10-KPeriod: FY2024

FIRSTENERGY CORP Annual Report, Year Ended Dec 31, 2024

Filed February 27, 2025For Securities:FE

Summary

FirstEnergy Corp. (FE) reported strong financial performance for the fiscal year ended December 31, 2024. The company's diversified business segments, including Distribution, Integrated, and Stand-Alone Transmission, contributed to overall revenue growth. Despite facing some macroeconomic headwinds and supply chain challenges, FirstEnergy managed its operations effectively, demonstrating resilience and strategic execution. Key initiatives such as the Energize365 capital investment plan are progressing, aimed at enhancing grid reliability and supporting the energy transition, with substantial investments planned through 2029. The company also successfully navigated significant legal and regulatory matters, including resolving its Deferred Prosecution Agreement and settling SEC investigations, which are expected to allow for a greater focus on operational execution and strategic growth going forward.

Financial Highlights

45 data points
Beta

Revenue

$13.47B

Net Income

$978.00M

7.3% Net Margin

EPS (Diluted)

$1.70

Total Assets

$52.04B

Cash & Equivalents

$111.00M

Free Cash Flow

$2.89B

Financial Statements
Beta
Revenue$13.47B
Operating Expenses$11.10B
Operating Income$2.38B
Net Income$978.00M
EPS (Basic)$1.70
EPS (Diluted)$1.70
Shares Outstanding (Basic)575.00M
Shares Outstanding (Diluted)577.00M

Key Highlights

  • 1FirstEnergy's consolidated revenues grew by 5% to $13.5 billion in 2024, driven by increased customer usage and regulated investment programs across its segments.
  • 2The company's core segments – Distribution, Integrated, and Stand-Alone Transmission – all reported positive earnings, with the Distribution segment leading in revenue.
  • 3FirstEnergy is executing its significant Energize365 capital investment program, with $4.5 billion invested in 2024 and plans for approximately $28 billion in capital investments from 2025 through 2029.
  • 4The company successfully completed its Deferred Prosecution Agreement with the U.S. Attorney's Office and settled with the SEC, resolving significant legal and regulatory overhangs.
  • 5FirstEnergy's regulated rate base across its operating companies represents a substantial $11 billion in the Distribution segment, $9.6 billion in the Integrated segment, and $5.3 billion in the Stand-Alone Transmission segment as of December 31, 2024.
  • 6The company announced a $0.015 per share increase to its quarterly common stock dividend in March 2024, reflecting confidence in its financial stability and future prospects.

Frequently Asked Questions

FirstEnergy reported robust financial performance in 2024, with consolidated revenues reaching $13.5 billion, a 5% increase from the prior year. Earnings attributable to FE from continuing operations were $978 million, or $1.70 per diluted share. The company successfully managed its operations and investments despite a dynamic economic environment, while also resolving significant legal and regulatory matters.

FirstEnergy is executing its Energize365 capital investment strategy, a comprehensive plan to strengthen the grid and support the energy transition. In 2024, the company invested $4.5 billion, and plans to invest approximately $28 billion in capital expenditures from 2025 through 2029 across its distribution and transmission infrastructure. These investments are focused on improving reliability, resiliency, and customer experience.

FirstEnergy has made significant progress in resolving past legal and regulatory issues. The company successfully completed its Deferred Prosecution Agreement with the U.S. Attorney's Office and settled with the SEC, paying a $100 million civil penalty. While some state-level regulatory matters related to HB 6 are ongoing, the resolution of federal issues is expected to provide greater clarity and allow the company to focus on strategic priorities.

On March 25, 2024, FirstEnergy closed on the sale of an additional 30% equity interest in FET to Brookfield, increasing Brookfield's ownership to 49.9%. FirstEnergy retains a 50.1% ownership interest, and FET continues to be consolidated in FirstEnergy's financial statements. This transaction provided significant capital to strengthen FirstEnergy's balance sheet.