* 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) 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.
Total operating revenue rose 65 percent to $1.67 billion.
Analysts, on average, expected the company to earn 39 cents a share, before items, on revenue of $1.69 billion, according to Reuters Estimates.
PPL also reaffirmed its 2009 forecast of $1.60 to $1.90 per share in earnings from ongoing operations.
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