FirstEnergy reports earnings and revenue dropped during 2012.
Lower electric prices prompted a revenue drop and lower earnings for FirstEnergy during 2012.
The company posted profits of $771 million on revenue of $15.3 billion for the year ended Dec. 31. That compared with $869 million in earnings and revenue on $16.1 billion. Earnings per share slipped to $3.34 from $3.64 in 2011.
FirstEnergy posted a fourth quarter loss of $148 million, or 35 cents per share, on revenue of $3.5 billion. That compared with earnings of $99 million, or 23 cents per share, and revenue of $3.9 billion during the 2011 fourth quarter.
The company said an annual pension adjustment and other benefit costs cut into fourth quarter earnings.
Anthony Alexander, president and chief executive officer, said FirstEnergy successfully controlled costs, improved operational performance and continued building its competitive business during 2012.
“This year, we will remain focused on continuing the strong operational performance in our three core businesses, generation, transmission and distribution, while delivering financial stability and pursuing opportunities for growth,” Anthony said. The company reaffirmed its 2013 earnings guidance at $2.85 to $3.15 per share.
During the fourth quarter, FirstEnergy saw distribution deliveries rise 1 percent. Residential deliveries increased 5 percent because of cooler weather and that offset flat commercial deliveries and a 3-percent drop in industrial deliveries.
During the year the company picked up more customers as FirstEnergy Solutions expanded its retail customer count by 42 percent to 2.6 million from 1.9 million at the end of 2011.
The Akron-based utility’s Ohio Edison operation provides electrical service for Massillon, Alliance and sections of north central Stark County.