For the first six months of the year, our reported earnings were $1.39 per share, up from $1.13 per share in the first six months of 2011. Ongoing earnings were $1.21 a share for the first half of the year versus $1.26 per share in the same period a year ago.
Our second quarter earnings from ongoing operations include $0.02 per share dilution from the common stock issued and April 2011 financed acquisition of the Midlands utilizes in the UK. For the first six months, dilution amounted to $0.13 per share. Strong results from our UK operations were a major drag from the improvement in both ongoing and reported earnings in the second quarter.
Strong earnings from the UK operations and the ability of our supply group to effectively manage unplanned outage challenges at our Susquehanna nuclear plant has put us solidly on course to achieve our 2012 earnings forecast. We are reaffirming our forecast of $2.15 to $2.45 per share in earnings from ongoing operations.
Before we join for a more detailed discussion of our financial results, I’ll provide a brief operational overview for the quarter. As I mentioned on previous call, our management team in the UK has dramatically improved the customer performance of our Midlands utility.I’m pleased to tell you that we recently – that all four of our distribution companies have now been ordered the Customer Service Excellence Standard, the highest customer service honor in the UK. This is the first time for our Midlands companies and the 20 th year for our legacy South West [and South Wales] to receive the award. As we continue to see improved performance related to the number and duration of outages and regulatory metrics. This performance improvement is detailed to you in the appendix. Turning to the domestic operations, PPL’s electric delivery operation in Pennsylvania once again has ranked highest among large electric utilities in the Eastern United States for residential customer satisfaction in a survey conducted by J.D. Power and Associates. The award is the company’s 18 th overall since J.D. Power and Associates began studying customer satisfaction among electric utilities. Kentucky Utilities and Louisville Gas and Electric were part of the J.D. Power report on midsize utilities in the Midwest Region and also had strong customer satisfaction standards. Read the rest of this transcript for free on seekingalpha.com
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV