8-KEarnings & ResultsRegulation FDExhibits & Filings

FIRSTENERGY CORP 8-K Report, Financial Results (Feb 10, 2022)

Filed February 10, 2022For Securities:FE

Summary

FirstEnergy Corp. (FE) filed an 8-K on February 10, 2022, to provide preliminary information regarding its financial results for the fourth quarter and full year ended December 31, 2021, and its financial outlook for the first quarter and full year of 2022. The filing primarily consists of a press release and a strategic and financial highlights document, which include both GAAP and non-GAAP financial measures. Investors should note that while these documents provide an overview of the company's performance and future expectations, they contain forward-looking statements and significant discussion around non-GAAP financial measures, which management uses to assess ongoing operations by excluding 'special items.' Key to investors is the company's provision of both GAAP and operating (non-GAAP) earnings guidance for 2022. While specific earnings figures for 2021 are referenced indirectly through the press release and highlights, the focus of this 8-K is on the company's forward-looking guidance and its methodology for presenting financial results, emphasizing the exclusion of special items to provide a clearer view of core operational trends. Investors are encouraged to review the referenced exhibits for detailed financial data and reconciliations.

Key Highlights

  • 1FirstEnergy released its Fourth Quarter and Full Year 2021 financial results and provided guidance for Q1 and Full Year 2022 on February 10, 2022.
  • 2The company is providing both GAAP and operating (non-GAAP) earnings guidance for the first quarter and full year of 2022.
  • 3The filing includes a press release (Exhibit 99.1) and a 4Q 2021 Strategic and Financial Highlights document (Exhibit 99.2) which contain non-GAAP financial measures.
  • 4Management uses non-GAAP financial measures, such as Operating Earnings (loss) per share, to evaluate performance by excluding 'special items' that are believed to not be indicative of ongoing core activities.
  • 5The company states that these non-GAAP measures are intended to complement, not replace, GAAP measures and may not be comparable to similarly titled measures used by other entities.
  • 6FirstEnergy also announced it would post an updated investor FactBook to its website on February 10, 2022, containing information as of December 31, 2021.

Frequently Asked Questions

The main purpose of this 8-K filing is to announce FirstEnergy Corp.'s financial results for the fourth quarter and full year ended December 31, 2021, and to provide financial guidance for the first quarter and the full year of 2022. It includes a press release and a highlights document that detail these financial aspects.

'Special items' are charges or benefits that management believes are not indicative of, or may obscure trends useful in evaluating, the company's ongoing core activities and results of operations. FirstEnergy excludes these items when calculating 'Operating Earnings (loss)' and 'Operating Earnings (loss) per share' to provide a clearer view of the company's performance on an ongoing basis and to facilitate comparisons across periods and with peer companies.

The detailed financial information, including reconciliations of non-GAAP financial measures to their most directly comparable GAAP measures, can be found in the attached exhibits to this 8-K filing: Exhibit 99.1 (Fourth Quarter and Full Year 2021 Financial Results Press Release) and Exhibit 99.2 (4Q 2021 Strategic and Financial Highlights).

No, the information presented in Item 2.02 and Item 7.01 of this 8-K filing is being furnished and is not considered 'filed' for purposes of Section 18 of the Securities Exchange Act of 1934. This means it generally does not subject the company to liabilities under that section. However, it may be incorporated by reference into other SEC filings if expressly stated.