FirstEnergy Corp. (NYSE: FE) has reported the loss of $2.5 billion in the fourth quarter of FY 17 and $1.7 billion for the year. There were significant losses in 2017 for the Akron utility, however, the numbers were a big improvement from FY 16. Further, its fourth-quarter loss amounted to $5.62 per share on revenue of $3.4 billion. That compares to a 2016 fourth-quarter loss of $5.8 billion, or $13.44 per share, on revenue of $3.4 billion. The company has posted the adjusted fourth-quarter earnings of 71 cents per share, which is up from 38 cents per share a year ago.

Further, the fourth quarter of FY 17 and full-year 207 results were impacted by noncash, pre-tax asset impairment and plant exit costs of $2.4 billion, related to nuclear power plant assets and increasing nuclear asset retirement obligations, and also by reducing the carrying value of the Pleasants Power Station in West Virginia. The company has also recognized a fourth-quarter noncash charge to income tax expense of $1.2 billion related to the federal tax reform.

On the other hand, the total distribution deliveries increased 1.6 percent during the fourth quarter as compared to the same period in 2016.  The Residential sales grew 3.9 percent due to the heating degree days that were 9 percent above the same period of 2016, while sales to commercial customers decreased 3.2 percent.  The deliveries to industrial customers rose 3.2 percent, primarily due to higher usage in the shale gas and steel sectors.

Additionally, FE has introduced 2018 regulated operating (non-GAAP) earnings guidance, expected to be in the range of $2.25 to $2.55 per diluted share, and represents the operating earnings from the regulated distribution and transmission businesses, net of the corporate segment.  The company has also announced a compound annual growth rate projection for its regulated operations, excluding the Ohio DMR and offset by the corporate segment, of 6 to 8 percent through 2021, that includes more than $10 billion in regulated capital investments planned over that time period.

They also announced management changes to support its transition to a fully regulated utility company and broaden the experience of key executives.