News

FirstEnergy Reports Third-Quarter 2003 Results

October 26, 2003 by Jeff Shepard

FirstEnergy Corp. (Akron, OH) reported that basic earnings per share of common stock on a non-GAAP basis for the third quarter of 2003 were $0.95, before unusual charges that reduced net income by $131.2 million. Including these items, net income was $152.7 million, or basic and diluted earnings of $0.51 per share. This compares with third-quarter 2002 net income of $284.8 million, or basic and diluted earnings of $0.97 per share.

For the nine months ended September 30, 2003, total revenues were $9.5 billion, compared with $9.2 billion for the same period in 2002. Earnings of $2.03 per share on a non-GAAP basis exclude the cumulative effect of a change in accounting, the adverse impacts of discontinued operations, and unusual charges. Including these items, net income was $313.3 million, or basic earnings of $1.06 per share ($1.05 diluted) for the period, compared with net income for the first nine months of 2002 of $611 million, or basic and diluted earnings of $2.08 per share.