8-KEarnings & ResultsExhibits & Filings

FIRSTENERGY CORP 8-K Report, Financial Results (Apr 27, 2023)

Filed April 27, 2023For Securities:FE

Summary

FirstEnergy Corp. (FE) filed an 8-K on April 27, 2023, to report its first-quarter 2023 results and provide updated financial guidance. The filing indicates that the company is providing both GAAP and non-GAAP (Operating Earnings) results and outlooks. Management utilizes Operating Earnings, which exclude "special items," to assess ongoing core operational performance and trends, believing it offers a more consistent and comparable view for investors assessing the company against peers. The report emphasizes that these non-GAAP measures are supplementary to GAAP and may not be directly comparable to those of other companies. While specific financial figures are not detailed within the provided text, the core of the filing concerns the articulation of the company's financial performance for the first quarter of 2023 and its expectations for the second quarter and the full year 2023. Investors should pay close attention to the specific earnings per share (EPS) figures, both GAAP and Operating EPS, as well as the affirmed full-year 2023 Operating EPS guidance and the updated full-year GAAP EPS forecast. The company also highlights its strategic initiatives and financial objectives under the "FE Forward" plan, underscoring its commitment to growth, balance sheet strengthening, and cost control, while navigating various risks including ongoing investigations and regulatory matters.

Key Highlights

  • 1FirstEnergy reported first-quarter 2023 financial results and provided updated earnings guidance for Q2 and full-year 2023.
  • 2The company provided both GAAP and non-GAAP (Operating Earnings) financial metrics.
  • 3Management emphasizes the use of Operating Earnings (excluding "special items") to evaluate ongoing business performance and trends.
  • 4Full-year 2023 Operating Earnings guidance was affirmed.
  • 5An updated full-year 2023 GAAP earnings forecast was provided.
  • 6The filing incorporates by reference a Press Release and 1Q 2023 Strategic and Financial Highlights, which contain detailed financial information and reconciliations.
  • 7FirstEnergy highlighted its strategic "FE Forward" initiative and associated financial goals.

Frequently Asked Questions

The primary purpose of this 8-K filing is to report FirstEnergy's financial results for the three months ended March 31, 2023, and to provide updated earnings guidance for the second quarter and the full year 2023. It also serves to inform investors about the company's use of non-GAAP financial measures.

"Special items" are charges or benefits that management believes are not indicative of or may obscure trends in the company's ongoing core activities and results of operations. FirstEnergy excludes these items to present "Operating Earnings" and "Operating EPS," which management believes offer a more consistent and comparable measure of performance for evaluating ongoing operations and trends, both historically and against peers.

GAAP EPS (Earnings Per Share) is calculated in accordance with Generally Accepted Accounting Principles (GAAP), reflecting all financial activities. Operating EPS is a non-GAAP measure that excludes the impact of "special items." Management uses Operating EPS to provide a clearer view of the company's core operational performance, believing it better reflects ongoing business trends.

The filing indicates that FirstEnergy affirmed its full-year 2023 Operating Earnings guidance and provided an updated forecast for its full-year 2023 GAAP earnings. Specific figures would be found in the referenced Press Release and 1Q 2023 Strategic and Financial Highlights.