RTTNews | Aug 10, 2020 08:47AM EDT

08:47 Monday, August 10, 2020 (RTTNews.com) - PPL Corp. (PPL) reaffirmed its 2020 earnings from ongoing operations forecast range of $2.40 to $2.60 per share, with a midpoint of $2.50 per share. The company noted this factors in an estimated $0.06 per share unfavorable impact due to COVID-19 through the end of the second quarter.

Separately, PPL announced it is initiating a formal process to sell U.K. utility business. The company said its use of proceeds from a sale would be focused on strengthening balance sheet and enhancing long-term earnings growth, which could include supporting strategic growth opportunities in the U.S. and returning capital to shareowners. PPL Corp. expects to announce a transaction in the first half of 2021. As a result, the company decided to withdraw its financial guidance for 2021.

Second quarter adjusted earnings per share from ongoing operations was $0.55, compared to $0.58, a year ago. On average, 11 analysts polled by Thomson Reuters expected the company to report profit per share of $0.54, for the quarter. Analysts' estimates typically exclude special items.

Second quarter operating revenues declined to $1.74 billion from $1.80 billion, previous year. Analysts expected revenue of $1.89 billion for the quarter.

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