Sector: Utilities|Industry: Utilities - Regulated Electric|Market Cap: $23.01B|Employees: 12K
FirstEnergy Corp. is a public utility holding company primarily involved in the transmission, distribution, and generation of electricity. They serve over six million customers in the Midwest and Mid-Atlantic regions. The company's revenue is derived from electric service provided by its regulated distribution and transmission operations.
Total revenues increased by 15% year-over-year, from $3.287 billion to $3.765 billion, primarily driven by higher distribution services and retail generation revenues. This indicates a strong demand for electricity and effective revenue management.
Net income increased by 42% year-over-year, from $267 million to $414 million, reflecting improved operational efficiency and effective cost management alongside revenue growth. This demonstrates the company's ability to convert revenue into profit.
Operating expenses increased by 13% year-over-year, from $2.675 billion to $3.011 billion, indicating potential challenges in cost control. While net income increased, the rise in operating expenses could pressure future profitability if not managed effectively.