FirstEnergy has reported net income of $276 million, or basic earnings of $0.91 per share of common stock for the first quarter of 2008, compared to net income of $290 million, or basic earnings of $0.92 per share, for the same period of 2007.

The company said that first quarter 2008 results benefited from increased generation margins – revenue less fuel and purchased power costs – as well as a gain from the sale of non-core assets, and the impact of fewer common shares outstanding resulting from last year’s share repurchase program. These factors were offset by decreased investment income, and increases in other costs.

The company achieved record first quarter generation output of 20.4 million megawatt-hours (MWh), compared to 19.4 million MWh in the same period of 2007.

Electric generation sales in the quarter increased slightly compared to the 2007 period, with a 7% increase in wholesale sales, partially offset by a 1% decrease in retail generation sales.

Anthony Alexander, president and CEO of FirstEnergy, said: The solid operational performance of our plants helped us exceed our earnings guidance for the quarter. Our record first quarter generation output reflects our continued success in positioning our generation business as the platform for our future growth.