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AKRON -- FirstEnergy Corp. has today reported first quarter 2020 earnings of $74 million, or 14 cents per basic and diluted share of common stock, on revenue of $2.7 billion, including a non-cash mark-to-market adjustment on the company's pension and other post-employment benefit plans.
In the first quarter of 2019, FirstEnergy reported earnings of $315 million, or 59 cents per basic and diluted share of common stock, on revenue of $2.9 billion. Results for both periods include the impact of special items listed below.
Operating earnings for the first quarter of 2020 were 66 cents per share, above the midpoint of the company's earnings guidance. In the first quarter of 2019, operating earnings were 67 cents per share.
"During this global health crisis, we continue working to provide the safe, reliable energy our customers and communities need, while taking extra steps to keep our employees healthy on the job," said Charles E. Jones, FirstEnergy president and chief executive officer. "While the broad, long-term implications on our economy are still being understood, FirstEnergy is uniquely well-positioned to navigate this environment, and we expect to continue meeting our commitments to our stakeholders."
For the second quarter of 2020, FirstEnergy is providing a GAAP and operating (non-GAAP) forecast range of $260 million to $315 million, or 48 cents to 58 cents per share based on 542 million shares outstanding.
For 2020, FirstEnergy is updating its full-year earnings forecast range to $1.02 billion to $1.13 billion, or $1.88 to $2.08 per share, based on 542 million shares. The company is affirming its full-year operating guidance of $2.40 to $2.60 per share.
FirstEnergy is also affirming its long-term growth rate projections. The company remains on track to achieve 6 percent to 8 percent compound annual operating earnings growth from 2018 to 2021.