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FirstEnergy: Plant deactivations costly in second quarter

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FirstEnergy reported on Aug. 6 a second-quarter GAAP loss of $164 million, or $0.39 per share, compared with second quarter 2012 income of $188 million, or $0.45 per share.

Excluding special items, the company reported earnings of $0.59 per share, compared with $0.60 per share of common stock in the second quarter of 2012. The loss in the second quarter of 2013 was primarily the result of plant deactivation costs, the company said.

"We continue to focus on targeted growth opportunities in our competitive and regulated businesses, while taking additional steps to further reduce costs across the company in light of the continued sluggish economy in much of our region, weak market prices for power, and environmental mandates," said FirstEnergy President and Chief Executive Officer Anthony J. Alexander.

Total distribution deliveries decreased by 1 percent compared to the second quarter of 2012. Commercial deliveries decreased 3 percent and industrial deliveries decreased 2 percent, while sales to residential customers increased 3 percent compared to the prior-year period.  

Contract sales at the company's competitive segment grew 7 percent compared with the second quarter of 2012, which the company attributed to continued implementation of FirstEnergy Solutions' multi-channel sales approach.  The gains were offset primarily by lower capacity revenues. 

The company reaffirmed non-GAAP earnings guidance of $2.85 - $3.15 per share.

A live Internet webcast of the company's teleconference for financial analysts will take place at 1 p.m. EDT on Aug. 6; to listen, visit the second quarter earnings call web page.  

FirstEnergy shares are traded on the New York Stock Exchange under the symbol FE.