FirstEnergy Corp. (NYSE:FE) Q3 2024 Earnings Conference Call October 30, 2024 9:00 AM ET
Company Participants
Gina Caskey - Director, Investor Relations & Corporate Responsibility
Brian Tierney - President and Chief Executive Officer
Jon Taylor - Senior Vice President, Chief Financial Officer and Strategy
Conference Call Participants
Shahriar Pourreza - Guggenheim Securities
Nick Campanella - Barclays
David Arcaro - Morgan Stanley
Steve Fleishman - Wolfe Research
Michael Lonegan - Evercore ISI
Anthony Crowdell - Mizuho Securities
Angie Storozynski - Seaport Global
Paul Patterson - Glenrock Associates
Sophie Karp - KeyBanc Capital Markets
Andrew Weisel - Scotia Howard Weil
Paul Fremont - Ladenburg Thalmann
Operator
Hello, and welcome to the FirstEnergy Corp. Third Quarter 2024 Earnings Conference Call. As a reminder, this conference is being recorded.
It is now my pleasure to turn the call over to Gina Caskey, Director of Investor Relations and Corporate Responsibility. Please go ahead, Gina.
Gina Caskey
Thank you. Good morning, everyone, and welcome to FirstEnergy's third 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, Gina. Good morning, everyone. Thank you for joining us today and for your interest in FirstEnergy. Today, I will review our financial performance for the third quarter and discuss key strategic updates. I will also provide updates on recent regulatory developments, address critical issues in our industry and review the value proposition we offer shareholders.
Looking at our third quarter results. GAAP earnings from continuing operations were $0.73 per share compared to $0.74 per share in the third quarter of 2023. Operating earnings for the quarter were $0.85 per share compared to $0.88 in 2023, which included state tax benefits that did not repeat this year. Earnings for the quarter benefited from higher distribution sales, primarily from more normal weather versus 2023, the implementation of new base rates in our integrated segment and the impact of formula rate investments across all of our businesses. These items were primarily offset by higher storm-related expenses, dilution from the 30% sale of FirstEnergy Transmission and the absence of state tax benefits that were recognized in 2023 in our corporate segment.