UPDATE 1-PPL Q4 adj shr beats, backs 2010 profit view

* Q4 adj shr $0.52 vs est $0.36

* Q4 rev down 31 pct

* Sees FY 2010 shr $3.10 to $3.50

Feb 5 (Reuters) - PPL Corp (PPL.N) reported an adjusted quarterly profit above Wall Street estimates, helped by higher margins, and the energy and utility holding company backed its full-year earnings outlook.

For the latest fourth quarter, the company earned $153 million, or 40 cents a share, compared with a profit of $277 million, or 74 cents a share, last year.

On an adjusted basis, PPL reported a profit of 52 cents a share, up from 46 cents per share, a year ago.

The company said the increase was primarily due to higher wholesale energy margins in its supply business segment and higher electricity delivery margins in its international delivery business segment.

Total operating revenue, however, fell 30 percent to $1.73 billion.

Analysts on average were looking for earnings of 36 cents a share on revenue of $3.20 billion, according to Thomson Reuters I/B/E/S.

PPL also backed its 2010 earnings forecast of $3.10 to $3.50 per share. Analysts are looking for earnings of $3.32 per share.

Shares of the company closed at $28.62 Thursday on the New York Stock Exchange. (Reporting by Adveith Nair in Bangalore; Editing by Ratul Ray Chaudhuri)