ALLENTOWN, Pa. (AP) — PPL Corp. posted a 38 percent increase in second quarter earnings, beating Wall Street expectations even as it dealt with the unplanned outage of a nuclear power plant in Pennsylvania.
The energy and utility holding company had a particularly strong performance in the United Kingdom, where it delivers electricity.
Three-fifths of the company's earnings came from UK operations, up from less than half a year ago. PPL has regulated electric utilities in southwest and central England and south Wales, along with operations in the United States.
PPL also reaffirmed its forecast of full-year earnings.
Net income rose to $271 million, or 46 cents per share, from $196 million, or 35 cents per share, a year earlier. The company said that excluding special items such as resetting the value of hedging transactions, it would have earned 51 cents per share.
Analysts, who usually exclude items, had expected 41 cents per share, according to FactSet.
Revenue rose 2.4 percent to $2.55 billion. Analysts expected $2.20 billion.
Chairman and CEO William H. Spence said strong UK earnings and management of outages at its Susquehanna nuclear power plant in northeastern Pennsylvania put the company on course to hit its forecast of 2012 adjusted earnings between $2.15 and $2.45 per share. Analysts expect $3.31 per share.
Shares rose 49 cents to $28.98 in midday trading.
- Investment & Company Information