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FirstEnergy Corp. Announces Revised Stock Dividend, Provides 2014 Earnings Guidance

January 21, 2014

AKRON, Ohio , Jan. 21 -- FirstEnergy Corp. issued the following news release: The Board of Directors of FirstEnergy Corp. (NYSE: FE) today declared a quarterly dividend of $0.36 per share of outstanding common stock. The dividend will be payable March 1, 2014 , to shareholders of record at the close of business on February 7, 2014 . This revised dividend rate equates to an indicated annual dividend of $1.44 per share. Since 2008 the company had paid a quarterly dividend of $0.55 per share, which was an annual rate of $2.20 per share. "This dividend change is expected to preserve a solid and sustainable payment for our shareholders," said FirstEnergy President and Chief Executive Officer Anthony J. Alexander . "The revised dividend also provides our company with additional financial flexibility to pursue regulated growth opportunities over the next several years." The new dividend rate is fully supported by the expected earnings from the company's regulated distribution and transmission businesses, and reflects a 58 percent payout of expected regulated operating earnings*. FirstEnergy also provided operating earnings* guidance of $2.45 to $2.85 per share for 2014 and narrowed 2013 operating earnings* guidance to $2.95 to $3.05 per share, from $2.90 to $3.10 per share. FirstEnergy is scheduled to report fourth quarter and full year 2013 results on February 25, 2014 . Table omitted. Click here to view: Non-GAAP financial measures *Operating earnings exclude special items as described in the reconciliation table above, and are a non-GAAP financial measure. Management uses operating earnings to evaluate the company's performance and manage its operations and frequently references this non-GAAP financial measure in its decision-making, using it to facilitate historical and ongoing performance comparisons. Management believes that the non-GAAP financial measure of "Operating Earnings" provides a consistent and comparable measure of performance of its businesses to help shareholders understand performance trends. Generally, a non-GAAP financial measure is a numerical measure of a company's historical or future financial performance, financial position, or cash flows that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with accounting principles generally accepted in the United States (GAAP). This non-GAAP financial measure is intended to complement, and is not considered as an alternative to, the most directly comparable GAAP financial measure. Also, the non-GAAP financial measure may not be comparable to a similarly titled measure used by other entities. Webcast and Related Materials FirstEnergy executives will discuss the dividend and provide more detail on the company's earnings expectations and strategies during a live webcast tomorrow morning, January 22 , at 8:30 a.m. EST . The live webcast will be available by clicking the 2014 Earnings Guidance and Strategic Outlook link on FirstEnergy's investor information website, . FirstEnergy issued a Letter to the Investment Community, which is also available on the website, and includes additional details related to today's announcement. TNS 30FurigayJof-140123-4610569 30FurigayJof

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Source: Targeted News Service

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