What guidance did Firstenergy's management provide for the next earnings period?

What does Firstenergy do and what are its main business segments?

What is Firstenergy's latest dividend and current dividend yield?

Did Firstenergy beat or miss consensus estimates last quarter?

What is the market's earnings forecast for Firstenergy next quarter?

What is the revenue and EPS growth rate for Firstenergy year over year?

What factors drove the changes in Firstenergy's revenue and profit?

What were the key takeaways from Firstenergy’s earnings call?

- **Revenue and Capital Growth**: Core earnings up 15% YoY, with $5.5 billion 2025 capital plan (30% transmission increase). PJM transmission projects could add $1 billion in CapEx.
- **Data Center Expansion**: Peak load to rise 50% by 2035, driven by 15 GW of data center demand. Contracted demand up 30% since Q4 2024.
- **West Virginia Generation**: 1.2 GW natural gas project ($2.5 billion) on track for 2031, with RFP for build-own-transfer. Regulatory approval filing expected Q1 2026.
- **Affordability and ROE**: Customer bills 19% below in-state peers. ROE improved to 10.1%, up 70 bps YoY. PJM capacity auction reforms advocated to reduce generation cost pass-through.


**【CEO Summary Section】**
- **Revenue Growth and Capital Investment**: Reported third-quarter GAAP earnings of $0.76 per share, up from $0.73 in Q3 2024. Year-to-date core earnings of $2.02 per share, a 15% increase. Announced a 10% increase in 2025 capital investment plan to $5.5 billion, with 30% growth in transmission CapEx.
- **Data Center Demand**: Projected system peak load to rise by 15 GW (50%) by 2035, driven by data center interconnection requests. Long-term pipeline demand nearly doubled since Q4 2024, with contracted demand up 30%.
- **Regulatory Initiatives**: Filed a West Virginia IRP proposing 1.2 GW of natural gas generation by 2031 and 70 MW of solar. Seeking regulatory approval for transmission upgrades through PJM's open window process, with $4 billion awarded over recent years.
- **Affordability Focus**: Customer bills remain below in-state peers, with a focus on mitigating generation cost increases through new dispatchable generation and regulatory advocacy.

**【CFO Financial Commentary】**
- **Financial Performance**: Third-quarter core earnings of $0.83 per share, up 9% YoY. Year-to-date core earnings of $2.02 per share, driven by Pennsylvania base rates and transmission rate base growth (11%).
- **Capital Allocation**: Through Q3, deployed $4 billion in capital (30% YoY increase), with $1.9 billion in transmission CapEx. 2025 cash from operations at $2.6 billion, up $700 million YoY. Completed $6 billion in debt financing at 4.4% average coupon.
- **Financial Discipline**: O&M expenses under plan, with strong cost control. ROE improved to 10.1% on a trailing 12-month basis, up 70 bps from 2024.

**【Q&A Highlights】**
- **Transmission Growth**: CEO expects transmission rate base to double by 2030, with 18% CAGR. PJM open window projects could add $1 billion in transmission CapEx. 30% of 2026-2030 CapEx allocated to reliability upgrades.
- **West Virginia Generation**: 1.2 GW natural gas project ($2.5 billion) expected to file for regulatory approval in Q1 2026. Build-own-transfer RFP issued, with potential for self-build. CWIP recovery during construction, with earnings impact post-2031.
- **Customer Bill Management**: Advocating for PJM capacity auction reforms to reduce generation cost pass-through. Ohio rate case expected in November, with multiyear rate plan filing to follow.
- **Data Center Interconnection**: Contracted demand supported by volumetric commitments and developer credit, minimizing impact on existing customers. Industrial load growth expected to accelerate in Q4 2025 and 2026.


FE

FE fundamentals

You can ask Aime