PPL Corp.’s annual profit surged in 2011 on revenue from recent out-of-state acquisitions.
The Allentown energy company earned $1.44 billion, or $2.61 per share, up from $938 million, or $2.17 per share, in 2010.
The whopping 53 percent increase was largely driven by additional revenue from PPL’s recently-acquired Kentucky and United Kingdom utilities.
“This increase reflects the strength of our business portfolio and our prospects for future growth,” James H. Miller, PPL’s out-going chairman said in a press release. “Our strong 2011 results are due to solid performance across our business segments.”