News Column

BRIEF: PPL's earnings sink on lease termination charge

February 7, 2014

By Amy Friedenberger, Reading Eagle, Pa.



Feb. 07--PPL Corp.'s 2013 earnings sharply declined, which the company attributed to a $413 million, or 62 cents a share, charge for the termination of a Colstrip power plant lease.

The Allentown-based energy company announced Thursday an annual profit of $1.13 billion, or $1.76 a share. That's down from $1.53 billion, or $2.60 a share, in 2012.

Regardless, William H. Spence, PPL's chairman, president and chief executive officer, said he was pleased with the results for the year.

"Exceeding the top end of the 2013 forecast required each business segment to demonstrate exceptional performance to produce solid results for shareowners and deliver the highest quality service for our 10 million customers," he said in a statement.

Earnings from ongoing operations were $1.59 billion, or $2.45 per share, which exceeded the 2013 forecast range of $2.30 to $2.40 per share.

A dividend increase to 37.25 cents a share on a quarterly basis will be payable April 1 to shareowners of record as of March 10.

PPL's 2014 earnings forecast range is $2.05 to $2.25 a share, with a midpoint of $2.15.

___

(c)2014 the Reading Eagle (Reading, Pa.)

Visit the Reading Eagle (Reading, Pa.) at readingeagle.com

Distributed by MCT Information Services


For more stories on investments and markets, please see HispanicBusiness' Finance Channel



Source: Reading Eagle (PA)


Story Tools