(Reuters) – PPL Corp reported first-quarter results ahead of analysts’ estimates on Wednesday as the electricity and natural gas utility benefited from lower operating costs and higher transmission revenue.
The company’s Kentucky Regulated earnings rose by 3 cents per share in the quarter on higher sales volumes. Earnings from PPL’s other two segments, Pennsylvania Regulated and Rhode Island Regulated, also increased.
“We are on track to complete more than $3 billion in infrastructure improvements this year … to modernize the grid, strengthen grid resilience against more powerful and frequent severe weather,” PPL CEO Vincent Sorgi said.
The company’s operating expenses fell 8% to $1.76 billion in the first quarter.
PPL posted revenue of $2.30 billion, beating analysts’ estimates of $2.06 billion, according to LSEG.
On an adjusted basis, the company earned 54 cents per share, ahead of estimates of 50 cents.
(Reporting by Saikeerthi and Roshia Sabu in Bengaluru; Editing by Shounak Dasgupta)
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