8-KEarnings & ResultsExhibits & Filings

FIRSTENERGY CORP 8-K Report, Financial Results (Aug 1, 2023)

Filed August 1, 2023For Securities:FE

Summary

FirstEnergy Corp. (FE) filed an 8-K on August 1, 2023, to report its second-quarter 2023 financial results and provide forward-looking guidance. The company provided its operating (non-GAAP) earnings for the three and six months ended June 30, 2023, and reaffirmed its operating earnings guidance for both the third quarter and the full year 2023. This filing primarily serves to communicate these financial updates and outlook, utilizing non-GAAP measures to present core operational performance, excluding certain "special items" that management believes may obscure underlying business trends. Investors should note that these non-GAAP measures, while used internally for performance evaluation and comparison, are intended to complement, not replace, GAAP-based reporting.

Key Highlights

  • 1FirstEnergy reported its operating (non-GAAP) earnings for the second quarter and first six months of 2023.
  • 2The company provided operating (non-GAAP) earnings guidance for the third quarter of 2023.
  • 3FirstEnergy reaffirmed its previously issued operating (non-GAAP) earnings guidance for the full year 2023.
  • 4The filing details the use of non-GAAP financial measures, such as Operating Earnings and Operating EPS, which exclude 'special items' to provide a clearer view of ongoing core operations.
  • 5Reconciliations between non-GAAP measures and their most directly comparable GAAP measures are provided within the referenced Press Release and 2Q 2023 Strategic and Financial Highlights documents.
  • 6The company's management utilizes these non-GAAP measures to evaluate performance, manage operations, and facilitate historical and ongoing performance comparisons.
  • 7The information provided is furnished under Item 2.02 and is not considered 'filed' for the purposes of Section 18 of the Securities Exchange Act of 1934.

Frequently Asked Questions

FirstEnergy provided its operating (non-GAAP) earnings for the second quarter and the first six months of 2023. Additionally, the company issued operating earnings guidance for the third quarter of 2023 and reaffirmed its full-year 2023 operating earnings guidance.

FirstEnergy uses non-GAAP measures like Operating Earnings to exclude 'special items'. Management believes these special items are not indicative of or may obscure trends useful in evaluating the company's ongoing core activities and results of operations. This allows for a potentially more consistent and comparable view of performance trends over time and against peers.

The detailed financial results for the second quarter and six months ended June 30, 2023, along with the guidance for Q3 and full-year 2023, are contained in the Press Release (Exhibit 99.1) and the 2Q 2023 Strategic and Financial Highlights (Exhibit 99.2) that are attached to this 8-K filing and incorporated by reference.

Yes, this 8-K filing includes forward-looking statements as defined under the Private Securities Litigation Reform Act of 1995. These statements are based on current management expectations and are subject to risks and uncertainties that could cause actual results to differ materially. Investors are cautioned not to place undue reliance on these statements, and should review the risk factors detailed in FirstEnergy's SEC filings.