PPL Corp Posts Profit Decline Following Spinoff

   By Ezequiel Minaya 
 

PPL Corp. posted a decline in profits for its latest quarter as sales for the utility company came in flat compared to the same period last year.

The company's results this year have been impacted by a loss from discontinued operations of $915 million, mostly because of the spinoff of its supply business.

Last year, PPL announced that it would spin off PPL Energy Supply--the parent company of PPL Generation and PPL EnergyPlus--to PPL shareholders. It was then combined with Riverstone Holding's generation business to form Talen Energy.

Talen becomes the third-largest investor-owned, independent power producer in the U.S. based on megawatts of generating capacity.

Overall, PPL posted a profit of $393 million, or 58 cents a share, down from $497 million, or 74 cents a share, a year earlier. On an adjusted basis, per-share earnings rose to 51 cents from 44 cents.

Revenue was flat at $1.88 billion.

Analysts surveyed by Thomson Reuters forecast per-share earnings of 50 cents a share on revenue of $2.17 billion.

Write to Ezequiel Minaya at [e-mail]

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(END) Dow Jones Newswires

October 29, 2015 08:57 ET (12:57 GMT)

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