PPL Corporation (NYSE: PPL) reported Tuesday that the company suffered a $7 million loss in second-quarter earnings, citing special charges related to hedging and asset sales.
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PPL also said decreased margins, unfavorable currency exchange rates and lower domestic electricity sales hurt its performance.
The latest earnings excluding one-time items were lower than expected and the company lowered its outlook for 2010.
The Pennsylvania-based utility company sells energy in key
For the period ended June 30, the company said it loss amounted to 2 cents per share, compared with earnings of $190 million, or 50 cents per share, a year ago.
Excluding one-time items, adjusted earnings from ongoing operations amounted to 32 cents per share. Analysts polled by Thomson Reuters estimated a profit of 40 per share, on average. Analysts typically exclude one-time items.
Revenue climbed 65 percent to $1.67 billion from $1.01 billion in the prior-year period. Analysts, on average, forecast revenue of $1.69 billion.
The company reaffirmed its full-year outlook between $1.31 per share and $1.61 per share, including special items. Adjusted earnings from ongoing operations is estimated between $1.60 and $1.90 per share. Analysts, who typically exclude nonrecurring items, predicted a full-year profit of $1.82 per share.
Due to expectations of lower margins and continued price erosion, PPL cut its 2010 earnings forecast to a range between $3.10 per share and $3.50 per share, down from a previous forecast between $3.60 per share and $4.20 per share. Analysts expect $3.65 per share.
Shares of PPL stock plunged $4.48, or 13.2 percent, to $29.50 at Tuesday’s close.
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