FirstEnergy Corp. Announces Management Changes, Effective September 7, 2015
Aug 7 15
FirstEnergy Corp. announced management changes that expand the roles and responsibilities for key executives and support the company's focus on customer service and cost management. The changes will be effective by September 7, 2015. Two members of the company's leadership team have been named executive vice presidents. James H. Lash, president of FirstEnergy Generation, has been named executive vice president of FirstEnergy Corp. and president, FirstEnergy Generation. James F. Pearson, senior vice president and chief financial officer, has been named executive vice president and chief financial officer of FirstEnergy Corp. Both report to President and Chief Executive Officer Charles E. Jones. Charles D. Lasky, vice president, Fossil Fleet Operations, has been elected to senior vice president, Human Resources, overseeing human resources services, policies, and programs for the entire company. Lasky will report to Lynn M. Cavalier, who will continue in her role of chief human resources officer, reporting to Jones. Donald A. Moul, vice president of Commodity Operations, has been promoted to vice president, Fossil Operations and Environmental, reporting to Lash. In this position, he is responsible for providing guidance and leadership for the company's environmental group and fossil generation fleet, focusing on safe and reliable online and outage performance. Among those reporting to Moul will be Peter J. Kotsenas, who has been named vice president, Central Fleet Operations, which includes the company's Bruce Mansfield and W.H. Sammis power plants. Frederick G. von Ahn, currently vice president, Central Fleet Operations, will represent FirstEnergy Generation on the corporate strategy team led by Senior Vice President, Strategy Gary D. Benz. Replacing Kotsenas as vice president, East Fleet Operations and also reporting to Moul is Daniel T. Rossero, formerly director of Generation Safety and Human Performance. East Fleet Operations includes the Pleasants, Harrison and Fort Martin power plants. Gregory H. Halnon, fleet director of Regulatory Affairs, has been promoted to vice president, Regulatory Affairs and Laboratory Services, reporting to FENOC President and Chief Nuclear Officer Samuel L. Belcher. In addition to managing interactions with regulatory agencies that oversee the company's nuclear power plants, Halnon will be responsible for the company's BETA Laboratory. Trent A. Smith, vice president of Sales and Marketing for FirstEnergy Solutions, has been named vice president, Supply Chain of the company, reporting to Senior Vice President, Corporate Services and Chief Information Officer Bennett L. Gaines. Smith fills the position vacated when Gary Benz was named senior vice president, Strategy, in June. Gary W. Grant, director of Customer Contact Centers, has been promoted to vice president of Customer Service of FirstEnergy Utilities, reporting to Senior Vice President and President of FirstEnergy Utilities Steven E. Strah. Grant replaces Ronald I. Green, who is retiring following 38 years of service with the company on September 1, 2015. Completing the organizational changes, William J. Boyd, director of Vegetation Management of the company, has been named to the newly created position of vice president, Asset Management. Boyd will report to Jon Taylor, vice president, controller and chief accounting officer of the company, and oversee implementation of cost-saving programs and long-term capital investment initiatives for the company.
FirstEnergy Corp. Reports Consolidated Earnings Results for the Second Quarter and Half Year Ended June 30, 2015; Re-Affirms Earnings Guidance for the Third Quarter and Full Year of 2015; Reports Impairment of Long-Lived Assets for the Second Quarter Ended June 30, 2015
Jul 30 15
FirstEnergy Corp. reported consolidated earnings results for the second quarter and half year ended June 30, 2015. For the quarter, the company announced GAAP earnings were $187 million, or $0.44 per basic and diluted share of common stock, on revenue of $3.5 billion. For the second quarter of 2014, GAAP earnings were $64 million, or $0.16 per basic share of common stock ($0.15 diluted), on revenue of $3.5 billion. Operating (non-GAAP) earnings of $0.53 per basic share of common stock. These results exclude the impact of the special items listed below, and compare to 2014 second quarter operating (non-GAAP) earnings of $0.49 per basic share of common stock. Operating income was $554 million compared to $292 million a year ago. Income from continuing operations before income taxes was $302 million compared to $90 million a year ago. Income from continuing operations was $187 million compared to $64 million a year ago. Cash flows provided from operating activities was $797 million compared to $714 million a year ago.
For the first half, the company’s operating (non-GAAP) earnings were $1.15 per basic share of common stock. On a GAAP basis, the company reported earnings of $409 million, or $0.97 per basic and diluted share of common stock, on revenue of $7.4 billion for the period. In the first half of 2014, operating (non-GAAP) earnings were $0.87 per basic share of common stock, and GAAP earnings were $272 million, or $0.65 per basic and diluted share of common stock, on revenue of $7.7 billion. Operating income was $1,148 million compared to $683 million a year ago. Income from continuing operations before income taxes was $668 million compared to $260 million a year ago. Income from continuing operations was $409 million compared to $186 million a year ago. Cash flows provided from operating activities was $990 million compared to $622 million a year ago.
The company also reaffirmed its full-year 2015 operating (non-GAAP) earnings guidance of $2.40 to $2.70 per basic share. Based on results for the first half of the year and the projected savings from the cash flow improvement initiative, the company reaffirming 2015 adjusted EBITDA range for the competitive business of $875 million to $950 million and increasing 2016 adjusted EBITDA range to $825 million to $925 million from $750 million to $850 million. GAAP basic earnings per share to be in the range of $2.13 to $2.43.
For the third quarter of 2015, the company provided operating earnings guidance range of $0.82 to $0.92 per basic share. GAAP basic earnings per share to be in the range of $0.76 to $0.92.
The company reported impairment of long-lived assets for the second quarter ended June 30, 2015. For the quarter, the company reported impairments of long-lived assets of $16 million.
FirstEnergy Corp. Declares Quarterly Common Stock Dividend, Payable on September 1, 2015
Jul 21 15
The Board of Directors of FirstEnergy Corp. declared an unchanged quarterly dividend of 36 cents per share of outstanding common stock. The dividend will be payable on September 1, 2015, to shareholders of record at the close of business on August 7, 2015.