PPL raises full-year forecast following 2Q gains

PPL's 2Q profit up nearly 50 percent, raises full-year earnings forecast on results

Associated Press

ALLENTOWN, Pa. (AP) -- Energy and utility holding company PPL Corp. reported Thursday that its second-quarter net income jumped nearly 50 percent on gains in all part of its business. The company increased its full-year earnings forecast.

Net income rose to $405 million, or 63 cents per share, in the second quarter. That is up from $271 million, or 46 cents per share, in last year's quarter. Adjusting for special items, earnings from ongoing operations were 49 cents per share.

Total operating revenue increased to $3.45 billion from $2.55 billion.

Analysts polled by FactSet expected 46 cents per share on revenue of $2.65 billion.

PPL's Chairman, President and CEO William Spence said the company continues to see solid earnings growth from its three regulated business segments, and its competitive energy supply business is managing operations effectively.

PPL now expects earnings from ongoing operations of $2.25 to $2.40 per share this year. That is up from its prior forecast of $2.15 to $2.40 per share. The company anticipates reported earnings in the range of $2.33 to $2.48 per share, which includes the impact of several special items.

Analysts are anticipating earnings of $2.24 per share on a reported basis.

PPL, based in Allentown, Pa., owns a family of companies that delivers electricity and natural gas to about 10 million customers in the United States and the United Kingdom.

PPL shares rose 14 cents to $31.91 in afternoon trading amid a broad market rally.

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