FirstEnergy (NYSE: FE) reported Thursday that its fourth-quarter profit suffered a 40 percent drop, citing continued weak demand for power generation, according to Associated Press.
The company said the demand was even weaker for among steel and automotive customers, both of which have suffered tremendously due to the recession.
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FirstEnergy reported profit of $238 million, or 78 cents per share, for the quarter ended Dec. 31 compared with profit of $332 million, or $1.09 per share, in the year-ago quarter.
Revenue fell to $3 billion for the quarter from $3.2 billion a year ago.
For the year, FirstEnergy reported profit of $1 billion, or $3.29 per share, compared with $1.3 billion, or $4.38 per share, in 2008. Revenue fell to $13 billion from $13.6 billion in 2008.
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