FirstEnergy net dips 4.8% to $276 million as higher energy costs offset record sales

摘要

FirstEnergy's net income fell 4.8% from the quarterly record set last year to $276 million, with profits down in all operating segments, as higher energy costs countered record power sales. There was a gain of 6 cents/share (about $18.2 million) on the March 7 sale of the company's 15.6% stake in FirstEnergy Telecom Services to First Communications for $45 million in cash. That was partially offset by a 3 cents/share charge (about $9 million, up 193%) for impairments of securities held in nuclear decommissioning trust funds, the company reported May 1. In first-quarter 2007 there was a 5 cents/share gain (about $15.7 million) on the Pennsylvania Public Utility Commission's approval of rate recovery of Saxton nuclear research reactor decommissioning costs.