FE - Earnings call transcript Q4 2021

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Operator

Greetings and welcome to the FirstEnergy Corp. Fourth Quarter 2021 Earnings Conference Call. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Ms. Irene Prezelj, Vice President, Investor Relations for FirstEnergy Corp. you. Thank Ms. begin. may you Prezelj,

Irene Prezelj

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

quarter We non-GAAP year in found strategic non-GAAP financial certain today’s our can financial and and presentation the document on financial the of between the that section supports GAAP detailed will the and also measures, website. other Investors discussion be measures. discuss and highlights Reconciliations about information

President Officer Vice will today’s be Strah, call with presentations executives other the Chief our available Senior Steve from Taylor, will for Executive Q&A and our President Officer. Several Jon session. We Chief Financial and begin and

the will call to Steve. turn I Now, over

Steve Strah

Thanks, cover. have and ground a of glad morning, to I could we join lot everyone. Irene. you Good us am

reshape employees Over have our team Board, to dramatically the past leadership FirstEnergy. worked year, and together

We our foundational and company. have culture changes of embraced important the core to our strengthen

is to work electric performance strong and financial progress. This bolstered We our enable are grid our optimizing am together energizing our a long-term modernize our operations extremely with continued FE experience. Forward position I to our the of investments through and we superior transformational important company. operational initiative proud our strategic customer to deliver

on a built sustainable were on core company, more FirstEnergy to and term. XXXX transform journey in a efforts values the long centered our first the for steps Our into

Ohio the changes the all significant company. the litigation at year While involves most settlement the we important in yesterday outstanding cultural very past prosecution our work the progress over are resolving announced and milestones, approved agreement, deferred of our

like I’d to about start that. talking by So

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and And For operating company management example, for sourcing teams. better and productivity system integration, and sustainable driven we company with through practices work capturing customers better tools work last to inventory, customers drive to reduce will completely X-state that and better through inside This enhanced outsourced are and more improvements model our analytics we out. significantly determined we with and separate need They as using currently. can assistance. it a week, that serve grid, automation we assets, is our made operating the in self-service are improve experience that best processes our and resulting our they coupled employees they when a around are modern in to transition. have decisions day-to-day communications opposed and options Employees expect our mobility centrally implementing customers our data reliability to transform important for and investments

factory. they he staffed security, innovation now Officer, major over on enhancing be are CIO professionals, across joined focused are center at was part Information will with XXX in by BP, Steve physical formerly our technology by transformation. Fortune, and a the week. where cyber and Chief this us IT new enabling led led use who digital Steve of Group our company. These Together are We transformation and digital an this which functions, through

and a am XXXX. sure him I We our We this to be we are fortunate to is challenges commitments face and I as am meet will but our team’s able the did way, they through execute bring to recognize along journey, in ability on confident board.

Now, let’s on a spend developments. moments recent few

in we global two per equity Super-Core Infrastructure First, a Blackstone $X premier in a announced in Brookfield FirstEnergy that share financing billion in funds, with Partners. and billion infrastructure stock Infrastructure $XX.XX purchased November, $X.X closed Partners Blackstone at common transaction December. transformational

a and our serve billion, Brookfield our nominate in As Meeting. is purchasing Klimczak, has a represents director to our historic part MAIT ATSI, of TrAILCo as Sean expect Blackstone that Shareholder observer we companies. With an valuation appointed and in transaction investment, recommended Blackstone XX.X% FET, candidate by which a a of owns XXXX to $X.X industry. transmission in this stake investment board

all financings focused investments strategic financial support We expect close the that our on in strengthen the our energy that our investment second quarter. will and needs, equity transaction to transition. sustainable in support plan, the position, These address opportunities incremental

long-term PUCO with our execution We also for focused talented key Also in settlement, by executing capable customer and and settlement our of our of in proceedings commitment to approved clarity Utilities topics a transactions by our be working infrastructure acceleration collaboratively was vision transformation. business that Ohio benefits a and and around stakeholders. are Commission. business pleased to our the million to the are pleased catalyst Notably, and range were were Ohio fully openly broad long-term unanimous Public a a multiple our for reach in growth. we wide to X% under provides December, $XXX X% our these growth. these The and strategy They plan, strategy team support partner our which experienced customers of current demonstrate the a on demonstrates investors consideration range November, with parties to who with confidence

with million to legal on benefit, political team and of further which to series of resolve Upon be court of action litigation the plaintiff’s order settlement of Litigation strengthen governance and derivative settlement Directors, progress alignment actions. fully focus to yesterday derivative agreed multiple the senior conjunction to insurance. the in the the the be the current committee provide by provisions audits and a to compliance board of to special derivative FirstEnergy also in review attention executive conducted plans resolving Committee behalf we a of in of the oversight $XXX We for activities, Ohio. shareholder complement payment make outlined Board certainty the disclosure compliance for our stakeholders by less our Because substantial in future. the executives and with shareholder enhanced company contains settlement X.X the a also governance company that brought yesterday a press in third-party fees suits and incentives includes are measures. a The Special The We outstanding actions stipulates company’s of to continue the to and substantial over issued on of announced company to lawsuits paid financial settlement and program release years. a corporate taken as approval, enhancements, settlement and resolves have we this last the

a of directors our have annual reelection the the new X our focus years directors Blackstone an following appointed who to for have thank of skills, commitment of with phase of options it reduce this will of areas we also years Board stand as X for year’s perspectives will we members FirstEnergy. company, and mix next Board, minimum be On Shareholder from the their at served comprise I to of meeting. Annual and to company not service The of through continue X Board an various size the at the XXXX these evaluating been the for addition Additionally, in eighth XXXX, impressive will growth. the company’s Meeting. of to behalf note guides

the there through audit the expanded continue on each. to regulatory and cases DMR all on have audit. the The Turning been and reports filed also DCR audit, to will work progress regulatory other in matters, Ohio audit been of corporate separation process these the has

we stakeholder We respectively, filed Virginia in our operate two million. we regarding forthcoming XX in XXXX and of October, operational fossil at for for broad the clean of in a to Virginia plants of $XXX the the December, West a alluded Martin quarter West remaining Public late with further planned Service state dialogue climate solar XXXX. end During scale to our Harrison to our Commission, our that which November, customers begin energy. beyond responsibly call comply third supports plan generation the utility Fort support approximately total In and environmental dates a benefit two transition cost Virginia to megawatts West build in goals. filed to a XXXX of filings and rules we plan intend with And

the organization obtaining of monitoring, benchmarking Company’s employees and Ohio new which all build activity developing and to multiple for future for incidence centralized We speak-up culture ESP, updating assessment training rate including of on likely conduct, West policies seeking for as focus and controls; independent thorough of of XXXX, compliance we misconduct; and an and Virginia Maryland, Also more for to These preparing and training XXXX refining on channels New program; reporting; compliance. by Ohio base also in XXXX. filing in for the will a as rolling rate compliance. code robust the well filings of investigate and end our address creating begin their incident continuous continue the XXXX in and processes and out And address and case case Continuing our in ethics additional current will priorities for improvement processes, May and and our expires our to on completing include: objective Jersey.

determined commitment place creating taking at change transformation environment to time diverse, on is inclusive for at of This our essential build of equitable and change our a historic is am FirstEnergy, progress overall better. to our work company. more ongoing in part area. this our the I cultural Finally, an a

about a provide company my as Energy, our As all at what’s to industry. utility in to a never leader investors more premier our been and First believe In that future, can value And the I we to deliver value customers. our the look I’ve I excited we will come. we to years believe mirrors emerge

the turn a update. over I’ll Jon Now financial call to for

Jon Taylor

everyone. excited future Good also morning, position. I’m our we’ve in Steve. solid made to the place Thanks, and significant about FirstEnergy progress a financial

a the announced from we to and have this parts we that we as financings the deploy changes equity discussed, moving Ohio settlement, year. accounting I year of absorb certain proceeds last begin As the lot

strong for As elements plan, these integrate into long-term baseline will financial our XXXX we a growth. be

XXXX. As plan supplement always, through company fact information on discussion materials our our refreshed to provide financial our has today. book The we website strategy and include been about to additional our

XXXX, in deck will fact we While publish and also the plan include we on book highlights strategic strategic priorities. updates don’t financial our the to quarterly expand quarterly to

so which last increased our benefits. settlement a in investments $X.XX a incredibly charge in look Also a New quarter weather. we revenues results is earnings expenses on and business, our Since Ohio per our pension little investment higher despite part improved a due per Fourth of guidance, mild decision absence at over rate, at of gain normal. a $X.XX we we cover, also shorter strategic the XXXX enhance related fourth refunds discount let’s higher midpoint our to yesterday. in for share to of share, the fourth and Jersey programs. rates for much announced our several of mainly quarter of customers. result customers year special we per share There to operating customer and results from capital well a quarter in as base new made our earnings were strategic including than lower GAAP In reliability and the tax reported per impacting mark-to-market of to revenues from quarter, to items quarter Now the was with loss I’ll earnings a share XXXX order recent as as regulatory fourth have this to financial PUCO Pennsylvania charge keep the additional from the refund Ohio. distribution collection discussion $X.XX took demand distribution take Yesterday, resulting higher quarter $X.XX of to operating under associated forgo

reflect was X% For about pre-pandemic the to both offset by a compared and regulated an updated industrial investment customer usage on quarter, to In partially of of weather-adjusted X% quarter our basis earnings the our fourth quarter reduction total than deliveries down year. demand commercial rate strong X%, consistent higher although incremental business, we compared results quarter for actual to saw financing quarter expenses seen quarter segment, quarter Higher benefiting with XXXX. increased distribution XXXX. and X% and forecast, to corporate base under class. more transmission fourth and XXXX. fourth the Compared our and respectively, was X% higher-margin the of levels, charges. industrial costs Energizing in were residential residential related industrial primarily each and higher just improvement our weather-adjusted to from And other Future customer to lower with demand offset income in the we higher reflecting be to And the demand than in customers, as continues XXXX, fourth increase program, commercial a operating continues tax reflect our for discrete of be by but and And XXXX. have net our this our compared lower results commercial benefits the fourth the

a For to share XXXX share. fall, operating which representing $X.XX reported a earnings the earnings a last the increase X% we full range earnings share, we of of of $X.XX year, a GAAP is $X.XX the midpoint of and at provided operating compared

in of also cash billion sustainable billion our above $X.X which performance fall, $XXX from the million Last last encompassing improvements. plan transition $XXX of million reliability our grid was penalty enabling resulted third call the range investment energy billion and under our resiliency, outlined operations guidance we on efficiency, year, as includes our we cash our over nonrecurring year, investment such operations payments reflects in prosecution cash XXXX, through $XX base financial the modernization quarter provided deferred agreement. from original energy the this plan than $X.X also in and revised and which October, strong more Our guidance midpoint

help growth energy rate leader but the not We to a transition. expect only emerge as in drive our these XX% us investments

On to million retire million to sheet $XXX plan year. to later further company balance of also expiring we improvements debt holding this We our make year. XX, another plan holdco debt in January redeemed this $XXX and

improve their programs capital We recapitalize certain to their fund to have profiles. our operating credit and companies begun of

we respectively. of $XX CEI recently debt and and issued million Edison, million for operating company at For notices $XXX instance, Toledo redemption

and also metrics to in capital future. rate we other We credit be later plan with much certain to more companies the proceedings structures growth plan and recapitalize fund active enhanced year this to as

as billion For that’s $X.X XXXX, earlier I This mentioned XX.X%. was non-recurring and by with defined our excludes CFO payments, to the cash adjusted Moody’s, debt. debt, one-time our position

with we our CFO We and progress are pleased achieve well-positioned remain XXXX. XX% to debt by to

and market capital holding we consider debt voluntary fund the reducing remain balance capital flexible optimize equity fund sheet As considering sheet contributions. full transactions, our pension conditions structures our the capital balance proceeds deployment including programs company, at to of programs, will from we our optimizing the to utility to or further

status environment. XX% funded given to qualified rate improved Our interest has the pension current

our Steve from to In XXXX, the we FE $XXX This our discussed, cash expectation As improvements. compared in in organization $XXX deliver included million customer stage original the and Forward achieved superior for net is efficiencies, with $XXX in us CapEx $XXX million million. setting capital a experience. transforming total million of working along improvements to program, flow

As we like in on Steve rates customer one distribution to improvements FE support I’d on flow $X.X look anticipate and transition through Forward focus several investments expand billion cash in to areas, more. touched our of XXXX, keeping fund our sustainable business affordable. the we while energy to

the pandemic. unprecedented know, have all impacted virtually industries supply we As issues chain all throughout

have our challenges. these investment continued successfully We served and our customers despite infrastructure programs

investing chain conditions to better with and in sourcing, However, through in supply improved function Forward, and intelligence, terms suppliers. decisions FE strategic our pricing market more resulting and drive in to are our we integrated performance optimize

and purchasing long-term and We and management to cost have our demand the we’re processes, achieving working to streamlining risk mitigate group function technologies and inventory entire management our experiencing. in resources, procurement decisions. industry our also savings By is into cash flow with warehouse investing better our integrated leveraging forecasting complement

While and and focused operating Forward our on in costs. seeing FE innovation, for provide with flexibility is maintenance we activities, are transformation our operating will which efficiencies

with from afford that mitigate a our moving added as rates and that flexibility XXXX levels reduce we FE starting base cases. at about we will O&M to fact, year. of O&M also think This this in In annually customer X% we least XXXX as recognize we O&M future $X.X on of have parts in anticipate rate lot the impact be will Forward billion, We naturally will strategic XXXX. were

with the mid-teens our as our closing the minority we reach successfully to same and strengthening by billion deliver focus the interest the period. share the applying including achieving continue objective earnings plan, further delivering to by dividend our earnings we FFO $X.XX implement XX XXXX, finally, guidance maintaining billion and with this XX% thereafter, in toward billion, to $X.X to progress $X outlined company of XXXX the cash XXXX, a However, improving of industry on has past thereafter. commitments, sale, and on and investments consistent billion I’m plans transform confident growth planning profile $X.XX earnings the will our months, with to balance over FirstEnergy, leader. our XXXX $XX dividend for the payout credit same of which anticipated our from better that year X% plan, an within with target changed debt with to our company over a operations making share, the as includes $X.XX of will rate work our investment increase of Executing our annual At $X.X time, X% our ratio growing FET consistent grow we into flow sheet of financial operating to operating the on cash we’ve

time for questions, you Before in your your the line I we to thank and interest the want company. open for

a be sustainable to and proud with culture vision I on our are values the happy core centered take and building company your Steve to be you questions. today. shared We long-term, would

Operator

line Thank with you. Please your [Operator Instructions] of Our Goldman proceed from Lapides question. first question the comes Sachs. with Michael

Michael Lapides

my for you taking Thank question. guys. Hi

actually X% you potential curious, think the more achieve level, or across guideline bracketing you little detail cuts? going about think more a how where you is functions? a is do cuts? that? Is the than lot get the or in you cost And of a can can kind it business for Just O&M of think do year a different are you chain, that on you it give those cost to it is Meaning supply

Jon Taylor

Thanks is Michael, Jon. the Yes, this for question.

are with XX% that So, labor. about think billion operating is costs, for $X.X XXXX if you we about where of of

contractors other that force XX% have to our The materials and on property supplement we is labor the field work.

think about in the to that needs. optimize, we productivity And attrition. going importantly, backfill eliminate FE are working the that’s O&M we different contract so through program And But all field through to productivity improvements, it’s reductions external the more obviously, we to in going we operations. initiatives and how improved anticipate XX% through as XX% range Forward somewhere

Another is piloting example we replace repair, are to using better that a drive our and we through decision analytics And data around now. and asset better are working decisions. few programs

then some it making like, customer and types XX%. call efficient group, in centers with automated, it reduce done our the making will think today user-friendly have how and And which number deploy that those of significantly transactions to take our by we options up manual we more finally, XX% the We can self-service modernizing resources. of customer in more benchmarking, of are terms get we we programs more

around levels our maintain also attrition. will it productivity, mostly contractors staffing driving it’s So, property, it’s improved help off but the with us

Michael Lapides

Hey it. other Jon, Got one follow-up.

potential curious, are meaning kind to change kind slide you I regulation like forward-looking in trackers about get the noticed rate Just you wave places rate in are any talking Any next deck, making in Virginia? expecting, more structural of cases things like of West year. of or the a efforts

Jon Taylor

I be base just think to it’s case. a traditional rate going

Virginia. West in veg We have the management program

think deferred of have that area the an need level on we to million need address storm Jersey $XXX sheet. collect. Today, over to costs of have that storm costs New balance we we that we is I the

have most to cases. will type be some there continue going think part, So, that with rate something we we traditional we will these base be And jurisdictions. But to there the try that of in I address riders of the are mechanism. those each in for to place through need

Michael Lapides

Jon. the guides. Got it. Much Thank appreciate you,

Operator

Thank you.

Stanley. Our of Arcaro next Please question with question. Morgan David your proceed comes from with the line

David Arcaro

Thanks are billion for over kind when you right plant $X.X of prioritizing generate, the the now on the might generates make stage how priorities next my decisions? and I use so maybe that wondering Hi. X could that kind capital for of you you question. capital was much taking if touch you years those deploying of and that

Jon Taylor

can wasn’t repeat Sorry, I totally understood sure your I that. you question?

David Arcaro

Sure.

So, over the course mentioned dividend And have of the you cash minority $X.X distributions. that plan, billion there growth, about of interest is are generating. you

Just kind how for wondering allocate if it? around strategic make that you capital there priorities are of plan to decisions and

Jon Taylor

understand Yes. Yes. now. No, I

our be pension that portion contributions. as of So, and dividends to plan, remain or just fund as a on if growth we portion high-level left billion. going at to capital there mentioned that is financings, – sheet and look cash there you our do to my operations I over be a is is from a planned the to make dividend – comments, program that the us, will additional flexible prepared you de-lever to pool CapEx, with financing of be the balance our going cash But look either we if our obviously will $X.X of find About of will future. there in available

David Arcaro

several when might years kind Got helpful. of the curious of you some on it. over of take I timing initiatives? be able might how to those just That’s play next am that out

Jon Taylor

Yes.

conditions in to some are sense try obviously is year. on of to So, going will some market transaction take close that second back half quarter, the and the assess we probably time to my make sometime decisions this on FET

David Arcaro

that’s in undertaken just any coal that how forward going give is And Virginia could maybe Harrison? Thanks. it. expectations you there Wondering around could to play the the you Fort if out be closures plants. if Got or appetite of pull dialogue West Martin to separately, with think on

Steve Strah

Steve. David, this is

think which I good that. think up right ELG do on continue I as those to said give important it’s step just living of early my responsibilities the have to We did our really you remarks. to plants filing, sense was in to relative an now, prepared I environmental too responsibly, run a to

and that one And the we here, ongoing to constructive, to and for dialogue our going As at the along going to going be to that step are just West we are to the listen that’s really are open we approach energy transition various for Virginia, in take in all a concerns promote follow time. way. matters

think concerns could I we thoughtful be lead to really will define time. step we and opportunities of one a that take will just at that

David Arcaro

much so Thanks for the Understood. color.

Steve Strah

you. Thank

Operator

Thank you.

question Seaport with with question. next Angie Storozynski Global. the proceed of from comes your line Our Please

Angie Storozynski

Thank you.

So, just things. a of couple

So, we are SEC still waiting for an settlement.

I think the money are that getting all we from surprised you are guys last settlement.

outflow coming to you a SEC way if cash is is meaningful net there So, there expect to the that of communicate cash for settlement? in, related you – would still to some have

Steve Strah

question. your thanks Angie, for

court was in SEC regard not that collaborative the all. $XXX the want of, will approved respect with once a to nature returned at to plaintiff insurance very the the cash being to of is them. it there again, to ahead process And open a continuing get with of really unless corporation. cash derivative terms With million that work I Our and companies the be that fees amounted payout suit, from and

have We on to time once a are that basis. are and several in the beyond And at we other items work. one take just tackle step-by-step those a SEC again litigation going it

Angie Storozynski

company almost strategic Understood. of And the Board the now that like can involvement transformation feels comment is the Icahn’s on done? it then secondly, with you

Steve Strah

found any Board very in ahead. don’t we we And Board, great think their see and as change that, with remains be colleagues our them moved have our I Angie, have I of ours unchanged. involvement constructive, continued They Well, to to have right be now. members of very productive

Angie Storozynski

That’s I Thank have. Okay. all you.

Steve Strah

Angie. Thanks

Operator

your next Tonet with of the line Our with comes proceed Instructions] question [Operator JPMorgan. question. from Please Jeremy

Unidentified Analyst

morning. on It’s good for Hey, actually Jeremy. Ryan

about on and that year. one to are any audit management thinking the from contemplated or the are anything FERC last on that there is kind you would of going kind earnings about wondering, changes week ask the being to calculations the there clear that be that different wanted capitalizations, impact very we go-forward of that? in just impacts came out next Just kind But kind guys thinking of would of

Steve Strah

just Well, provide will a over couple of me comments Ryan, then Jon. flip let here, it to and I

initiated to routine in saw regulations. recall, the and you under accounting As FERC of audit. we a Due XXXX, extended staff events that in audit XXXX, FERC the reporting

own importantly, matters nothing any identified did a very that aware that think therein. those itself. within related wasn’t that. company around question additional identify expenses contained we our review audit was newly that that for I there through the the audit had all Also, didn’t of the the lobbying is And of to already thorough

As for elaborate. think the that can Taylor, I the findings, will key pass over of he Jon details to and I

Jon Taylor

be got is into business plan That Yes, to also that associated what already we an with two get just has capitalization findings will have of Ryan, been major the really and we it, plan. to in so plan outcome financial that factored incorporated of veg corporate our impact our still the our included then of incorporated plan. the but a support, have One going business into really into really think capitalization time that there right the we have forward. was we We process now, study estimate and management. that’s

where significantly our the each basis two have pro forma from they financial you were actual are which of provided return been equities XXXX. So, see in can those a on from primary lower we on findings that jurisdictions, an for An perspective.

soon. those of kind in temporary I able being rate that costs this be issue of in terms as will view a in cases the future to recover filed So,

Unidentified Analyst

was should of all anything. we standpoint from it. But thinking announced settlement? that there. are ahead or kind the items, to That pieces about the moving I just appreciate kind I of on thinking I maybe kind that of involved be the one of these this kind on you just night, we a kind on of when trying Got and get get might how last appreciate different updates incremental color settlement know process then all makes through that And and just announcements in sense.

Steve Strah

excellent able to continue very future and strategy for step a our And company trust it’s look an we plan. entire and our really I this put company take on to focus we settlement, is Well, rebuild one at issues regard, each supporting be the additional the action our with Ryan, the legacy more behind business bright to by way in business us. what

So, forward don’t public. and have that’s the details investment within are on as to will speed community what’s contained issues beyond moved, But brought sheet term I events warrant been keep significant that. the and certainly up made we

Unidentified Analyst

taking for questions. you Thank Understood. my

Steve Strah

Thank you.

Operator

Strah concludes session. final I for turn Thank gentlemen, you. comments. any to floor the back question-and-answer Ladies our Mr. and that will

Steve Strah

and you. thank joining please thank safe. thank stay your and wanted healthy above you in Well, today. to for interest Thank ongoing much. very please, you else, you stay all I FirstEnergy, And us much for very

Operator

Thank you. conference. This concludes today’s

you time. your lines disconnect your for this at may Thank participation. You

FirstEnergy (FE) 11 Feb 222021 Q4 Earnings call transcript