PPL Posts Slight Decline In 1st-quarter Profit

ALLENTOWN, Pa. (AP) — PPL Corp., an energy and utility holding company, said Friday its first-quarter profit fell just over 7 percent, but adjusted earnings beat Wall Street expectations and the company reaffirmed a 2009 earnings outlook in line with analysts' forecast.

Quarterly income fell to $241 million, or 64 cents per share, from $260 million, or 69 cents per share, during the prior-year period. The company said the decline was driven primarily by less favorable U.K. currency exchange rates and lower wholesale energy margins in the U.S.

Excluding one-time items, PPL's first-quarter earnings totaled 60 cents per share — beating the 46 cents-per-share average estimate of analysts polled by Thomson Reuters. Analysts typically exclude one-time items.

Total revenue rose 54 percent to $2.36 billion from $1.53 billion.

PPL reaffirmed its 2009 earnings outlook of $1.60 to $1.90 per share and still expects 2010 profit between $3.60 and $4.20 per share. On average, analysts have forecast earnings of $1.80 per share and $3.72 per share for 2009 and 2010, respectively.

"The actions we've taken since late 2008 and our solid first-quarter performance reinforce our belief that we can achieve our 2009 earnings forecast," said James H. Miller, PPL's chairman, president and chief executive officer.

In morning trading, shares rose 43 cents to $30.34. The company's stock has traded between $24.25 and $54 over the last 52-week period.