PPL Corp. (PPL) posted a drop in first-quarter 2013 reported earnings to $413 million, or $0.65 per share, from $541 million, or $0.93 per share, a year earlier. Adjusting for special items, quarterly earnings from ongoing operations were $454 million, or $0.71 per share. On average, 13 analysts polled by Thomson Reuters expected earnings per share of $0.70 for the quarter. Analysts' estimates typically exclude one-time items.
According to PPL, quarterly per-share reported and ongoing earnings reflect accelerated recognition of the common stock underlying the equity units issued to fund the company's 2010 and 2011 acquisitions in Kentucky and the United Kingdom. Excluding the impact of the accelerated share recognition, per-share earnings from ongoing operations would have been $0.06 higher, the company said.
Three-month operating revenues stood at $1.95 billion, versus $1.71 billion in the year-ago quarter.
Owing to the accelerated recognition of common stock related to the equity units and the change in financing plans, PPL's 2013 earnings per share forecasts have been adjusted downward by $0.10 per share. The revised forecast of ongoing earnings is a range of $2.15 to $2.40 per share, with a midpoint of $2.27. The forecast of reported earnings is now $2.09 to $2.34 per share, reflecting special items recorded through the first quarter. Analysts expect earnings per share of $2.41 for the year.
"Additionally, we are announcing today a reduction in future equity needs," the company said in a statement.
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