FirstEnergy Corp.'s (FE) CEO Steve Strah on Q1 2022 Results - Earnings Call Transcript

FirstEnergy Corp. (NYSE:FE) Q1 2022 Earnings Conference Call April 22, 2022 10:00 AM ET

Company Participants

Irene Prezelj - Vice President, Investor Relations

Steve Strah - President and CEO

Jon Taylor - Senior Vice President and CFO

Conference Call Participants

Jeremy Tonet - JPMorgan

Julien Dumoulin-Smith - Bank of America

Steve Fleishman - Wolfe Research

Angie Storozynski - Seaport Global

Michael Lapides - Goldman Sachs

Paul Fremont - Mizuho

Gregg Orrill - UBS

Operator

Greetings. And welcome to the FirstEnergy Corp. First Quarter 2022 Earnings Conference Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. [Operator Instructions]

As a reminder, this conference is being recorded. At this time, it is now my pleasure to introduce your host, Irene Prezelj, Vice President, Investor Relations for FirstEnergy Corp. Thank you, Ms. Prezelj. You may now begin.

Irene Prezelj

Thank you. Welcome to our first 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 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 will 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 will turn the call over to Steve.

Steve Strah

Thanks, Irene, and good morning, everyone. Thank you for joining us today. We are off to a solid start in 2022. Yesterday, we reported GAAP earnings of $0.51 per share and operating earnings of $0.60 per share in line with the midpoint of our guidance.

With our financial performance, operational momentum, portfolio of assets and robust long-term business model, we are in a strong position, and I am optimistic and excited about the future. Today we are reaffirming our operating earnings guidance of $2.30 per share to $2.50 per share for 2022 and growth of 6% to 8% thereafter based on our five-year $17 billion investment plan.