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Economy and Business

FirstEnergy's third quarter profits drop from last year
Although they had a rough quarter, CEO Anthony Alexander is optimistic about FirstEnergy's future

Anthony Alexander, CEO of FirstEnergy, is cautiously optimistic that their service area will begin to thrive again.
Courtesy of FirstEnergy Corp.
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Akron-based FirstEnergy Corporation saw its third quarter profits drop by half compared to a year ago.

The utility’s earnings released Tuesday show net income decreased from $425 million in 2012 to $218 million this quarter.

CEO Anthony Alexander says the company’s growth will largely be tied to economic improvements.

LISTEN: Anthony Alexander on the future growth of FirstEnergy

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“While we have experienced only modest demand growth over the last couple of years, from the very low points following the beginning of the recession, we believe we are now seeing the early signs of a sustained recovery and we are cautiously optimistic that our service area will begin to again see the robust growth associated with manufacturing expansion.”

Alexander blames the sluggish third quarter on low energy prices and reduced demand. FirstEnergy’s stock price fell by nearly 1 percent on the news.  

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