FirstEnergy reports share loss

Associated Press

FirstEnergy Corp. said Monday that it posted a fourth-quarter loss of $148 million, hurt by hefty costs related to pension adjustments and other items.

The Akron-based energy company’s loss amounted to 35 cents per share and compared with a profit of $99 million, or 23 cents per share, in the same quarter of 2011.

The utility serves the almost all of Clark County.

The recent quarter’s results included 91 cents per share in charges related to pension adjustments. Excluding one-time items like that, the company’s adjusted profit was 80 cents per share.

Revenue fell 10 percent to $3.5 billion.

The adjusted profit matched Wall Street predictions, while the revenue fell significantly short. Analysts, on average, expected a profit of 80 cents per share on $4.85 billion in revenue, according to FactSet.

FirstEnergy said the recent quarter’s results got a boost from lower operating costs, higher distribution deliveries and an increase in investment income. Those gains were partially offset by lower sales margins and a higher effective income tax rate.

For the full year 2012, FirstEnergy earned $771 million, or $1.84 per share, down from $869 million, or $2.21 per share, in 2011. Revenue fell to $15.3 million from $16.1 million.

The company also backed its 2013 profit guidance of $2.85 to $3.15 per share. Analysts expect $2.98 per share.

FirstEnergy shares closed Monday at $39.65, down 89 cents or 2.2 percent.

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