FirstEnergy Corp (FE) CEO Steven Strah on Q2 2022 Results - Earnings Call Transcript

FirstEnergy Corp (NYSE:FE) Q2 2022 Earnings Conference Call July 27, 2022 11:00 AM ET

Company Participants

Irene Prezelj - VP, IR & Communications

Steven Strah - President, CEO & Director

Jon Taylor - SVP, CFO & Strategy

Conference Call Participants

Shahriar Pourreza - Guggenheim Securities

Steven Fleishman - Wolfe Research

Nicholas Campanella - Crédit Suisse

Michael Lapides - Goldman Sachs Group

Gregg Orrill - UBS

David Arcaro - Morgan Stanley

Srinjoy Banerjee - Barclays Bank

Jeremy Tonet - JPMorgan Chase & Co.

Julien Dumoulin-Smith - Bank of America Merrill Lynch

Sophie Karp - KeyBanc Capital Markets

Operator

Greetings, and welcome to the FirstEnergy Corp. Second Quarter 2022 Earnings Conference Call. [Operator Instructions].

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

Irene Prezelj

Thank you. Welcome to our second quarter 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 supports today's discussion and other detailed information about the quarter and year 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 Steve Strah, our 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 Steve.

Steven Strah

Thank you, Irene, and good morning, everyone. I'm glad you could join us today. Yesterday, we reported second quarter GAAP earnings of $0.33 per share and operating earnings of $0.53 per share at the upper end of our guidance range. Today, we are reaffirming our 2022 operating earnings guidance of $2.30 to $2.50 per share. We are also affirming our long-term annual operating earnings growth rate of 6% to 8% and accelerating our FFO-to-debt target of 13% by 1 year to 2023 from 2024 with targeted metrics in the mid-teens thereafter.