WASHINGTON (dpa-AFX) - FirstEnergy Corp. (FE) Friday announced third quarter net earnings of $380 million or $0.89 per share, down from $395 million or $0.94 per share last year.
On average, 14 analysts polled by Thomson Reuters expected the company to earn $0.79 per share. Analysts estimates usually exclude special items.
For the quarter, revenue declined to $3.9 billion from $4.1 billion in the previous year. Wall Street expected $4.01 billion.
The company noted that the results were impacted by record summer temperatures and a higher consolidated effective income tax rate.
For the full year 2016, FirstEnergy now expects loss of $1.30 to $0.90 per share, while its earlier projection was in a range of $0.75 to $0.55 per share. On an adjusted basis, the company expects earnings of $2.60 to $2.70 per share, narrower that it's earlier projection of $2.40 to $2.60 per share.
Street Analysts were looking for $2.55 per share on revenue of $15.15 billion.
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