FirstEnergy Corp. (FE) Q2 2023 Earnings Call Transcript

FirstEnergy Corp. (NYSE:FE) Q2 2023 Earnings Conference Call August 2, 2023 10:00 AM ET

Company Participants

Irene Prezelj - Vice President, Investor Relations and Communications

Brian Tierney - President & Chief Executive Officer

Jon Taylor - Senior Vice President and Chief Financial Officer

Conference Call Participants

Jeremy Tonet - JPMorgan

Steve Fleishman - Wolfe Research

Shar Pourreza - Guggenheim Partners

Julien Dumolin-Smith - Bank of America

Angie Storozynski - Seaport Global

Sophie Karp - KeyBanc Capital Markets

Gregg Orrill - UBS

Paul Patterson - Glenrock Associates

Operator

Greetings and welcome to the FirstEnergy Corp Second Quarter 2023 Earnings Conference Call. [Operator Instructions] As a reminder, this conference is being recorded.

It is now my pleasure to introduce your host, Irene Prezelj, Vice President, Investor Relations and Communications for FirstEnergy Corp. Thank you, Ms. Prezelj. You may begin.

Irene Prezelj

Thank you. Good morning everyone and welcome to FirstEnergy second quarter 2023 earnings review. Leading our call today is Brian Tierney, our President and Chief Executive Officer and Jon Taylor, our Senior Vice President and Chief Financial Officer. Our earnings-released presentation slides and related financial information are available on our website at FirstEnergyCorp.com.

Today's discussion will include the use of non-GAAP financial measures and forward-looking statements. Factors that could cause our results to differ materially from these statements can be found in our SEC filings. The appendix of today's presentation includes supplemental information, along with the reconciliation of non-GAAP financial measures.

Now it's my pleasure to turn the call over to Brian.

Brian Tierney

Thank you, Irene, and good morning, everyone. This is my first earnings call as President and CEO of FirstEnergy, following John Somerhalder, who did an outstanding job leading this company during a period of transition. I am thrilled to be here with you today and look forward to talking about our second quarter and year-to-date results, a dividend update, some discussion of why I came to FirstEnergy, earnings from key stakeholder engagement, and the outlook for FirstEnergy's future. Let's start with a quick look at the results we announced yesterday.

We delivered 2nd quarter GAAP earnings of $0.41 per share versus $0.33 per share last year. The company reported second quarter operating earnings of $0.47 per share at the upper end of our guidance range versus $0.53 per share last year. Mild temperatures continue to affect our service territory, impacting earnings by $0.06 in the quarter.