FirstEnergy Corp. has recently released its 10-Q report, providing a detailed look at its financial condition and operational results. The company primarily engages in the transmission, distribution, and generation of electricity in the United States, serving over six million customers in Ohio, Pennsylvania, New Jersey, West Virginia, Maryland, and New York. As of March 31, 2025, FirstEnergy's transmission subsidiaries operate more than 24,000 miles of transmission lines, connecting the Midwest and Mid-Atlantic regions. The company's net maximum generation capacity stands at 3,604 MWs.
In the first quarter of 2025, FirstEnergy reported revenues of $3,765 million, marking a 15% increase from the same period in 2024. Operating expenses amounted to $3,011 million, representing a 13% increase from the first quarter of 2024. Earnings attributable to FirstEnergy stood at $360 million, or $0.62 per share (basic and diluted), compared to $253 million, or $0.44 per share (basic and diluted), in the first quarter of 2024, indicating a substantial increase of $107 million. The rise in earnings was primarily attributed to higher revenues associated with the implementation of base rate cases in New Jersey, West Virginia, and Pennsylvania, as well as higher customer usage due to colder weather temperatures.
The company's distribution services saw a 4.2% increase in total electric distribution MWh deliveries for the first quarter of 2025 compared to the same period in 2024. Residential deliveries increased by 10.0%, while commercial deliveries rose by 5.2%. However, industrial deliveries decreased by 2.6%, with residential and commercial distribution deliveries being impacted by higher customer usage as a result of the colder weather.
In terms of recent developments, FirstEnergy addressed asset retirement obligations, reporting a preliminary assessment of former CCR disposal sites and recording a $139 million increase to its ARO in 2024. The company also entered into a joint proposal agreement for regional electric transmission projects and announced organizational changes, resulting in a pre-tax charge of approximately $26 million during the first quarter of 2025.
FirstEnergy continues to return value to shareholders, with the board declaring a $0.02 per share increase to the quarterly common stock dividend in March 2025, representing an increase of more than 11% in annual dividend declarations since 2023. The company also provided updates on regulatory matters in New Jersey and Ohio, including approvals, settlements, and ongoing proceedings related to base rate cases and legislative impacts.
Today the company's shares have moved -0.4% to a price of $42.88. For more information, read the company's full 10-Q submission here.
