PPL Corp. announced first-quarter 2017 reported earnings of $403 million, or 59 cents per share, a decrease from first-quarter 2016 reported earnings of $481 million, or 71 cents per share.

Reported earnings are calculated in accordance with U.S. Generally Accepted Accounting Principles.Adjusting for special items, first-quarter 2017 earnings from ongoing operations (non-GAAP) were $425 million, or 62 cents per share, compared with $458 million, or 67 cents per share, a year ago.This decrease was driven primarily by expected lower foreign currency exchange rates and unfavorable weather in Kentucky, partially offset by the effect of the April 1, 2016 price increase in the United Kingdom."We remain confident in our ability to deliver our projected long-term earnings and dividend growth as we invest approximately $3 billion a year to build a smarter, more reliable and more secure energy grid and to advance a cleaner energy future," said William Spence, PPL's chairman, president and chief executive officer.