8-KEarnings & ResultsExhibits & Filings

FIRSTENERGY CORP 8-K Report, Financial Results (Apr 23, 2019)

Filed April 23, 2019For Securities:FE

Summary

FirstEnergy Corp. (FE) filed an 8-K on April 23, 2019, to report on its first-quarter 2019 results and provide forward-looking guidance. The filing primarily highlights that the company is affirming its previously issued operating earnings guidance for the full year 2019. Additionally, FirstEnergy provided its operating earnings guidance for the second quarter of 2019. The report emphasizes the use of non-GAAP financial measures, specifically 'Operating earnings' and 'Operating earnings per share,' which management utilizes for operational evaluation and comparison, excluding 'special items' that are considered not indicative of core business trends. Investors should note that this filing is furnished and not deemed 'filed' for the purposes of Section 18 of the Securities Exchange Act of 1934. The company also provided extensive forward-looking statements detailing various risks and uncertainties that could materially affect its future performance, including those related to its ongoing transition to a fully regulated business, potential impacts from the FirstEnergy Solutions Corp. bankruptcy proceedings, and various regulatory, economic, and operational factors.

Key Highlights

  • 1Affirmed full-year 2019 operating earnings guidance.
  • 2Provided operating earnings guidance for the second quarter of 2019.
  • 3The company utilizes non-GAAP financial measures such as 'Operating earnings' and 'Operating earnings per share' for performance evaluation.
  • 4'Special items' are excluded from operating earnings to reflect ongoing core business activities.
  • 5The filing includes a comprehensive list of forward-looking statements and associated risk factors.
  • 6Information provided is furnished, not 'filed' under Section 18 of the Securities Exchange Act of 1934.

Frequently Asked Questions

This 8-K filing is primarily to report FirstEnergy Corp.'s first-quarter 2019 results and to provide an update on its financial guidance for 2019, including affirming its full-year operating earnings guidance and issuing guidance for the second quarter of 2019.

'Operating earnings' is a non-GAAP financial measure used by FirstEnergy's management to evaluate the company's performance. It excludes 'special items' (charges or benefits not considered indicative of ongoing core activities) to provide a more consistent and comparable view of operational trends over time and against peers.

No, the information presented in this 8-K filing, including the financial results and guidance, is furnished pursuant to Item 2.02 and is not deemed 'filed' for purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that section.

The report outlines numerous risks, including potential adverse effects from the FirstEnergy Solutions Corp. bankruptcy proceedings, challenges in executing its strategy to operate as a fully regulated business, legislative and regulatory developments, economic and weather conditions, changes in customer demand, cyber-attacks, and environmental regulations.