Diversified energy company FirstEnergy Corp. (FE) posted lower first-quarter 2013 GAAP net income of $196 million, or $0.47 per share, versus the prior year's $306 million, or $0.73 per share. Excluding items, non-GAAP earnings totaled $0.76 per share for the recent quarter. On average, 14 analysts polled by Thomson Reuters expected earnings per share of $0.68 for the quarter. Analysts' estimates typically exclude one-time items.
According to the company, the recent quarter's non-GAAP results benefited from higher distribution deliveries, a lower effective income tax rate, reduced operating costs, and lower general taxes. However, results were negatively affected by lower commodity margin, higher depreciation expense and reduced revenues from the regulated transmission business.
The firm clocked quarterly revenues of $3.7 billion, compared with the year-ago period's $4.0 billion. Analysts estimated revenues of $3.66 billion for the quarter.
In addition, the company confirmed its 2013 non-GAAP earnings guidance of $2.85 - $3.15 per share, while 21 analysts project full-year earnings of $2.99 per share.
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