PPL Corp Posts Profit Decline Following Spinoff
October 29 2015 - 9:12AM
Dow Jones News
By Ezequiel Minaya
PPL Corp. posted a decline in profits for its latest quarter as
sales for the utility company came in flat compared to the same
period last year.
The company's results this year have been impacted by a loss
from discontinued operations of $915 million, mostly because of the
spinoff of its supply business.
Last year, PPL announced that it would spin off PPL Energy
Supply--the parent company of PPL Generation and PPL EnergyPlus--to
PPL shareholders. It was then combined with Riverstone Holding's
generation business to form Talen Energy.
Talen becomes the third-largest investor-owned, independent
power producer in the U.S. based on megawatts of generating
capacity.
Overall, PPL posted a profit of $393 million, or 58 cents a
share, down from $497 million, or 74 cents a share, a year earlier.
On an adjusted basis, per-share earnings rose to 51 cents from 44
cents.
Revenue was flat at $1.88 billion.
Analysts surveyed by Thomson Reuters forecast per-share earnings
of 50 cents a share on revenue of $2.17 billion.
Write to Ezequiel Minaya at Ezequiel.Minaya@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
October 29, 2015 08:57 ET (12:57 GMT)
Copyright (c) 2015 Dow Jones & Company, Inc.
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