FirstEnergy Q1 Earnings Top Views

reported better-than-expected earnings for its first quarter. The Akron, Ohio-based company posted a quarterly profit of $222 million, or $0.53 per share, versus a year-ago profit of $208 million, or $0.50 per share. Excluding one-time items, its profit climbed to $0.62 per share from $0.39 per share. Its revenue fell 7 percent to $3.9 billion. However, analysts were estimating a profit of $0.52 per share on revenue of $3.67 billion. "Our strong results this quarter reflect the benefits of our transmission investments, colder weather, and our more conservative competitive strategy," said Charles E. Jones, FirstEnergy president and chief executive officer. "We continue to position the company for stable, customer-driven, regulated growth." The company affirmed its guidance for the year. The company still projects earnings of $2.40 to $2.70 per share. For the current quarter, the company expects earnings of $0.42 to $0.50 per share. FirstEnergy shares rose 0.56 percent to $36.11 at 10:15 a.m. ET.