Allentown, Lehigh County-based PPL Corp. reported reduced earnings of $1.3 billion, or $3.35 per share, for 2007.
Analysts had expected earnings of $2.50 per share for the whole year, according to Thomson Financial data posted on Yahoo Finance.
In a revised year-end report filed Feb. 29, the value of PPL’s natural-gas distribution and propane businesses was $21 million or 5 cents less per share than announced at the end of December, said George Biechler, spokesman for the company.
This does not change the company’s previously announced earnings for ongoing business for 2007, which was $2.60 per share, according to PPL.
Last summer, PPL announced its plan to sell its natural-gas distribution and propane businesses. The sale is expected to close in the second half of 2008, Biechler said.
PPL shares are traded on the New York Stock Exchange under the ticker symbol PPL.
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