AKRON, Ohio - FirstEnergy Corp. (NYSE: NYSE:FE), a leading utility company, announced an increase in its quarterly dividend to $0.425 per share, payable on June 1, 2024, to shareholders on record as of May 7, 2024. This marks an uptick of more than 6% from the 2023 dividends, reflecting a projected annual rate of $1.70 per share, subject to ongoing Board approval.
The company's President and CEO, Brian X. Tierney, expressed confidence in FirstEnergy's financial strategies and its strengthened financial position, which he believes warrants the increased dividend. Tierney emphasized the company's intention to align future dividend growth with operating earnings expansion.
FirstEnergy, which serves over six million customers across several states, including Ohio and Pennsylvania, and operates roughly 24,000 miles of transmission lines, expects the 2024 dividends to be treated as ordinary income for federal tax purposes. Shareholders are advised to consult the company's Investor Information website for tax characterization details.
The dividend increase announcement comes amidst FirstEnergy's ongoing commitment to operational excellence, safety, and reliability. Despite facing various risks and uncertainties, including government investigations and economic challenges, FirstEnergy has maintained a focus on continuous improvement and strategic goals, such as enhancing its transmission and distribution investment plan.
Investors should note that forward-looking statements involve risks and uncertainties, and actual results may differ materially from those expressed. The company has cautioned against undue reliance on these statements, which are based on current management expectations and are subject to change.
This news is based on a press release statement from FirstEnergy Corp.
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