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PPL Q1 earnings down on UK business segment weakness

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PPL Q1 earnings down on UK business segment weakness

's first-quarter 2016earnings from ongoing operations dropped to $458 million, or 67 cents pershare, from $519 million, or 77 cents per share, in the same quarter of 2015.The result was also below the S&P Global Market Intelligence normalized EPSconsensus estimate of 74 cents.

PPLblamed the drop on lower sales volume due to mild winter weather. Books werealso impacted by lower earnings in the U.K. business segment which comprisesWestern Power Distribution and was hurt by lower average foreign currencyexchange rate; the segment booked 39 cents per share in earnings from ongoingoperations, down from 50 cents per share in the corresponding quarter of 2015,results released April 28 showed.

PPL'sKentucky regulated segment reported 16 cents per share in earnings from ongoingoperations — flat year over year. The segment primarily consists of and Kentucky Utilities Co.

ThePennsylvania regulated segment reported 14 cents per share in earnings fromongoing operations — up 1 cent year over year. The segment consists ofPPL Electric Utilities Corp.

PPL'sfirst-quarter 2016 operating revenues were down to $2.01 billion from $2.23billion in the opening months of 2015; operating income also dropped to $823million from $890 million during the same periods, respectively.

Thecompany booked $481 million, or 71 cents per share, in first-quarter 2016 GAAPearnings — down from $647 million, or 96 cents per share, in the same quarterof 2015.

PPLcontinues to target 2016 EPS fromongoing operations of $2.25 to $2.45 and GAAP EPS of $2.29 to $2.49.