Nov 5 (Reuters) - PPL Corp ( PPL ) beat third-quarter
adjusted profit estimates on Wednesday, as the utility was
helped by higher sales volume on the back of warmer weather
conditions in its service areas.
Higher temperatures have prompted consumers to increase
their usage of air conditioners during peak summer months,
boosting demand and earnings of utilities such as PPL.
PPL generates and delivers electricity to nearly 3.5 million
customers across Pennsylvania, Kentucky and Rhode Islands.
Utilities are also increasing capital spending to upgrade
grid infrastructure in response to rising power demand, as they
field massive requests for new power capacity from data centers,
which aim to support complex AI-related tasks.
In October, PPL received approval from the Kentucky Public
Service Commission (KPSC) to construct two new 645-megawatt
natural gas combined-cycle units, which are scheduled for
operation from 2030 and 2031, respectively.
PPL's quarterly operating revenue rose to $2.24 billion from
$2.07 billion a year earlier.
The company narrowed its full-year earnings forecast range
to $1.78-$1.84 per share from its prior range of $1.75-$1.87 -
the midpoint remains unchanged.
The Allentown, Pennsylvania-based company posted an adjusted
profit of 48 cents per share in the third quarter, compared with
analysts' estimates of 46 cents according to data compiled by
LSEG.