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EX - 99.1 2 ex991 - q32021 pressrelease.htm EX - 99.1 FirstEnergy Corp. 76 South Main Street Akron , Ohio 44308 www.firstenergycorp.com News Media Contact : Tricia Ingraham ( 330 ) 384-5247 Exhibit 99.1 For Release : October 28 , 2021 Investor Contact : Irene Prezelj ( 330 ) 384-3859 FirstEnergy Announces Third Quarter 2021 Financial Results Remediates Material Weakness in Internal Controls Associated with Tone at the Top Akron , Ohio – FirstEnergy Corp. ( NYSE : FE ) today reported third quarter 2021 GAAP earnings of $ 463 million , or $ 0.85 per basic and diluted share of common stock , on revenue of $ 3.1 billion . In the third quarter of 2020 , the company reported GAAP earnings of $ 454 million , or $ 0.84 per basic and diluted share of common stock , on revenue of $ 3 billion . Third quarter 2021 results include the impact of special items listed below . Operating ( non - GAAP ) earnings * for the third quarter of 2021 were $ 0.82 per share , exceeding the top end of the company's guidance range . In the third quarter of 2020 , operating ( non - GAAP ) earnings were $ 0.84 per share . " Our strong operational performance and implementation of customer - focused strategies continue to produce solid results , " said Steven E. Strah , FirstEnergy's president and chief executive officer . “ Over the past 12 months we have made significant progress to resolve legacy issues , transform our culture and build a best - in - class ethics and compliance program . Our relentless focus in these areas resulted in remediation of the material weakness in internal controls associated with our tone at the top . Although an important step , we will continue to drive these cultural changes and build positive , sustainable momentum as we enhance our service to customers and support a smarter and cleaner electric grid . " FirstEnergy updated its full - year 2021 GAAP earnings forecast range to $ 1.17 billion to $ 1.22 billion , or $ 2.14 to $ 2.24 per share based on 544 million shares outstanding , and raised and narrowed its full - year operating ( non - GAAP ) earnings guidance to $ 2.55 to $ 2.65 per share . Third Quarter Results In FirstEnergy's Regulated Distribution business , third quarter 2021 operating results benefited from the implementation of a base distribution rate case in New Jersey and lower expenses , but this was more than offset by the absence of Ohio decoupling and lost distribution revenues , higher interest expense and lower weather - related usage compared to the third quarter of 2020 . Total distribution deliveries increased 0.5 % compared to the third quarter of 2020. Residential sales remain elevated compared to pre - pandemic levels but decreased 2.7 % compared to the third