WASHINGTON (dpa-AFX) - While reporting financial results for the third quarter on Monday, electric utility FirstEnergy Corp. (FE) slashed its earnings guidance for the full-year 2019, while narrowing its annual operating earnings outlook range. The company also initiated earnings outlook for the full-year 2020.
For fiscal 2019, the company now projects earnings in a range of $0.76 to $1.90 per share and operating earnings in a range of $2.50 to $2.60 per share.
Previously, the company expected earnings in the range of $2.34 to $2.64 per share and operating earnings in the range of $2.45 to $2.75 per share.
On average, analysts polled by Thomson Reuters expect the company to report earnings of $2.48 per share for the year. Analysts' estimates typically exclude special items.
Looking ahead to fiscal 2020, the company is providing earnings and operating earnings guidance in the range of $2.40 to $2.60 per share, while the Street is looking for earnings of $2.49 per share.
'Our customer-focused, long-term infrastructure investment program drove solid third quarter financial results,' said Charles Jones, FirstEnergy president and chief executive officer. 'Based on our success with these initiatives and our outlook for the future, we are affirming our projection for 6% to 8% compound annual growth from 2018 through 2021.'
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