Allegheny Energy

FirstEnergy 1Q Net Soars On Fewer Charges; Revenue Misses Street

DOW JONES NEWSWIRESFirstEnergy Corp.

's (FE) first-quarter earnings soared from a year-earlier period weighed down by acquisition charges, though the diversified energy company's revenue grew slower than expected.FirstEnergy has seen its revenue jump over the past year, thanks in part to last year's $4.4 billion acquisition of Pennsylvania's Allegheny Energy Inc., which created one of the largest electricity producers in the U.S., serving customers from Maryland to New Jersey.FirstEnergy reported a profit of $306 million, or 73 cents a share, up from $52 million, or 15 cents, a year earlier. Excluding merger and integration costs, mark-to-market adjustments and other items, earnings rose to 82 cents from 75 cents. Revenue jumped about 14% to $4.1 billion.Analysts polled by Thomson Reuters had most recently forecast earnings of 81 cents on revenue of $4.35 billion.Deliveries, excluding Allegheny Energy, fell 4%. Usage by industrial customers was relatively flat. Residential sales decline...

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