FirstEnergy misses quarterly profit estimates, narrows forecast
Oct 29 (Reuters) -Utility firm FirstEnergy FE.N missed third-quarter profit estimates on Tuesday, hurt by higher storm restoration expenses and lower tax benefits.
About 578,000 of FirstEnergy's customers were left without power in August after severe storms swept across northeast Ohio, Pennsylvania and New Jersey, causing hundreds of broken poles and crossarms.
The company's total quarterly operating expenses rose 6.4% to $3 billion from a year earlier.
The company said its earnings were also impacted by dilution related to the sale of the 30% stake in FirstEnergy Transmission, which was sold to Brookfield Super-Core Infrastructure Partners in an all-cash deal of $3.5 billion.
FirstEnergy's electric distribution companies serve 6 million customers in Ohio, Pennsylvania, New Jersey, West Virginia, Maryland and New York.
The Akron, Ohio-based firm narrowed its current-year adjusted earnings forecast to between $2.61 and $2.71 per share, from $2.61 to $2.81, reflecting lower customer demand from mild weather, lower distribution revenues in Ohio and higher storm restoration costs in the third quarter.
The company reported an adjusted profit of 85 cents per share for the quarter ended Sept. 30, compared with analysts' average estimate of 90 cents, according to LSEG.
The utility firm also increased its current-year capital investment plan by $300 million to $4.6 billion.
Reporting by Tanay Dhumal in Bengaluru; Editing by Shailesh Kuber and Maju Samuel
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