FirstEnergy Corp (NYSE: FE) released its first quarter 2025 financial results, revealing a substantial year-over-year improvement and reinforcing its trajectory toward achieving its ambitious five-year investment strategy, Energize365. The company posted GAAP earnings of \(360 million, reflecting \)0.62 per diluted share on \(3.8 billion in revenue for Q1 2025. This marks a significant increase from Q1 2024's GAAP earnings of \)253 million, or \(0.44 per share, on revenues of \)3.3 billion.
Core Earnings (non-GAAP) per share rose sharply to \(0.67 from \)0.49 in the previous year, underscoring operational strength and efficiency gains. FirstEnergy emphasized that all key financial metrics for the quarter surpassed or met internal expectations, highlighting robust execution of regulated strategies and disciplined financial management.
The company remains firmly on track with its 2025 capital investment plan of \(5 billion, an integral part of its broader \)28 billion Energize365 program through 2029. The strategy focuses on expanding rate bases and customer-focused capital investments to support and sustain regulated growth.
Key performance drivers included increased distribution deliveries which grew by over 4% compared to the mild Q1 2024, driven by a 10% upsurge in residential sales and over 5% growth in commercial sector sales, partially offset by a 3% decline in industrial sales. New base rates in Pennsylvania, West Virginia, and New Jersey contributed positively alongside transmission rate base growth of 19%, particularly benefiting the Integrated segment.
Segment-wise, Core Earnings in Distribution and Integrated segments rose by \(0.10 per share each year-over-year, reflecting new rate bases and growing customer demand. Despite more than 10% rate base growth and 16% capital investment increase in Stand-Alone Transmission, Core Earnings there decreased by \)0.04 due to dilution related to the equity interest sale in FirstEnergy Transmission (FET).
Financial discipline is also evident in Corporate/Other operations, with a \(0.02 per share improvement driven by reduced financing costs following a \)560 million decrease in long-term holding company debt and lower revolving borrowings.
Comparing the first quarter results to FY 2024 full-year financials accentuates the company’s steady progress. Total revenue for FY 2024 was \(13.47 billion, with net income of \)978 million and capital expenditures at \(4.03 billion. The Q1 revenue of \)3.8 billion already represents approximately 28% of full-year revenue, signaling sustained momentum.
Looking ahead, FirstEnergy affirmed its 2025 Core Earnings guidance between \(2.40 and \)2.60 per share and targeted a 6-8% compounded annual growth rate for Core Earnings through 2029, backed by the ongoing Energize365 capital deployment.
CEO Brian X. Tierney stated, “We are off to a great start in 2025. Our Core Earnings align with our plan and reflect solid execution of our regulated strategies and financial discipline. Our growth and investment plans position us to deliver consistent, long-term value to our stakeholders.”
This report builds on themes emphasized in FirstEnergy’s previous earnings calls, where the company highlighted the importance of disciplined investment in infrastructure and regulatory strategies to fuel growth and reliability amid evolving market conditions and regulatory challenges.
For further details, view the original 8-K filing here.
Tags: FirstEnergy EARNINGS Q1_2025 Energize365 Capital_Investment Financial_Performance