8-KEarnings & ResultsExhibits & Filings

FIRSTENERGY CORP 8-K Report, Financial Results (Feb 24, 2009)

Filed February 24, 2009For Securities:FE

Summary

FirstEnergy Corp. (FE) filed an 8-K on February 24, 2009, primarily to report its financial and operational results for the period. The company issued a press release and a Consolidated Report to the Financial Community, both of which are incorporated by reference. A key aspect of this filing is the use of non-GAAP financial measures, specifically "normalized earnings per share," which excludes "special items" not considered routine or related to discontinued businesses. Management asserts that these non-GAAP measures offer a more useful perspective for investors in evaluating ongoing business results and comparing performance against peers. While these measures are presented alongside GAAP-compliant figures, investors are cautioned that they are not a substitute for GAAP measures and may not be comparable to similar metrics used by other companies. The filing also contains extensive forward-looking statements detailing numerous risks and uncertainties that could impact future results, ranging from regulatory changes and economic conditions to operational challenges and market fluctuations.

Key Highlights

  • 1FirstEnergy Corp. released its financial and operational results on February 24, 2009, via press release and a Consolidated Report to the Financial Community.
  • 2The company utilized non-GAAP financial measures, notably "normalized earnings per share," which excludes "special items."
  • 3Management believes these normalized earnings provide valuable insight into ongoing operational performance and facilitate peer comparisons.
  • 4Reconciliations between non-GAAP and the most directly comparable GAAP financial measures are provided within the Consolidated Report.
  • 5Investors are cautioned that non-GAAP measures should be considered in addition to, not as a substitute for, GAAP financial measures.
  • 6The non-GAAP measures presented may not be comparable to similarly titled measures used by other entities.
  • 7The filing includes extensive forward-looking statements outlining various risks and uncertainties that could affect future performance.

Frequently Asked Questions

The primary purpose of this 8-K filing is to report FirstEnergy Corp.'s financial and operational results for the period ending February 24, 2009. It includes a press release and a detailed report to the financial community.

Special items are defined as events that are not routine or may be related to discontinued businesses. FirstEnergy excludes these items to present "normalized earnings per share," which management believes offers a clearer view of ongoing operational performance and allows for better comparisons with industry peers.

The non-GAAP measures, such as normalized earnings per share, are presented by management as supplemental information. While they aim to provide insights into ongoing performance, investors should always consider them alongside the most directly comparable GAAP financial measures. It's also important to note that these non-GAAP measures may not be comparable to those used by other companies.

The filing discloses a broad range of risks and uncertainties that could materially impact FirstEnergy's future results. These include potential legislative and regulatory changes (especially concerning energy rate structures in Ohio and Pennsylvania), economic conditions, market price fluctuations for energy and commodities, operational challenges at generation facilities, environmental regulations, legal decisions, and financing risks related to capital markets and credit availability.