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What's in the Cards for FirstEnergy (FE) This Earnings Season?
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FirstEnergy Corporation (FE - Free Report) is scheduled to release second-quarter 2024 results on Jul 30, after market close. The company delivered an earnings surprise of 3.8% in the last reported quarter.
Let’s discuss the factors that are likely to be reflected in the upcoming quarterly results.
Factors to Consider
FirstEnergy’s second-quarter earnings are likely to have benefited from its continuous necessary inspection and maintenance of its transmission system. This should help FE’s transmission lines to operate efficiently during extreme weather conditions and enhance service reliability for customers.
During the second quarter of 2024, FE’s subsidiary American Transmission Systems, Inc. had installed nearly 250 new insulators along a 22-mile section of a transmission line, which runs through Mahoning and Columbiana counties in northeast Ohio. The new equipment is expected to have boosted earnings in the to-be-reported quarter.
In March 2024, a new distribution base rate case became effective in the West Virginia service area. This is likely to have positively impacted the quarterly results.
Q2 Expectations
The Zacks Consensus Estimate for earnings is pegged at 59 cents per share, indicating a year-over-year increase of 25.5%.
The Zacks Consensus Estimate for revenues is pinned at $3.48 billion, implying a 15.9% improvement year over year.
The Zacks Consensus Estimate for total electric distribution deliveries is pinned at 33,799 megawatt-hours, up 2.8% from the figure registered in the year-ago quarter.
What Our Quantitative Model Predicts
Our proven model does not conclusively predict an earnings beat for FirstEnergy this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. That is not the case here, as you will see below.
Earnings ESP: The company’s Earnings ESP is -7.69%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Investors may consider the following players from the same industry as these have the right combination of elements to post an earnings beat this reporting cycle.
The AES Corporation (AES - Free Report) is likely to come up with an earnings beat when it reports second-quarter results on Aug 1. It has an Earnings ESP of +10.2% and a Zacks Rank #2 at present.
The Zacks Consensus Estimate for earnings has moved up 22.2% in the past 30 days. The Zacks Consensus Estimate for sales is pegged at $3.08 billion, which implies a year-over-year increase of 1.7%.
Xcel Energy (XEL - Free Report) is likely to come up with an earnings beat when it reports second-quarter results on Aug 1. It has an Earnings ESP of +6.12% and a Zacks Rank #2 at present.
XEL’s long-term (three to five years) earnings growth rate is 6.39%. The Zacks Consensus Estimate for second-quarter earnings has moved up 8.9% in the past 90 days.
NiSource Inc. (NI - Free Report) is likely to come up with an earnings beat when it reports second-quarter results on Aug 7. It has an Earnings ESP of +4.00% and a Zacks Rank #2 at present.
NI’s long-term earnings growth rate is 6%. The Zacks Consensus Estimate for second-quarter earnings is pinned at 13 cents per share, indicating year-over-year growth of 18.2%.
Image: Bigstock
What's in the Cards for FirstEnergy (FE) This Earnings Season?
FirstEnergy Corporation (FE - Free Report) is scheduled to release second-quarter 2024 results on Jul 30, after market close. The company delivered an earnings surprise of 3.8% in the last reported quarter.
Let’s discuss the factors that are likely to be reflected in the upcoming quarterly results.
Factors to Consider
FirstEnergy’s second-quarter earnings are likely to have benefited from its continuous necessary inspection and maintenance of its transmission system. This should help FE’s transmission lines to operate efficiently during extreme weather conditions and enhance service reliability for customers.
During the second quarter of 2024, FE’s subsidiary American Transmission Systems, Inc. had installed nearly 250 new insulators along a 22-mile section of a transmission line, which runs through Mahoning and Columbiana counties in northeast Ohio. The new equipment is expected to have boosted earnings in the to-be-reported quarter.
In March 2024, a new distribution base rate case became effective in the West Virginia service area. This is likely to have positively impacted the quarterly results.
Q2 Expectations
The Zacks Consensus Estimate for earnings is pegged at 59 cents per share, indicating a year-over-year increase of 25.5%.
The Zacks Consensus Estimate for revenues is pinned at $3.48 billion, implying a 15.9% improvement year over year.
The Zacks Consensus Estimate for total electric distribution deliveries is pinned at 33,799 megawatt-hours, up 2.8% from the figure registered in the year-ago quarter.
What Our Quantitative Model Predicts
Our proven model does not conclusively predict an earnings beat for FirstEnergy this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. That is not the case here, as you will see below.
FirstEnergy Corporation Price and EPS Surprise
FirstEnergy Corporation price-eps-surprise | FirstEnergy Corporation Quote
Earnings ESP: The company’s Earnings ESP is -7.69%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Zacks Rank: Currently, FirstEnergy carries a Zacks Rank #2. You can see the complete list of today's Zacks #1 Rank stocks here.
Stocks to Consider
Investors may consider the following players from the same industry as these have the right combination of elements to post an earnings beat this reporting cycle.
The AES Corporation (AES - Free Report) is likely to come up with an earnings beat when it reports second-quarter results on Aug 1. It has an Earnings ESP of +10.2% and a Zacks Rank #2 at present.
The Zacks Consensus Estimate for earnings has moved up 22.2% in the past 30 days. The Zacks Consensus Estimate for sales is pegged at $3.08 billion, which implies a year-over-year increase of 1.7%.
Xcel Energy (XEL - Free Report) is likely to come up with an earnings beat when it reports second-quarter results on Aug 1. It has an Earnings ESP of +6.12% and a Zacks Rank #2 at present.
XEL’s long-term (three to five years) earnings growth rate is 6.39%. The Zacks Consensus Estimate for second-quarter earnings has moved up 8.9% in the past 90 days.
NiSource Inc. (NI - Free Report) is likely to come up with an earnings beat when it reports second-quarter results on Aug 7. It has an Earnings ESP of +4.00% and a Zacks Rank #2 at present.
NI’s long-term earnings growth rate is 6%. The Zacks Consensus Estimate for second-quarter earnings is pinned at 13 cents per share, indicating year-over-year growth of 18.2%.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.