PPL Corporation Form 8K May 24, 2006
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date
of
Report (Date of earliest event reported): May 24, 2006
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Commission
File
Number
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Registrant;
State of Incorporation;
Address
and Telephone Number
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IRS
Employer
Identification
No.
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1-11459
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PPL
Corporation
(Exact
name of Registrant as specified in its charter)
(Pennsylvania)
Two
North Ninth Street
Allentown,
PA 18101-1179
(610)
774-5151
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23-2758192
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Check
the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:
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[ ]
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Written
communications pursuant to Rule 425 under the Securities Act (17
CFR
230.425)
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[ ]
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
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[ ]
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17
CFR
240.14d-2(b))
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17
CFR
240.13e-4(c))
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Section
7 - Regulation FD
Item
7.01 Regulation FD Disclosure
Members
of senior management of PPL Corporation ("PPL" or the "Company") will discuss
the Company’s corporate strategy and general business outlook with investors and
financial analysts at the Edison Electric Institute ("EEI") Annual Finance
Committee Meeting in New York City on May 24 and 25, 2006.
During
this discussion, it is expected that PPL will reaffirm its previously announced
2006 forecast of $2.20 to $2.30 per share in earnings from ongoing operations,
as well as its previously announced target of an 11 percent compound annual
growth rate in earnings per share through 2010, based on 2005 per share earnings
from ongoing operations of $2.08. The Company’s 2006 forecast of earnings from
ongoing operations excludes the impact of two previously announced unusual
items: the $0.03 per share after-tax credit in the first quarter of 2006 related
to an increase in the expected recovery of PPL’s claims in the Enron bankruptcy;
and the $0.04 per share after-tax charge that will be taken in the second
quarter of 2006 in connection with the proposed sale of the Company’s interest
in the Griffith power plant in Arizona. Accordingly, the Company’s 2006 forecast
of reported earnings is $2.19 to $2.29 per share.
In
addition to the discussion at the EEI Conference referenced above,
representatives of PPL will be talking with analysts and investors during
various meetings and discussions during the remainder of May and throughout
June. Unless it publicly discloses otherwise, PPL expects that during these
meetings and discussions it will reaffirm its 2006 earnings forecasts and the
2010 earnings target.
The
information to be discussed at the EEI Conference will be available on May
24 on
the Investor Center page of the Company’s Web site at
www.pplweb.com.
To the
extent that the Company makes any other formal presentations during this period,
any additional information provided in those presentations also will be made
available on the Investor Center page of the Company’s Web site.
"Earnings
from ongoing operations" excludes the impact of unusual items. Earnings from
ongoing operations should not be considered as an alternative to net income,
or
reported earnings, which is an indicator of operating performance determined
in
accordance with generally accepted accounting principles (GAAP). PPL Corporation
believes that earnings from ongoing operations, although a non-GAAP measure,
is
also useful and meaningful to investors because it provides them with the
company's underlying earnings performance as another criterion in making their
investment decisions. PPL Corporation's management also uses earnings from
ongoing operations in measuring certain corporate performance goals. Other
companies may use different measures to present financial
performance.
Statements
made in this Form 8-K, including statements with respect to future earnings,
are
"forward-looking statements" within the meaning of the federal securities laws.
Although PPL Corporation believes that the expectations and assumptions
reflected in these forward-looking statements are reasonable, these statements
involve a number of risks and uncertainties, and actual results may differ
materially from the results discussed in the statements. The following are
among
the important factors that could cause actual results to differ materially
from
the forward-looking statements: market demand and prices for energy, capacity
and fuel; market prices for crude oil and the potential impact on synthetic
fuel
operations, synthetic fuel purchases from third parties and the phase-out of
synthetic fuel tax credits; weather conditions affecting generation production,
customer energy usage and operating costs; competition in retail and wholesale
power markets; liquidity of wholesale power markets; the effect of any business
or industry restructuring; the profitability and liquidity of PPL Corporation
and its subsidiaries, including access to capital markets and credit facilities;
new accounting requirements or new interpretations or applications of existing
requirements; operation and availability of generation facilities and operating
costs; transmission and distribution system conditions and operating costs;
current and future environmental conditions and requirements and the related
costs of compliance, including environmental capital expenditures and emission
allowance and other expenses; significant delays in the planned installation
of
pollution control equipment at PPL Corporation’s coal-fired generating units in
Pennsylvania due to weather conditions, contractor performance or other reasons;
development of new projects, markets and technologies; performance of new
ventures; asset acquisitions and dispositions; political, regulatory or economic
conditions in states, regions or countries where PPL Corporation or its
subsidiaries conduct business; any impact of hurricanes or other severe weather
on PPL Corporation’s business, including any impact on fuel prices; receipt of
necessary governmental permits, approvals and rate relief; new state, federal
or
foreign legislation, including new tax legislation; state, federal and foreign
regulatory developments; any impact of state, federal or foreign investigations
applicable to PPL Corporation and its subsidiaries and the energy industry;
capital markets conditions, including changes in interest rates, and decisions
regarding capital structure; stock price performance of PPL Corporation; the
market prices of equity securities and the impact on pension costs and resultant
cash funding requirements for defined benefit pension plans; securities and
credit ratings; foreign currency exchange rates; the outcome of litigation
against PPL Corporation and its subsidiaries; potential effects of threatened
or
actual terrorism or war or other hostilities; and commitments and liabilities
of
PPL Corporation and its subsidiaries. Any such forward-looking statements should
be considered in light of such important factors and in conjunction with PPL
Corporation's Form 10-K and other reports on file with the Securities and
Exchange Commission.
SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, the Registrant
has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
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PPL
CORPORATION
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By:
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/s/
Matt Simmons
Matt
Simmons
Vice
President and Controller
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Dated: May
24,
2006