8-KEarnings & ResultsRegulation FDExhibits & Filings

FIRSTENERGY CORP 8-K Report, Financial Results (Feb 13, 2023)

Filed February 13, 2023For Securities:FE

Summary

FirstEnergy Corp. (FE) filed an 8-K on February 13, 2023, to announce its financial results for the fourth quarter and full year ended December 31, 2022, and to provide earnings guidance for the first quarter and full year of 2023. The filing incorporates by reference a press release and a strategic and financial highlights document, which contain non-GAAP financial measures such as "Operating Earnings" and "Operating EPS." Management utilizes these non-GAAP measures to assess operational performance, believing they offer a more consistent and comparable view of the business by excluding "special items" that may obscure underlying trends. Investors should pay close attention to these non-GAAP figures when evaluating the company's performance and future outlook, while also being aware of the GAAP equivalents for a comprehensive understanding. The company also announced the expected posting of its updated investor FactBook to its website, which contains information as of the fourth quarter and year ended December 31, 2022. This filing does not contain detailed financial statements but directs investors to the supplementary materials for specific performance metrics and forward-looking guidance. The forward-looking statements section highlights numerous risks and uncertainties that could materially impact future results, including ongoing government investigations, economic conditions, weather events, and regulatory developments.

Key Highlights

  • 1FirstEnergy released its fourth quarter and full-year 2022 financial results and provided 2023 guidance.
  • 2The company utilizes non-GAAP financial measures, such as Operating Earnings and Operating EPS, to present performance.
  • 3These non-GAAP measures exclude 'special items' to provide a view of ongoing core business trends.
  • 4Management believes these non-GAAP figures offer a more consistent and comparable measure of performance for investors.
  • 5An updated investor FactBook for Q4 and full-year 2022 is expected to be posted on the company's website.
  • 6The filing includes extensive forward-looking statements detailing numerous risks and uncertainties that could affect future results.

Frequently Asked Questions

The primary purpose of this 8-K filing is to announce FirstEnergy Corp.'s financial results for the three months and year ended December 31, 2022, and to provide earnings guidance for the first quarter and full year of 2023. It also notifies investors of an updated investor FactBook.

'Operating Earnings' and 'Operating EPS' are non-GAAP financial measures used by FirstEnergy. They are presented to provide a view of the company's ongoing core business performance by excluding 'special items.' Management believes these measures offer a more consistent and comparable view of performance period-over-period for investors.

Detailed financial information and performance metrics are provided in the accompanying press release (Exhibit 99.1) and the 4Q 2022 Strategic and Financial Highlights document (Exhibit 99.2), which are incorporated by reference in this filing. Additionally, an updated investor FactBook will be available on FirstEnergy's investor relations website.

The forward-looking statements section outlines significant risks including potential liabilities from government investigations and compliance issues (like the Deferred Prosecution Agreement and HB 6 matters), adverse economic conditions (inflation, supply chain disruptions), severe weather, regulatory changes, cybersecurity threats, challenges in achieving strategic goals (like the FE Forward initiative), and changes in capital market conditions and environmental regulations.