UPDATE: PPL Posts 24% Drop In Q1 Earnings, Lowers Forecast

PPL

reported a 24% drop in its first-quarter earnings and cut its full-year forecast. PPL now expects full-year ongoing earnings of $2.15 to $2.40 per share, versus its February outlook of $2.25 to $2.50 per share. PPL's quarterly profit fell to $413 million, or $0.65 per share, from $541 million, or $0.93 per share, in the year-ago period. Excluding one-time items, its earnings from ongoing operations climbed to $0.71 per share from $0.70 per share. Its revenue declined 40% to $2.46 billion. However, analysts were expecting ongoing earnings of $0.70 per share on revenue of $3.37 billion. PPL shares closed at $33.26 yesterday.