PPL PPL Corporation

   By Ezequiel Minaya 
 

PPL Corp. posted better-than-expected earnings for its latest quarter, boosted by a tax benefit of $56 million.

The benefit, linked to foreign currency-related economic hedges, added eight cents a share to profit, the utility reported.

The company also announced that it was increasing its quarterly dividend to 39.5 cents up from 38 cents.

In 2015, 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, which became one of the largest investor-owned, independent power producers in the U.S., based on megawatts of generating capacity.

For the latest quarter, PPL posted a profit of $465 million, or 68 cents a share, up from $399 million, or 59 cents a share, a year prior.

On an adjusted basis, per-share earnings rose to 60 cents from 43 cents a year ago.

Revenue climbed 2.9% to $1.83 billion.

Analysts surveyed by Thomson Reuters had expected adjusted earnings per share of 50 cents and revenue of $2.09 billion.

Shares of the company, which have been flat over the past 12 months,were inactive premarket.

Write to Ezequiel Minaya at Ezequiel.Minaya@wsj.com

(END) Dow Jones Newswires

February 01, 2017 08:29 ET (13:29 GMT)

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