PPL Corp. booked $356 million, or 52 cents per share, in second-quarter 2017 earnings from ongoing operations, a decrease from $380 million, or 56 cents per share, in the comparable quarter of 2016, primarily due to lower foreign currency exchange rates.
The S&P Capital IQ normalized EPS consensus estimate for the 2017 second quarter was 50 cents.
PPL's Kentucky regulated segment recorded second-quarter EPS from ongoing operations of 12 cents per share, compared to 11 cents in the prior-year period. The Pennsylvania regulated segment's second-quarter EPS was unchanged at 11 cents.
The Kentucky segment primarily consists of Louisville Gas and Electric Co. and Kentucky Utilities Co.'s regulated electricity and natural gas operations, while the Pennsylvania segment consists of PPL Electric Utilities Corp.'s regulated electricity delivery operations.
The U.K. regulated segment reported EPS from ongoing operations of 31 cents, down from 36 cents in the corresponding quarter of 2016. The segment primarily consists of the regulated electricity delivery operations of Western Power Distribution.
PPL's second-quarter operating revenues dropped to $1.73 billion from $1.79 billion a year ago. Second-quarter operating income also was down to $702 million, from $725 million a year ago, according to an Aug. 3 earnings release.
On a GAAP basis, PPL reported second-quarter net income of $292 million, or 43 cents per share, compared with $483 million, or 71 cents per share, in the 2016 second quarter.
The company continues to target full-year 2017 EPS from ongoing operations in the range of $2.05 to $2.25, with a midpoint of $2.15. Looking beyond 2017, the company expects 5% to 6% compound annual earnings growth per share from 2017 through 2020. In addition, PPL is targeting dividend growth of about 4% a year through 2020.
"As we continue to execute our business plans, we remain on track to deliver on our 2017 commitments, as well as our longer-term projections for competitive earnings and dividend growth," said William Spence, PPL chairman, president and CEO.