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FirstEnergy (FE) Charles E. Jones on Q1 2016 Results - Earnings Call Transcript

Q1 2016 Earnings Call

April 27, 2016 9:00 am ET


Meghan Geiger Beringer - Director-Investor Relations

Charles E. Jones - President, Chief Executive Officer & Director

James F. Pearson - Executive Vice President & Chief Financial Officer

Leila L. Vespoli - Executive Vice President, Markets & Chief Legal Officer

Donald R. Schneider - President, FirstEnergy Solutions (NASDAQ:FES), FirstEnergy Solutions Corp.


Jonathan Philip Arnold - Deutsche Bank Securities, Inc.

Paul Patterson - Glenrock Associates LLC

Shahriar Pourreza - Guggenheim Securities LLC

Neel Mitra - Tudor, Pickering, Holt & Co. Securities, Inc.

Brian J. Chin - Merrill Lynch, Pierce, Fenner & Smith, Inc.

Julien Dumoulin-Smith - UBS Securities LLC

Kevin Prior - Evercore Group LLC

Christopher J. Turnure - JPMorgan Securities LLC

Stephen Calder Byrd - Morgan Stanley & Co. LLC

Ashar Hasan Khan - Visium Asset Management LP

Anthony C. Crowdell - Jefferies LLC

Michael Lapides - Goldman Sachs & Co.

Praful Mehta - Citigroup Global Markets, Inc. (Broker)


Greetings, and welcome to the FirstEnergy Corp.'s First Quarter 2016 Earnings Conference Call. At this time all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. As a reminder, this conference is being recorded.

It is now my pleasure to introduce your host, Ms. Meghan Beringer, Director, Investor Relations for FirstEnergy Corp. Thank you. You may begin.

Meghan Geiger Beringer - Director-Investor Relations

Thank you, Donna, and good morning. Welcome to FirstEnergy's first quarter earnings call. Today, we will make various forward-looking statements regarding revenues, earnings, performance, strategies and prospects. These statements are based on current expectations and are subject to risks and uncertainties. Factors that could cause actual results to differ materially from those indicated by such statements can be found on the Investors section of our website under the Earnings Information link and in our SEC filings.

We will also discuss certain non-GAAP financial measures. Reconciliations between GAAP and non-GAAP financial measures are also available on the website. Please note that we have also provided a slide presentation that will follow this morning's discussions.

If you are currently on the Investor page of our website or plan to visit at a later time, you'll notice that we have redesigned the site to provide a more user-friendly experience, particularly on mobile devices. Also based on your feedback, we created an Investor Materials section located on the Investor menu for easier access to information that you must frequently use.

As for today's call, those who are participating include Chuck Jones, President and Chief Executive Officer; Jim Pearson, Executive Vice President and Chief Financial Officer; Leila Vespoli, Executive Vice President, Markets and Chief Legal Officer; Donny Schneider, President of FirstEnergy Solutions; Jon Taylor, Vice President, Controller and Chief Accounting Officer; Steve Staub, Vice President and Treasurer; and Irene Prezelj, Vice President, Investor Relations.

Now I'd like to turn the call over to Chuck Jones.

Charles E. Jones - President, Chief Executive Officer & Director

Thanks, Meghan. Good morning everyone. Thanks for joining us. We're off to a strong start in 2016 and I'm pleased to share this update with you today. Yesterday afternoon, we reported solid operating earnings of $0.80 per share, which is at the midpoint of our first quarter guidance. On a GAAP basis, earnings were $0.78 per share. While Jim will review our financial results in more detail, I want to quickly mention that we produced quality results and met our operating earnings guidance, despite the impact of an unseasonably mild winter and low power prices.