FirstEnergy Corp. announced earnings results for the first quarter of 2013. The company announced basic and diluted earnings of $0.76 per share of common stock on a non-GAAP basis. This compares to basic and diluted non-GAAP earnings of $0.82 per share of common stock in the first quarter of 2012. On a GAAP basis, first quarter 2013 basic and diluted earnings were $0.47 per share of common stock on net income of $196 million and revenue of $3.7 billion. First quarter 2012 basic and diluted earnings were $0.73 per share of common stock on net income of $306 million, with revenue of $4.0 billion. First quarter 2013 non-GAAP results benefited from higher distribution deliveries, a lower effective income tax rate, reduced operating costs, and lower general taxes. Results were negatively affected by lower commodity margin, higher depreciation expense and reduced revenues from the regulated transmission business. The company also announced that it is reaffirming its 2013 non-GAAP earnings guidance of $2.85 to $3.15 per share.

FirstEnergy Corp. (NYSE:FE) is seeking to sell up to 1,240 megawatts of unregulated non-core hydro generation assets. FirstEnergy did not identify the hydro plants to be sold but wants to complete the sale in the second half of the year, Anthony Alexander, Chief Executive Officer of FirstEnergy said. FirstEnergy has also hired an advisor and has started implementing its plan.

FirstEnergy Corp. Presents at Citi's Global Energy and Utilities Conference, May-15-2013 . Venue: Hyatt Regency, One Avenue De Lafayette, Boston, Massachusetts, United States.