FirstEnergy Recognizes Huge Asset Impairment and Plant Exit Costs; Increases FES Guarantees
We are reaffirming our $34 per share fair value estimate along with our no-moat and stable moat trend ratings after FirstEnergy reported solid 2016 operating earnings, increased 2017 operating earnings guidance, but recorded huge asset impairment and plant exit costs. Operating earnings in 2016 were $2.63 per share, solidly above our $2.58 estimate but slightly below the consensus estimate. Additional asset impairment and plant exit costs recognized in the fourth quarter totaled over $9 billion ...FirstEnergy is a public utility holding company. The company and its subsidiaries are principally involved in the transmission, distribution and generation of electricity. The company's reportable operating segments are comprised of: Regulated Distribution, which distributes electricity through the company's utility operating companies and also controls regulated electric generation capacity located primarily in West Virginia, Virginia and New Jersey; and Regulated Transmission, which provides transmission infrastructure owned and operated by the transmission companies and certain of the company's utilities to transmit electricity from generation sources to distribution facilities.
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