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FirstEnergy Q4 Earnings Lag Estimates, Revenues Increase Y/Y
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FirstEnergy (FE - Free Report) reported fourth-quarter 2024 operating earnings of 67 cents per share, which missed the Zacks Consensus Estimate of 70 cents by 4.3%.
Find the latest earnings estimates and surprises on Zacks Earnings Calendar.
However, the bottom line increased 8.1% from the year-ago quarter’s figure of 62 cents. The year-over-year increase in earnings was due to rate base growth in the company's distribution and transmission formula rate programs, partially offset by a higher effective tax rate and lower Ohio distribution revenues resulting from the Electric Security Plan V order.
The company generated GAAP earnings of 45 cents per share compared with 30 cents in the fourth quarter of 2023.
FE reported earnings of $2.63 for 2024 compared with $2.56 per share in 2023, which reflects a year-over-year increase of 2.7%.
Total Revenues of FirstEnergy
Operating revenues of $3.18 billion missed the Zacks Consensus Estimate of $3.67 billion by 13.5%. However, the top line increased by 1% from $3.15 billion recorded in the year-ago quarter.
FE reported total revenues of $13.47 billion for 2024 compared with $12.87 billion in 2023, which reflects a year-over-year increase of 4.7%.
FirstEnergy Corporation Price, Consensus and EPS Surprise
Total operating expenses were $11.1 billion in 2024, up 4.6% from the year-ago level of $10.6 billion due to the higher other operating expenses, provision for depreciation and general taxes.
Operating income totaled $2.38 billion in 2024, up 4.8% from the year-ago recorded number of $2.27 billion.
The company incurred an interest expense of $1.14 billion in 2024, up 1.8% from the prior-year level of $1.12 billion.
Total distribution deliveries increased 2.8% in 2024 compared with 2023, reflecting cooling degree days were 37% above last year.
FE’s 2025 Guidance
FirstEnergy expects its 2025 earnings per share guidance in the range of $2.40-$2.60, which indicates a 5.5% increase over the 2024 guidance. The Zacks Consensus Estimate is pegged at $2.89 per share, which is higher than the company’s guided range.
FirstEnergy expects its long-term EPS growth rate of 6-8%. FE now has a capital investment plan of $28 billion for the 2025-2029 period.
The company expects its 2025 capital investment to be $5 billion, up from $4.5 billion in 2024, which reflects an 11% year-over-year increase in investments.
CMS Energy Corporation (CMS - Free Report) reported a fourth-quarter 2024 EPS of 87 cents, which beat the Zacks Consensus Estimate of 86 cents by 1.2%. However, the bottom line decreased 17.1% from $1.05 per share in the prior-year quarter.
Operating revenues totaled $1.99 billion, which lagged the Zacks Consensus Estimate of $2.14 billion by 7.1%. However, the top line increased 2% from $1.95 billion in the prior-year quarter.
WEC Energy Group (WEC - Free Report) reported fourth-quarter 2024 earnings of $1.43 per share, which missed the Zacks Consensus Estimate of $1.44 by 0.7%. However, the bottom line increased 30% from the year-ago quarter’s $1.10.
Operating revenues of $2.28 billion missed the Zacks Consensus Estimate of $2.6 billion by around 12.1%. However, the top line increased 2.7% from $2.22 billion recorded in the year-ago quarter.
Xcel Energy Inc. (XEL - Free Report) reported fourth-quarter 2024 operating earnings of 81 cents per share, which lagged the Zacks Consensus Estimate of 87 cents by 6.9%. The bottom line also decreased 2.4% from the year-ago quarter’s figure of 83 cents.
Revenues of $3.12 billion missed the Zacks Consensus Estimate of $3.72 billion by 16.1%. The figure also declined 9.3% from the year-ago quarter’s $3.44 billion.
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FirstEnergy Q4 Earnings Lag Estimates, Revenues Increase Y/Y
FirstEnergy (FE - Free Report) reported fourth-quarter 2024 operating earnings of 67 cents per share, which missed the Zacks Consensus Estimate of 70 cents by 4.3%.
Find the latest earnings estimates and surprises on Zacks Earnings Calendar.
However, the bottom line increased 8.1% from the year-ago quarter’s figure of 62 cents. The year-over-year increase in earnings was due to rate base growth in the company's distribution and transmission formula rate programs, partially offset by a higher effective tax rate and lower Ohio distribution revenues resulting from the Electric Security Plan V order.
The company generated GAAP earnings of 45 cents per share compared with 30 cents in the fourth quarter of 2023.
FE reported earnings of $2.63 for 2024 compared with $2.56 per share in 2023, which reflects a year-over-year increase of 2.7%.
Total Revenues of FirstEnergy
Operating revenues of $3.18 billion missed the Zacks Consensus Estimate of $3.67 billion by 13.5%. However, the top line increased by 1% from $3.15 billion recorded in the year-ago quarter.
FE reported total revenues of $13.47 billion for 2024 compared with $12.87 billion in 2023, which reflects a year-over-year increase of 4.7%.
FirstEnergy Corporation Price, Consensus and EPS Surprise
FirstEnergy Corporation price-consensus-eps-surprise-chart | FirstEnergy Corporation Quote
Highlights of FE’s 2024 Earnings
Total operating expenses were $11.1 billion in 2024, up 4.6% from the year-ago level of $10.6 billion due to the higher other operating expenses, provision for depreciation and general taxes.
Operating income totaled $2.38 billion in 2024, up 4.8% from the year-ago recorded number of $2.27 billion.
The company incurred an interest expense of $1.14 billion in 2024, up 1.8% from the prior-year level of $1.12 billion.
Total distribution deliveries increased 2.8% in 2024 compared with 2023, reflecting cooling degree days were 37% above last year.
FE’s 2025 Guidance
FirstEnergy expects its 2025 earnings per share guidance in the range of $2.40-$2.60, which indicates a 5.5% increase over the 2024 guidance. The Zacks Consensus Estimate is pegged at $2.89 per share, which is higher than the company’s guided range.
FirstEnergy expects its long-term EPS growth rate of 6-8%. FE now has a capital investment plan of $28 billion for the 2025-2029 period.
The company expects its 2025 capital investment to be $5 billion, up from $4.5 billion in 2024, which reflects an 11% year-over-year increase in investments.
FE’s Zacks Rank
FirstEnergy currently has a Zacks Rank #4 (Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Recent Releases
CMS Energy Corporation (CMS - Free Report) reported a fourth-quarter 2024 EPS of 87 cents, which beat the Zacks Consensus Estimate of 86 cents by 1.2%. However, the bottom line decreased 17.1% from $1.05 per share in the prior-year quarter.
Operating revenues totaled $1.99 billion, which lagged the Zacks Consensus Estimate of $2.14 billion by 7.1%. However, the top line increased 2% from $1.95 billion in the prior-year quarter.
WEC Energy Group (WEC - Free Report) reported fourth-quarter 2024 earnings of $1.43 per share, which missed the Zacks Consensus Estimate of $1.44 by 0.7%. However, the bottom line increased 30% from the year-ago quarter’s $1.10.
Operating revenues of $2.28 billion missed the Zacks Consensus Estimate of $2.6 billion by around 12.1%. However, the top line increased 2.7% from $2.22 billion recorded in the year-ago quarter.
Xcel Energy Inc. (XEL - Free Report) reported fourth-quarter 2024 operating earnings of 81 cents per share, which lagged the Zacks Consensus Estimate of 87 cents by 6.9%. The bottom line also decreased 2.4% from the year-ago quarter’s figure of 83 cents.
Revenues of $3.12 billion missed the Zacks Consensus Estimate of $3.72 billion by 16.1%. The figure also declined 9.3% from the year-ago quarter’s $3.44 billion.