UPDATE: PPL Posts Rise In Q3 Profit, Lifts Forecast

PPL

reported upbeat earnings for the third quarter and lifted its earnings forecast for the year. The company now projects full-year earnings from ongoing operations of $2.37 to $2.47 per share, versus its prior outlook of $2.20 to $2.40 per share. The Allentown, Pennsylvania-based company reported a quarterly profit of $497 million, or $0.74 per share, versus a year-ago profit of $410 million, or $0.62 per share. Excluding special items, the company's earnings from ongoing operations declined to $0.54 per share from $0.66 per share. Its operating revenue climbed 12% to $3.45 billion versus $3.07 billion. However, analysts were expecting earnings of $0.52 per share on revenue of $2.84 billion. Earnings from ongoing operations in the supply segment dropped to $0.07 per share from $0.14 per share, while earnings from ongoing operations in its U.K. regulated operations dropped to $0.28 per share from $0.31 per share. Earnings from ongoing operations in its Kentucky regulated segment fell to $0.12 per share from $0.14 per share, while earnings from ongoing operations in its Pennsylvania regulated segment came in flat at $0.08 per share. "Strong year-to-date performance in our regulated businesses, combined with continuing strong performance in our competitive energy supply business, has led us to increase our 2014 forecast range of earnings from ongoing operations," said William H. Spence, PPL's chairman, president and Chief Executive Officer. PPL shares closed at $35.14 yesterday.