ACNB flat, First Energy down in Q3
An energy corporation giant and an Adams County bank reported third-quarter 2013 earnings recently.
ACNB Corp. announced last week its third-quarter earnings were flat compared with last year’s third quarter, but overall for the year to date, revenue is up about 6 percent.
The company reported a net income of $2.308 million in this year’s third quarter versus $2.304 in 2012’s third quarter. Net income per share stayed at 39 cents in both quarters.
Year to date, however, net income is up to $7.05 million so far in 2013 after being at $6.7 million in 2012, with net income per share at $1.18 this year against $1.12 last year.
ACNB Corp., headquartered in Gettysburg, is the financial holding company for subsidiaries ACNB Bank in Gettysburg and Russell Insurance Group in Westminster, Md. The bank has 19 locations, including in Cumberland and York counties, and assets of $1.04 billion.
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FirstEnergy Corp. announced Monday its earnings are down from last year’s third quarter, but the earnings per share still beat industry expectations.
The Ohio-based energy company reported a net income of $218 million in this year’s third quarter compared with a net income of $425 million last year. The company reported basic and diluted earnings of 94 cents per share of common stock after analysts predicted earnings of 92 cents, according to Yahoo Finance.
In 2012’s third quarter, earnings were at $1.11 per share.
For the year so far, earnings per share are at $2.29 compared with $2.53 cents for the first nine months of 2012.
The company blamed lower earnings in the quarter to a lower commodity margin, higher operating costs, increased depreciation and interest expense, and lower distribution deliveries. A cooler summer, according to the company, cut sales to residential customers by 7 percent.