Revenue at FirstEnergy, Akron, Ohio, grew during 2021 despite financial challenges stemming from a bribery scandal in Columbus, according to recent filings with the Securities and Exchange Commission.
For year ended Dec. 31, FirstEnergy reported revenue of roughly $11.1 billion, up just 1% from $11 billion in 2020, according to a 10-K form filed Feb. 15. Net income was $1.2 billion, or $2.35 per share, up around 15% year-over-year from $1 million, or $1.99 per share.
In the fourth quarter of 2021, ended Dec. 31, FirstEnergy reported around $427 million, or $0.77 per share, in net earnings, up nearly 43% from roughly $242 million, or $0.45 per share, in the same period during 2020, the company said in an earnings report published Feb. 15. Quarterly revenue was $2.6 billion, up nearly 4% year-over-year from $2.5 billion.
FirstEnergy’s 2021 growth comes even as the utility faces troubles from the federal government. A Feb. 4 Federal Energy Regulatory Commission audit of the company found that it had improperly sorted over $10 million worth of lobbying expenses into the wrong accounts. FERC gave FirstEnergy until April to correct those deficiencies.
Meanwhile, the company in July agreed to a $230 million fine, split between the state of Ohio and the federal government, related to a bribery scandal involving Ohio’s now-ousted former state Speaker of the House, Larry Householder (R). Although no FirstEnergy officials have been charged, the utility’s agreement with prosecutors includes a guilty plea to the charge of conspiracy to commit honest services wire fraud.
“While the deferred prosecution agreement, the approved Ohio settlement and the progress we announced yesterday in resolving outstanding litigation are all very important milestones, most of our significant work over the past year involves the cultural changes at our company,” said FirstEnergy CEO Steve Strah Feb. 15 during a call with investors. “My vision is to be a company that all stakeholders trust that is focused on delivering value to our customers and where employees bring an innovative and continuous improvement mindset to work everyday,” he said.
