FirstEnergy posts record profit for 2007

[Algorem]

http://blog.cleveland.com/business/2008/02/firstenergy_posts_record_profi.html
Posted by John Funk February 25, 2008 18:19PM
Categories: Breaking News

Though its fourth quarter profits were down slightly, FirstEnergy Corp. finished last year with record profits -- $1.31 billion, the highest in the 10-year history of the Akron-based utility.

In 2006, the company earned net profits of $1.25 billion, or $3.81 per share, on total revenues of $11.5 billion. Earnings for 2007 totaled $4.22 per share, with total revenues of $12.8 billion.

Results for the fourth quarter were down about 2.2 percent from the fourth quarter of 2006. Profits were $268 million, or 87 cents a share, on sales of $3.1 billion. In 2006, profits were $274 million, or 84 cents a share, on total revenues of $2.7 billion.

Still, the company's stock price, plus reinvestment of dividends, produced a total return for shareholders in 2007 of 23 percent, Anthony Alexander, chief executive officer, said Monday...


COMMENTS (23)Post a comment
Posted by BIGSCOTT88 on 02/25/08 at 11:00AM

Hell yeah they made a record profit.....my electricity bills are ridicolous!!!!!!!!!!!!!
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Posted by filippo7 on 02/25/08 at 11:09AM

Yah right we do not need some sort of regulation. This is absolutely ridiculous. Sure, make all of us pay additional costs with energy while you reap record profits. ABSOLUTELY DISGUSTING ALEXANDER
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http://en.wikipedia.org/wiki/FirstEnergy

FirstEnergy Corp. (NYSE: FE), is a diversified energy company headquartered in Akron, Ohio. Its subsidiaries and affiliates are involved in the generation, transmission, and distribution of electricity, as well as energy management and other energy-related services. Its seven electric utility operating companies comprise the nation’s fifth largest investor-owned electric system, based on serving 4.5 million customers within a 36,100-square-mile (93,000 km²) area of Ohio, Pennsylvania, and New Jersey; and its generation subsidiaries control more than 14,000 megawatts of capacity. In 2007, FirstEnergy ranked 212 on the Fortune 500 list of the largest public corporations in America.

[Tandalayo_Scheisskopf]

1. And here in NJ...

They just got approved for another round of rate hikes.

This state is fucked up worse than Hogan's Goat.

[screwballz]

2. the rich getting richer

while we get poorer.