ALLENTOWN, Pa. (AP) -- Power company PPL Corp. on Monday restated its fourth quarter and full-year earnings to show a bigger profit, after the U.S. Supreme Court ruled that the company did not have to pay rent for its hydroelectric operations in Montana.

The company said that the ruling last week enabled it to reverse an accounting loss on its books worth $53 million after taxes in 2011. PPL said the ruling won't affect its 2012 earnings outlook.

On Feb. 22, the Supreme Court overturned a state-level ruling from Montana's Supreme Court that would have required PPL pay rent for the use of riverbeds in Montana. PPL's said its newly revised figures show that it earned $1.5 billion, or $2.70 per share, during 2011. That's up from the $1.44 billion, or $2.61 per share, that the company announced earlier this month.

Excluding one-time items, PPL said its adjusted net income for the year from ongoing operations was $2.73 per share, up from its previously announced adjusted net income of $2.72 per share.

The company also boosted its fourth-quarter net income, thanks to the court ruling.

PPL now says it earned $454 million, or 78 cents per share, up from its previously announced net income of $401 million, or 69 cents per share. Excluding one-time items, the company's adjusted net income was 71 cents per share, up from its previously announced 70 cents per share.

PPL said it is keeping its 2012 earnings forecast in a range between $2.15 per share and $2.45 per share. Analysts, on average, are expecting adjusted net income of $2.37 per share, with estimates ranging from $2.30 to $2.65, according to FactSet.

Separately, the utility also said Monday that one of its subsidiaries bought a natural gas-fired power plant in Lebanon, Pa., for about $304 million. The company bought AES Ironwood L.L.C. and AES Prescott L.L.C., which together own the 705-megawatt power plant.

PPL bought those companies from utility company AES Corporation.

Shares of PPL fell 7 cents, or less than 1 percent, to $28.78 in midday trading. The stock has traded between $24.10 and $30.27 in the past 52 weeks.