% to the fourth quarter.
* 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 Rey Y. Jimenez Irene M. Prezelj
Vice President, Investor Relations Manager, Investor Relations Manager, Investor Relations
(330) 384-5415 (330) 761-4239 (330) 384-3859
Consolidated Report to the Financial Community – 2nd Quarter 2008 2
3. FirstEnergy Corp.
Consolidated Statements of Income
(Unaudited)
(In millions, except for per share amounts)
Three Months Ended June 30 Six Months Ended June 30
2008 2007 Change 2008 2007 Change
Revenues
(1) Electric sales $ 3,024 $ 2,904 $ 120 $ 6,054 $ 5,669 $ 385
(2) Other 221 205 16 468 413 55
(3) Total Revenues 3,245 3,109 136 6,522 6,082 440
Expenses
(4) Fuel 316 299 17 644 560 84
(5) Purchased power 1,070 886 184 2,070 1,746 324
(6) Other operating expenses 781 750 31 1,581 1,499 82
(7) Provision for depreciation 168 159 9 332 315 17
(8) Amortization of regulatory assets 246 246 - 504 497 7
(9) Deferral of new regulatory assets (98) (148) 50 (203) (292) 89
(10) General taxes 180 189 (9) 395 392 3
(11) Total Expenses 2,663 2,381 282 5,323 4,717 606
(12) Operating Income 582 728 (146) 1,199 1,365 (166)
Other Income (Expense)
(13) Investment income 16 30 (14) 33 63 (30)
(14) Interest expense (188) (205) 17 (367) (390) 23
(15) Capitalized interest 13 7 6 21 12 9
(16) (159) (168) 9 (313) (315) 2
Total Other Expense
(17) Income Before Income Taxes 423 560 (137) 886 1,050 (164)
(18) Income taxes 160 222 (62) 347 422 (75)
(19) Net Income $ 263 $ 338 $ (75) $ 539 $ 628 (89)
(20) Earnings Per Share of Common Stock
(21) Basic $ 0.86 $ 1.11 $ (0.25) $ 1.77 $ 2.03 $ (0.26)
(22) Diluted $ 0.85 $ 1.10 $ (0.25) $ 1.75 $ 2.01 $ (0.26)
(23) Weighted Average Number of
Common Shares Outstanding
(24) Basic 304 304 - 304 309 (5)
(25) Diluted 307 308 (1) 307 313 (6)
______________________________________________________________________________________________________
Consolidated Report to the Financial Community – 2nd Quarter 2008 3
4. FirstEnergy Corp.
Consolidated Income Segments
(Unaudited)
(In millions)
Three Months Ended June 30, 2008
Ohio
Energy Competitive Transitional Other &
Delivery Energy Generation Reconciling
Services (a) Services (b) Services (c) Adjustments (d) Consolidated
Revenues
Electric sales $ 2,030 $ 324 $ 670 $ - $ 3,024
(1)
Other 152 51 13 5 221
(2)
Internal revenues - 704 - (704) -
(3)
Total Revenues 2,182 1,079 683 (699) 3,245
(4)
Expenses
Fuel - 316 - - 316
(5)
Purchased power 998 221 555 (704) 1,070
(6)
Other operating expenses 413 312 81 (25) 781
(7)
Provision for depreciation 104 59 - 5 168
(8)
Amortization of regulatory assets 235 - 11 - 246
(9)
Deferral of new regulatory assets (98) - - - (98)
(10)
General taxes 149 24 2 5 180
(11)
Total Expenses 1,801 932 649 (719) 2,663
(12)
Operating Income 381 147 34 20 582
(13)
Other Income (Expense)
Investment income 40 (8) (1) (15) 16
(14)
Interest expense (100) (38) - (50) (188)
(15)
Capitalized interest 1 10 - 2 13
(16)
Total Other Expense (59) (36) (1) (63) (159)
(17)
Income Before Income Taxes 322 111 33 (43) 423
(18)
129 45 13 (27) 160
Income taxes
(19)
Net Income $ 193 $ 66 $ 20 $ (16) $ 263
(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 and MISO transmission
revenues and expenses related to the delivery of generation load.
(d) Consists primarily of interest expense related to holding company debt, corporate support services revenues and expenses
and elimination of intersegment transactions.
______________________________________________________________________________________________________
Consolidated Report to the Financial Community – 2nd Quarter 2008 4
5. FirstEnergy Corp.
Consolidated Income Segments
(Unaudited)
(In millions)
Three Months Ended June 30, 2007
Ohio
Energy Competitive Transitional Other &
Delivery Energy Generation Reconciling
Services (a) Services (b) Services (c) Adjustments (d) Consolidated
Revenues
Electric sales $ 1,933 $ 359 $ 612 $ - $ 2,904
(1)
Other 162 39 13 (9) 205
(2)
Internal revenues - 691 - (691) -
(3)
2,095 1,089 625 (700) 3,109
Total Revenues
(4)
Expenses
Fuel 2 297 - - 299
(5)
Purchased power 877 163 537 (691) 886
(6)
Other operating expenses 410 277 87 (24) 750
(7)
Provision for depreciation 100 51 - 8 159
(8)
Amortization of regulatory assets 242 - 6 (2) 246
(9)
Deferral of new regulatory assets (93) - (55) - (148)
(10)
General taxes 155 26 1 7 189
(11)
1,693 814 576 (702) 2,381
Total Expenses
(12)
Operating Income 402 275 49 2 728
(13)
Other Income (Expense)
Investment income 62 5 - (37) 30
(14)
Interest expense (118) (47) - (40) (205)
(15)
Capitalized interest 2 5 - - 7
(16)
(54) (37) - (77) (168)
Total Other Expense
(17)
348 238 49 (75) 560
Income Before Income Taxes
(18)
141 96 19 (34) 222
Income taxes
(19)
$ 207 $ 142 $ 30 $ (41) $ 338
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 and MISO transmission
revenues and expenses related to the delivery of generation load.
(d) Consists primarily of interest expense related to holding company debt, corporate support services revenues and expenses
and elimination of intersegment transactions.
______________________________________________________________________________________________________
Consolidated Report to the Financial Community – 2nd Quarter 2008 5
6. FirstEnergy Corp.
Consolidated Income Segments
(Unaudited)
(In millions)
Three Months Ended June 30, 2008 vs. Three Months Ended June 30, 2007
Ohio
Energy Competitive Transitional Other &
Delivery Energy Generation Reconciling
Services (a) Services (b) Services (c) Adjustments (d) Consolidated
Revenues
Electric sales $ 97 $ (35) $ 58 $ - $ 120
(1)
Other (10) 12 - 14 16
(2)
Internal revenues - 13 - (13) -
(3)
87 (10) 58 1 136
Total Revenues
(4)
Expenses
Fuel (2) 19 - - 17
(5)
Purchased power 121 58 18 (13) 184
(6)
Other operating expenses 3 35 (6) (1) 31
(7)
Provision for depreciation 4 8 - (3) 9
(8)
Amortization of regulatory assets (7) - 5 2 -
(9)
Deferral of new regulatory assets (5) - 55 - 50
(10)
General taxes (6) (2) 1 (2) (9)
(11)
108 118 73 (17) 282
Total Expenses
(12)
Operating Income (21) (128) (15) 18 (146)
(13)
Other Income (Expense)
Investment income (22) (13) (1) 22 (14)
(14)
Interest expense 18 9 - (10) 17
(15)
Capitalized interest (1) 5 - 2 6
(16)
(5) 1 (1) 14 9
Total Other Expense
(17)
(26) (127) (16) 32 (137)
Income Before Income Taxes
(18)
(12) (51) (6) 7 (62)
Income taxes
(19)
$ (14) $ (76) $ (10) $ 25 $ (75)
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 and MISO transmission
revenues and expenses related to the delivery of generation load.
(d) Consists primarily of interest expense related to holding company debt, corporate support services revenues and expenses
and elimination of intersegment transactions.
______________________________________________________________________________________________________
Consolidated Report to the Financial Community – 2nd Quarter 2008 6
7. FirstEnergy Corp.
Financial Statements
(Unaudited)
(In millions)
Condensed Consolidated Balance Sheets
As of As of
Assets June 30, 2008 Dec 31, 2007
Current Assets:
Cash and cash equivalents $ 70 $ 129
Receivables 1,553 1,421
Other 1,212 680
Total Current Assets 2,835 2,230
Property, Plant and Equipment 16,703 15,383
Investments 3,415 3,598
Deferred Charges and Other Assets 10,592 10,857
Total Assets $ 33,545 $ 32,068
Liabilities and Capitalization
Current Liabilities:
Currently payable long-term debt $ 2,508 $ 2,014
Short-term borrowings 2,608 903
Accounts payable 930 777
Other 1,091 1,454
Total Current Liabilities 7,137 5,148
Capitalization:
Common stockholders' equity 9,221 8,977
Long-term debt and other long-term obligations 8,603 8,869
Total Capitalization 17,824 17,846
Noncurrent Liabilities 8,584 9,074
Total Liabilities and Capitalization $ 33,545 $ 32,068
General Information
Three Months Ended June 30 Six Months Ended June 30
2008 2007 2008 2007
Debt and equity securities redemptions $ (352) $ (485) $ (720) $ (1,389)
New long-term debt issues $ 549 $ 550 $ 549 $ 800
Short-term borrowings $ 959 $ 169 $ 1,705 $ 1,308
Capital expenditures $ 906 $ 401 $ 1,617 $ 697
Adjusted Capitalization
As of June 30
2008 % Total 2007 % Total
Total common equity $ 9,221 39% $ 8,640 38%
Long-term debt and other long-term obligations 8,603 36% 8,742 39%
Currently payable long-term debt 2,508 10% 2,000 9%
Short-term borrowings 2,608 11% 2,416 11%
Adjustments:
Sale-leaseback net debt equivalents 1,417 6% 1,143 5%
JCP&L securitization debt (385) -2% (411) -2%
$ 23,972 100% $ 22,530 100%
Total
______________________________________________________________________________________________________
Consolidated Report to the Financial Community – 2nd Quarter 2008 7
8. FirstEnergy Corp.
Financial Statements
(Unaudited)
(In millions)
Condensed Consolidated Statements of Cash Flows
Three Months Ended June 30 Six Months Ended June 30
2008 2007 2008 2007
Cash flows from operating activities
Net income $ 263 $ 338 $ 539 $ 628
Adjustments to reconcile net income to net cash from operating activities:
Depreciation, amortization, and deferral of regulatory assets 316 257 633 520
Deferred purchased power and other costs (60) (69) (119) (185)
Deferred income taxes and investment tax credits 40 32 129 85
Deferred rents and lease market valuation liability (105) (67) (101) (92)
Pension trust contribution - - - (300)
Cash collateral, net 59 (25) 67 (19)
Electric service prepayment programs (20) (19) (39) (36)
Change in working capital and other (533) (220) (793) (431)
(40) 227 316 170
Cash flows provided from (used for) operating activities
Cash flows provided from financing activities 1,003 108 1,230 454
Cash flows used for investing activities (963) (387) (1,605) (677)
Net decrease in cash and cash equivalents $ - $ (52) $ (59) $ (53)
Deferrals and Amortizations
Three Months Ended June 30 Six Months Ended June 30
2008 2007 Change 2008 2007 Change
Ohio Rate Plans and Transmission Deferrals
$ 1,799 $ 1,842 $ 1,847 $ 1,863
Regulatory Assets - Beginning
Interest on shopping incentives 8 9 $ (1) 16 19 $ (3)
MISO costs and interest - 30 (30) 2 38 (36)
RCP distribution reliability costs and interest 44 44 - 84 91 (7)
RCP fuel costs and interest 1 27 (26) 8 41 (33)
Other 8 5 3 15 11 4
$ 61 $ 115 $ (54) $ 125 $ 200 $ (75)
Current period deferrals
Amortization
Ohio transition costs $ (73) $ (72) $ (1) $ (145) $ (140) $ (5)
Shopping incentives (29) (29) - (59) (59) -
MISO costs (9) (6) (3) (18) (11) (7)
Other (3) 1 (4) (4) (2) (2)
$ (114) $ (106) $ (8) $ (226) $ (212) $ (14)
Current period amortization
$ 1,746 $ 1,851 $ 1,746 $ 1,851
Regulatory Assets - Ending
Pennsylvania Deferred PJM Costs
$ 293 $ 186 $ 255 $ 157
Beginning balance
Deferrals 31 30 $ 1 71 63 $ 8
Interest 3 2 1 5 3 2
Amortizations (4) (2) (2) (8) (7) (1)
$ - $ 9
$ 323 $ 216 $ 323 $ 216
Ending balance
New Jersey Deferred Energy Costs
$ 264 $ 357 $ 322 $ 369
Beginning balance
Net recovery of energy costs 29 35 $ (6) (29) 23 $ (52)
$ 293 $ 392 $ 293 $ 392
Ending balance
______________________________________________________________________________________________________
Consolidated Report to the Financial Community – 2nd Quarter 2008 8
9. FirstEnergy Corp.
Statistical Summary
(Unaudited)
Electric Sales Statistics (kWh in millions)
Three Months Ended June 30 Six Months Ended June 30
2008 2007 Change 2008 2007 Change
Electric Distribution Deliveries
Ohio - Residential 3,658 3,835 -4.6% 8,606 8,666 -0.7%
- Commercial 3,560 3,674 -3.1% 7,409 7,469 -0.8%
- Industrial 5,781 5,908 -2.1% 11,412 11,587 -1.5%
- Other 93 93 - 184 186 -1.1%
Total Ohio 13,092 13,510 -3.1% 27,611 27,908 -1.1%
Pennsylvania - Residential 2,493 2,564 -2.8% 5,930 5,868 1.1%
- Commercial 2,755 2,730 0.9% 5,615 5,501 2.1%
- Industrial 2,666 2,567 3.9% 5,174 5,109 1.3%
- Other 20 21 -4.8% 41 40 2.5%
Total Pennsylvania 7,934 7,882 0.7% 16,760 16,518 1.5%
New Jersey - Residential 2,198 2,387 -7.9% 4,553 4,740 -3.9%
- Commercial 2,319 2,416 -4.0% 4,644 4,713 -1.5%
- Industrial 722 724 -0.3% 1,416 1,426 -0.7%
- Other 21 21 - 43 43 -
Total New Jersey 5,260 5,548 -5.2% 10,656 10,922 -2.4%
Total Residential 8,349 8,786 -5.0% 19,089 19,274 -1.0%
Total Commercial 8,634 8,820 -2.1% 17,668 17,683 -0.1%
Total Industrial 9,169 9,199 -0.3% 18,002 18,122 -0.7%
Total Other 134 135 -0.7% 268 269 -0.4%
Total Distribution Deliveries 26,286 26,940 -2.4% 55,027 55,348 -0.6%
Electric Sales Shopped
Ohio - Residential 466 489 -4.7% 1,020 1,050 -2.9%
- Commercial 798 872 -8.5% 1,643 1,752 -6.2%
- Industrial 659 692 -4.8% 1,289 1,333 -3.3%
Total Ohio 1,923 2,053 -6.3% 3,952 4,135 -4.4%
Pennsylvania - Residential 26 11 136.4% 60 11 445.5%
- Commercial 183 156 17.3% 381 264 44.3%
- Industrial 585 460 27.2% 1,077 876 22.9%
Total Pennsylvania 794 627 26.6% 1,518 1,151 31.9%
New Jersey - Commercial 608 519 17.1% 1,175 994 18.2%
- Industrial 559 555 0.7% 1,095 1,074 2.0%
Total New Jersey 1,167 1,074 8.7% 2,270 2,068 9.8%
Total Electric Sales Shopped 3,884 3,754 3.5% 7,740 7,354 5.2%
Electric Generation Sales
Retail - Regulated 22,402 23,186 -3.4% 47,287 47,994 -1.5%
Retail - Competitive 2,746 3,285 -16.4% 5,662 6,491 -12.8%
Total Retail 25,148 26,471 -5.0% 52,949 54,485 -2.8%
Wholesale 5,846 6,360 -8.1% 11,263 11,423 -1.4%
Total Electric Generation Sales 30,994 32,831 -5.6% 64,212 65,908 -2.6%
Operating Statistics
Three Months Ended June 30 Six Months Ended June 30
2008 2007 2008 2007
Capacity Factors:
Nuclear 85% 80% 86% 89%
Fossil - Baseload 76% 90% 80% 77%
Fossil - Load Following 60% 72% 65% 73%
Generation Output:
Nuclear 39% 33% 38% 38%
Fossil - Baseload 39% 43% 39% 37%
Fossil - Load Following 21% 23% 21% 24%
Peaking 1% 1% 2% 1%
Three Months Ended June 30, Six Months Ended June 30,
Weather 2008 2007 Normal 2008 2007 Normal
Composite Heating-Degree-Days 615 660 663 3,480 3,562 3,468
Composite Cooling-Degree-Days 254 285 249 254 286 250
______________________________________________________________________________________________________
Consolidated Report to the Financial Community – 2nd Quarter 2008 9
10. FirstEnergy Corp.
Special Items and EPS Reconciliations
(Unaudited)
(In millions, except for per share amounts)
Special Items
Three Months Ended June 30 Six Months Ended June 30
2008 2007 2008 2007
Pre-tax Items - Income Increase (Decrease)
Gain on sale of non-core assets (a) $ - $ - $ 32 $ -
Saxton decommissioning costs regulatory assets (b) - - - 27
Trust securities impairment (c) (21) (8) (38) (12)
Litigation settlement (a) 15 - 15 -
$ (6) $ (8) $ 9 $ 15
Total-Pretax Items
EPS Effect $ (0.01) $ (0.02) $ 0.02 $ 0.02
(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 ACTUAL REVISED
Three Months Six Months Guidance For
Ended June 30 Ended June 30 Year 2008
$ 0.86 $ 1.77 $4.27 - $4.37
Basic EPS (GAAP basis)*
Excluding Special Items*:
Gain on sale of non-core assets - (0.06) (0.06)
Litigation settlement (0.03) (0.03) (0.03)
Trust securities impairment 0.04 0.07 0.07
$ 0.87 $ 1.75 $4.25 - $4.35
Basic EPS (Non-GAAP basis)
* Excludes possible write-off of $485 million of CEI's estimated unrecoverable transition costs under the proposed
ESP, which if recognized, would be categorized as a Special Item ($1.01 per share).
______________________________________________________________________________________________________
Consolidated Report to the Financial Community – 2nd Quarter 2008 10
11. RECENT DEVELOPMENTS
Ohio Regulatory Update
On July 31, 2008, Ohio Edison Company (OE), The Cleveland Electric Illuminating Company, and The Toledo
Edison Company (TE) (collectively, Ohio Companies) filed both an Electric Security Plan (ESP) and Market Rate
Offer (MRO) with the Public Utilities Commission of Ohio (PUCO). The comprehensive ESP includes supply
and pricing for retail generation service for up to a three-year period, in addition to seeking approval of
outstanding issues currently pending before the PUCO in the Ohio Companies’ distribution rate case. A PUCO
decision is required within 150 days, with new rates to be effective for customers January 1, 2009. Under the
MRO alternative, the Ohio Companies would procure generation supply through a competitive bidding process
(CBP). An independent third-party CBP Manager would conduct the bidding process, with oversight by the
PUCO. The MRO proposes a portfolio approach to procurement, initially using a staggered bid and subsequently
a multi-phased procurement cycle. The PUCO is required to review FirstEnergy’s MRO application within 90
days. The MRO would be implemented if the ESP is not approved by the PUCO.
On July 2, 2008, and July 23, 2008, the PUCO staff issued proposed rules for comment to implement portions of
Amended Substitute Senate Bill 221 (Substitute SB 221). FirstEnergy filed written comments on the first set of
proposed rules on July 22, 2008, and reply comments are due August 6, 2008. Written comments on the second
set are due August 12, 2008, and reply comments are due August 22, 2008. Proposed rules to implement other
portions of Substitute SB 221, including the alternative energy portfolio standard, are expected to be issued in late
August. Following the comment period, the PUCO will consider input from stakeholders before adopting final
rules, which is expected to be in late September. The rules will then be subject to review by the Joint Committee
on Agency Rule Review (a group consisting of five State Representatives and five State Senators).
Ohio Supreme Court Remand on Rate Certainty Plan
On June 3, 2008, the Ohio Companies made a filing to suspend the procedural schedule in their application to
recover their 2006-2007 deferred fuel costs and associated carrying charges ($220 million balance as of December
31, 2007) since they anticipated that their ESP filing would contain a proposal addressing the recovery of these
deferred fuel costs. On June 4, 2008, the PUCO Staff issued its report in accordance with its previously
established procedural schedule. On June 11, 2008, the PUCO denied the request to suspend proceedings until
the ESP case is completed, but it revised the procedural schedule. Testimony is now due August 29, 2008, and an
evidentiary hearing is scheduled for September 29, 2008.
Penn Power Interim Default Service Supply Plan
On May 14, 2008, Pennsylvania Power Company (Penn Power) held its second Request for Proposal (RFP) to
procure default service for residential customers for the period June 2008 through May 2009 and a portion of the
load for the period June 2009 through May 2010. The Pennsylvania Public Utility Commission (PPUC) approved
the second residential RFP on May 16, 2008. On May 20, 2008, Penn Power filed compliance tariffs with the new
default service generation rates for residential customers based on the approved RFP bids, which the PPUC
certified on May 21, 2008. The average price of the winning bids was $80.48 per MWh, before line losses,
administrative fees and gross receipts tax, and will be reflected in Penn Power’s new default service rates that are
effective for the period June 2008 through May 2009. RFPs for the remainder of the residential customers’ load
for the period June 2009 through May 2010 are scheduled for October 2008 and January 2009.
Met-Ed and Penelec Transmission Service Charge
On May 22, 2008, the PPUC approved Metropolitan Edison Company’s (Met-Ed) and Pennsylvania Electric
Company’s (Penelec) annual updates to their transmission service charge riders (TSC) for the period June 1, 2008,
through May 31, 2009. The approved TSCs include a component for under-recovery of actual transmission costs
incurred during prior periods and transmission costs projected for June 2008 through May 2009. Met-Ed’s TSC
includes a transition approach that will recover past under-recovered costs plus carrying charges through the new
TSC, with deferral of a portion of the projected costs plus carrying charges for recovery through future TSCs by
December 31, 2010. Various intervenors filed complaints against Met-Ed’s and Penelec’s TSC filings.
Consolidated Report to the Financial Community – 2nd Quarter 2008 11
12. In addition, the PPUC ordered an investigation to review the reasonableness of Met-Ed’s TSC, while at the same
time allowing the company to implement the rider June 1, 2008, subject to refund. On July 15, 2008, the PPUC
directed the Administrative Law Judge to consolidate the complaints against Met-Ed with its investigation. An
evidentiary hearing for both companies is scheduled for January 14-15, 2009.
New Long-Term Fuel Supply Arrangements
On July 16, 2008, a subsidiary of FirstEnergy entered into a joint venture with the Boich Companies, a Columbus,
Ohio-based coal company, to acquire a majority stake in the Bull Mountain mine operations in Montana.
FirstEnergy will make a $125 million equity investment in the joint venture. Under an acquisition and
development agreement, the joint venture will acquire 80 percent of the Bull Mountain mining operations, and 100
percent of the rail operations, with FirstEnergy owning a 45 percent economic interest in the joint venture and an
affiliate of the Boich Companies owning a 55 percent economic interest, with both parties having a 50 percent
voting interest in the joint venture. In January 2010, the joint venture will have the option for 18 months to
acquire the remaining 20 percent stake in the mining operations.
In a related transaction, FirstEnergy has entered into a 15-year agreement to purchase up to 10 million tons of
bituminous western coal annually from the mine. FirstEnergy also reached tentative agreements with the rail
carriers associated with transporting coal from the mine to its generating stations, and it expects to begin taking
delivery of the coal in late 2009 or early 2010. The above mentioned joint venture has the right to resell
FirstEnergy’s Bull Mountain tonnage not used at FirstEnergy’s facilities and has call rights on such coal above
certain levels.
Nuclear Sale and Leaseback Restructuring
On May 30, 2008, FirstEnergy Nuclear Generation Corp. (NGC) purchased 56.8 MW of lessor equity interests in
the OE 1987 sale and leaseback of the Perry Plant. On June 2, 2008, NGC purchased approximately 43.5 MW of
lessor equity interests in the OE 1987 sale and leaseback of Beaver Valley Unit 2 (BV2). Between June 2, 2008,
and June 9, 2008, NGC purchased an additional 158.5 MW of additional lessor equity interests in the TE and CEI
1987 sale and leaseback of BV2, which purchases were undertaken in connection with the previously disclosed
exercise of the periodic purchase option provided in the TE and CEI sale and leaseback arrangements. The Ohio
Companies continue to lease these MWs under the respective sale and leaseback arrangements and the related
lease debt remains outstanding.
New $300 Million Credit Facility
On May 30, 2008, FirstEnergy Corp. and FirstEnergy Solutions Corp. entered into a $300 million, 364-day
revolving credit facility. The pricing, terms and conditions are substantially similar to those contained in the
current FirstEnergy $2.75 billion revolving credit agreement.
Refunding of Auction Rate Bonds
On June 6, 2008, NGC completed the refunding of $179.5 million of its bonds that previously had been in an
auction rate mode into a variable-rate mode supported by a bank letter of credit. On June 30, 2008, FirstEnergy
Generation Corp. (FGCO) refunded $276.2 million of its bonds that had previously been in an auction rate mode
into a variable-rate mode supported by a bank letter of credit. FirstEnergy no longer holds any auction rate bonds.
Fremont Combined-Cycle Generating Plant
On January 31, 2008, FGCO completed the purchase of a partially complete 707-MW natural gas-fired generating
plant in Fremont, Ohio, from Calpine Corporation for $253.6 million. In June 2008, FGCO completed an
engineering study indicating an estimated $208 million of capital expenditures would be required to complete the
project. Approximately $41 million is expected to be invested in 2008 with planned commercial operation of the
plant expected to begin in December 2009.
Nuclear Operations Update
On May 22, 2008, the 868-MW BV2 returned to service following its regularly scheduled refueling outage that
began on April 14, 2008. Major work activities completed during the outage included replacing approximately
one-third of the fuel assemblies in the reactor and the high pressure turbine rotor. During the outage, BV2
completed the final phase of an extended power uprate project.
Consolidated Report to the Financial Community – 2nd Quarter 2008 12
13. On June 30, 2008, the Nuclear Regulatory Commission approved a 12 MW uprate at the 893-MW Davis-Besse
Nuclear Power Station. This power uprate, along with BV2’s, was achieved in support of FirstEnergy’s strategy
to maximize the full potential of its existing generation assets.
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, the impact of the PUCO’s rulemaking process on our Ohio
utility subsidiaries’ Electric Security Plan and Market Rate Offer filings, economic or weather conditions affecting
future sales and margins, changes in markets for energy services, changing energy and commodity market prices and
availability, 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 impact of the U.S. Court of Appeals’
July 11, 2008 decision to vacate the CAIR rules and the scope of any laws, rules or regulations that may ultimately take
their place, 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 – 2nd Quarter 2008 13