FirstEnergy Corp (FE) Q3 2022 Earnings Call Transcript

FirstEnergy Corp (NYSE:FE) Q3 2022 Earnings Conference Call October 26, 2022 11:00 AM ET

Company Participants

Irene Prezelj - VP of IR & Communications

John Somerhalder - Interim President & CEO

Jon Taylor - SVP, CFO & Strategy

Conference Call Participants

Shahriar Pourreza - Guggenheim Securities

Steven Fleishman - Wolfe Research

David Arcaro - Morgan Stanley

Michael Lapides - Goldman Sachs

Gregg Orrill - UBS

Angie Storozynski - Seaport Global

Sophie Karp - KeyBanc Capital Markets

Paul Fremont - Mizuho Securities

Nicholas Campanella - Crédit Suisse

Julien Dumoulin-Smith - Bank of America Merrill Lynch

Operator

Greetings, and welcome to the FirstEnergy's Third Quarter 2022 Earnings Call. [Operator Instructions]. As a reminder, this conference is being recorded.

I would now like to turn the call over to Irene Prezelj, Vice President of Investor Relations and Communications. Thank you. You may begin.

Irene Prezelj

Thank you. Welcome to our Third Quarter 2022 Earnings Call. Today, we will make various forward-looking statements regarding revenues, earnings, performance, strategies, prospects and other matters. These statements are based on current expectations and are subject to risks and uncertainties. Factors that could cause actual results to differ materially from those indicated by these statements can be found on the Investors section of our website under the Earnings Information link and in our SEC filings.

We will also discuss certain non-GAAP financial measures. Reconciliations between GAAP and non-GAAP financial measures, the presentation that support today's discussion and other detailed information about the quarter and year-to-date can be found in the strategic and financial highlights document on the Investors section of our website.

We'll begin today's call with presentations from John Somerhalder, our Board Chair and Interim President and Chief Executive Officer; and Jon Taylor, our Senior Vice President and Chief Financial Officer. Several other executives will be available for the Q&A session.

Now I'll turn the call over to John Somerhalder.

John Somerhalder

Thanks, Irene. Good morning, and thank you for joining us today. FirstEnergy continues to make significant progress in its transformation. Yesterday afternoon, we reported third quarter GAAP earnings of $0.58 per share and operating earnings of $0.79 per share. These results, which Jon will discuss in more detail later in the call, are at the upper end of our guidance and support our expectation for full year 2022 operating earnings in the top half of our full year guidance range of $2.30 to $2.50 per share, assuming normal weather.