UPDATE 1-PPL Q2 adj profit lags market, cuts '10 view; shrs dip
* Q2 adj EPS $0.32 vs est. of $0.39
* Cuts 2010 EPS outlook to $3.10-$3.50
* Reaffirms 2009 EPS view of $1.60-$1.90
* Shares down 11 pct
Aug 4 (Reuters) - Energy and utility holding company PPL Corp (PPL.N: Cotización) posted lower-than-expected quarterly earnings on weaker wholesale energy margins and a mild weather that pressured electricity demand, and cut its 2010 outlook.
Shares of the Allentown, Pennsylvania-based company were down nearly 11 percent at $30.26 in morning trade Tuesday on the New York Stock Exchange.
The company reduced its 2010 earnings forecast to a range of $3.10 to $3.50 a share, from its prior view of $3.60 to $4.20 a share, on expectations of lower margins in marketing and trading and a continued decline in 2010 wholesale electricity prices.
For the second quarter, the company posted a net loss of $7 million, or 2 cents a share, compared with earnings of $190 million, or 50 cents a share, a year ago.
Excluding items, the company said it earned 32 cents a share. Continuación...