FirstEnergy Corp. (NYSE:FE) Q2 2024 Earnings Conference Call July 31, 2024 10:00 AM ET
Company Participants
Irene Prezelj - Vice President, Investor Relations & Communications
Brian Tierney - President & Chief Executive Officer
Jon Taylor - Senior Vice President & Chief Financial Officer
Conference Call Participants
Shar Pourreza - Guggenheim Partners
Steve Fleishman - Wolfe Research
Jeremy Tonet - JPMorgan Chase
Nick Campanella - Barclays
Carly Davenport - Goldman Sachs
Michael Lonegan - Evercore ISI
Paul Patterson - Glenrock Associates
Andrew Weisel - Scotiabank
Gregg Orrill - UBS
Anthony Crowdell - Mizuho Securities
Operator
Hello, and welcome to the FirstEnergy Corp. Second Quarter 2024 Earnings Conference Call. As a reminder, this conference is being recorded.
It is now my pleasure to turn the call over to Irene Prezelj, Vice President, Investor Relations and Communications. Please go ahead, Irene.
Irene Prezelj
Thank you. Good morning, everyone, and welcome to FirstEnergy's second quarter 2024 earnings review. Our President and Chief Executive Officer, Brian Tierney, will lead our call today, and he will be joined by Jon Taylor, our Senior Vice President and Chief Financial Officer. Our earnings release, 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 forward-looking 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. Good morning, everyone. Thank you for joining us today and for your interest in FirstEnergy. Today, I will review our financial performance and highlights for the second quarter as well as our progress executing business plan. I will also provide updates on recent regulatory and legacy issue developments, discuss trends we are seeing in the industry and review the value proposition we offer our shareholders.
Looking at our second quarter results, GAAP earnings were $0.08 per share in the second quarter of 2024, compared to $0.41 per share last year. We recorded a number of special items that impacted second quarter GAAP results, which Jon will address in a few minutes.
Operating earnings for the quarter were $0.56 per share versus $0.47 per share last year, an increase of 19%, positively impacting second quarter operating earnings were rate adjustments and associated investments to better serve our customers. Customer demand was also a positive impact for the quarter with weather adjusted residential and commercial sales up 4% and 7%, respectively. These positive impacts were partially offset by higher planned operations and maintenance expenses and expected dilution from the 30% sale of FET.