PPL Revenue and Profit Fall
February 04 2016 - 8:34AM
Dow Jones News
By Austen Hufford
PPL Corp. (PPL) posted a decline in profit for its latest
quarter as sales fell, though it gave a better-than-expected
outlook for the new year.
The company said it expects 2016 earnings per share between
$2.25 and $2.45, above Wall Street's consensus expectations of
$2.21, according to Thomson Reuters.
PPL also said that it would increase its quarterly dividend to
2% to 38 cents a share.
Last year PPL spun off PPL Energy Supply--the parent company of
PPL Generation and PPL EnergyPlus--to PPL shareholders. It then
combined with Riverstone Holding's generation business to form
Talen Energy. Talen becomes one of the largest investor-owned,
independent power producer in the U.S. based on megawatts of
generating capacity.
For the latest quarter, PPL posted a profit of $399 million, or
59 cents a share, down from $695 million, or $1.04 a share, a year
prior.
When adjusting for the spinoff and other charges, per-share
earnings fell to 43 cents from 49 cents. Analysts polled by Thomson
Reuters had expected adjusted earnings per share of 44 cents.
Revenue fell 8.5% to $1.78 billion.
Shares of the company, which have risen 8.9% in the past month,
were inactive premarket.
Write to Austen Hufford at austen.hufford@wsj.com
(END) Dow Jones Newswires
February 04, 2016 08:19 ET (13:19 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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