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FirstEnergy 1Q Profit Drops 58 Percent

Stock quotes in this article: FE  

AKRON, Ohio (AP) — FirstEnergy Corp. on Tuesday reported a 58 percent decline in first-quarter profits and cited heavy regulatory charges.

Akron, Ohio-based FirstEnergy said it earned $115 million, or 39 cents per share, on revenue of $3.33 billion during the quarter that ended March 31, down from first-quarter 2008 earnings of $277 million, or 90 cents a share, on revenue of $3.27 billion.

Excluding special items, the company earned $1.01 per share, beating the Wall Street expectation of 89 cents of analysts in a Thomson Reuters survey. ...

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