PPL Corp (NYSE:PPL) watched its shares go up Friday, on quarterly figures.
The company, out of Allentown, Pa., announced first-quarter 2020 reported earnings (GAAP) of $554 million, or $0.72 per share, compared with first-quarter 2019 reported earnings of $466 million, or $0.64 per share.
Adjusting for special items, first-quarter 2020 earnings from ongoing operations (non-GAAP) were $514 million, or $0.67 per share, compared to $508 million, or $0.70 per share, a year ago. The decrease was driven largely by share dilution and lower sales volumes primarily due to weather in the U.S., partially offset by additional returns on the company's capital investments and other factors.
"As the world confronts the COVID-19 pandemic, the service we provide has never been more important," said William H. Spence, PPL's chairman and chief executive officer.
"Across PPL, we are taking comprehensive measures to protect our employees and the public, we continue to deliver electricity and gas safely and reliably, we are well-positioned to manage the economic downturn, and we are as committed as ever to delivering for our customers and shareowners," said Spence.
PPL shares acquired 86 cents, or 3.5%, to $25.15.
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