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FirstEnergy beats Street estimates on higher transmission, competitive results

FirstEnergyCorp. on April 26 reported first-quarter 2016 operating earnings of80 cents per share, beating both the S&P Global Market Intelligenceconsensus normalized EPS estimate of 76 cents and the prior-year quarter resultof 62 cents.

The company primarily attributed the increase to highercommodity margin at the competitive business, the net impact of rate casesresolved in 2015, and increased transmission earnings.

On a GAAP basis, the company posted net income of $328million, or 77 cents per share, on revenue of $3.87 billion for the firstquarter of 2016, compared with net income of $222 million, or 53 cents pershare, on revenue of $3.90 billion.

Operating income rose to $776 million in the first quarterof 2016 from $594 million in the year-ago quarter.

"We are off to a solid start in 2016, with strongfinancial results that are in line with our first quarter guidance, as well aspositive developments in our key initiatives, and continued implementation ofour regulated growth strategies," FirstEnergy President and CEO CharlesJones said.