Utility PPL posts lower third-quarter profit due to higher interest expenses

Reuters

Utility PPL posts lower third-quarter profit due to higher interest expenses

2024 11월 1, 오후 12:56 GMT

<html xmlns="http://www.w3.org/1999/xhtml"><head><title>Utility PPL posts lower third-quarter profit due to higher interest expenses</title></head><body>

Nov 1 (Reuters) -PPL Corp PPL.N posted a fall in third-quarter profit on Friday, as higher expenses and interest costs weighed on the electric and gas utility.

The company's shares fell more than 2% to $31.82 before the bell.

Higher-for-longer interest rates can weigh on utilities, as it makes investing in the construction and maintenance of critical infrastructure such as electrical grids more expensive.

PPL's interest expenses for the quarter ended Sept. 30 rose to $188 million from $165 million a year earlier, while total operating expenses increased nearly 2% to $1.64 billion.

The company provides electricity and natural gas services to more than 3.5 million customers across its service territories in Kentucky, Pennsylvania and Rhode Island.

The Allentown, Pennsylvania-based firm posted a net income of $214 million, or 29 cents per share, in the quarter, compared with $230 million, or 31 cents per share, a year earlier.

PPL's third-quarter profit included a net special item after-tax charge of $96 million, which was primarily due to costs related to the acquisition of Rhode Island Energy, which the utility had acquired from National Grid USA in 2022.

Reporting by Vallari Srivastava in Bengaluru; Editing by Krishna Chandra Eluri

</body></html>

Utility PPL posts lower third-quarter profit due to higher interest expenses

관련 자산

최신 뉴스

Robusta coffee hits 2-1/2-month low, sugar also falls

Exxon Mobil Expects About Six Month Delay On Golden Pass LNG Project

U.S. nuclear power plant outages

Brazil federal police concludes probe into Braskem salt mining disaster

Gold prices rise as dollar, yields fall after US nonfarm payrolls

XM 실시간 채팅