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FirstEnergy Reaffirms FY20 Adj. EPS Outlook - Quick Facts

While reporting financial results for the fourth quarter on Friday, electric utility FirstEnergy Corp. (FE) reaffirmed its operating earnings guidance for the full-year 2020, and provided earnings outlook for the first quarter of fiscal 2020.

For fiscal 2019, the company continues to project operating earnings in a range of $2.40 to $2.60 per share.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $2.49 per share for the year. Analysts' estimates typically exclude special items.

For the first quarter, the company is expecting reported results between a loss of $0.14 per share and earnings of $0.70 per share. It also projects operating earnings in a range of $0.60 to $0.70 per share, while the Street is looking for earnings of $0.63 per share.

FirstEnergy also said it is affirming its long-term growth rate projections and remains on track to achieve 6 to 8 percent compound annual operating earnings growth (CAGR) from 2018 to 2021, as well as its extended CAGR of 5 to 7 percent through 2023.

That projection includes plans to issue up to $600 million of equity annually starting in 2022 to fund the company's regulated growth initiatives.

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