PPL Corporation reports second-quarter 2024 earnings
-
Announces 2024 second-quarter reported earnings (GAAP) per share of
$0.26 . -
Achieves 2024 second-quarter ongoing earnings per share of
$0.38 vs.$0.29 in 2023. -
Reaffirms 2024 ongoing earnings forecast range of
$1.63 to$1.75 per share with a midpoint of$1.69 per share. - Reaffirms projected annual earnings per share and dividend growth of 6% to 8% through at least 2027.
PPL reported earnings of
Adjusting for special items, second-quarter 2024 earnings from ongoing operations (non-GAAP) were
Earnings from ongoing operations for the first six months of 2024 were
Special items in the second quarters and first six months of 2024 and 2023 primarily included integration and related expenses associated with the acquisition of
"Following another strong quarter and continued success in executing our plans, today we're reaffirming our 2024 ongoing earnings guidance and expect to achieve at least the midpoint of our 2024 forecast," said
PPL's forecast for 2024 earnings from ongoing operations remains
In addition, PPL reaffirmed its projection of 6% to 8% annual earnings and dividend growth through at least 2027 based off the midpoint of its 2024 ongoing earnings forecast range.
The company also reaffirmed its targeted annual operation and maintenance savings of at least
"Across PPL, we continue to execute our utility of the future strategy, to drive efficiencies that help keep energy affordable for our customers and to make progress on our planned
Second-Quarter 2024 Earnings Details
As discussed in this news release, reported earnings are calculated in accordance with
(Dollars in millions, except for per share amounts) |
2nd Quarter |
|
Year to Date |
|
||||||||
|
2024 |
|
2023 |
|
Change |
|
2024 |
|
2023 |
|
Change |
|
Reported earnings |
$ 190 |
|
$ 112 |
|
70 % |
|
$ 497 |
|
$ 397 |
|
25 % |
|
Reported earnings per share |
$ 0.26 |
|
$ 0.15 |
|
73 % |
|
$ 0.67 |
|
$ 0.54 |
|
24 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2nd Quarter |
|
Year to Date |
|
||||||||
|
2024 |
|
2023 |
|
Change |
|
2024 |
|
2023 |
|
Change |
|
Earnings from ongoing operations |
$ 282 |
|
$ 215 |
|
31 % |
|
$ 684 |
|
$ 567 |
|
21 % |
|
Earnings from ongoing operations per share |
$ 0.38 |
|
$ 0.29 |
|
31 % |
|
$ 0.92 |
|
$ 0.77 |
|
19 % |
|
|
Second-Quarter 2024 Earnings by Segment
|
2nd Quarter |
|
Year to Date |
||||
Per share |
2024 |
|
2023 |
|
2024 |
|
2023 |
Reported earnings |
|
|
|
|
|
|
|
Kentucky Regulated |
$ 0.18 |
|
$ 0.12 |
|
$ 0.44 |
|
$ 0.35 |
Pennsylvania Regulated |
0.21 |
|
0.15 |
|
0.40 |
|
0.33 |
Rhode Island Regulated |
0.01 |
|
0.01 |
|
0.10 |
|
0.09 |
Corporate and Other |
(0.14) |
|
(0.13) |
|
(0.27) |
|
(0.23) |
Total |
$ 0.26 |
|
$ 0.15 |
|
$ 0.67 |
|
$ 0.54 |
|
|
|
|
|
|
|
|
|
2nd Quarter |
|
Year to Date |
||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
Special items (expense) benefit |
|
|
|
|
|
|
|
Kentucky Regulated |
$ — |
|
$ (0.01) |
|
$ — |
|
$ (0.01) |
Pennsylvania Regulated |
— |
|
(0.01) |
|
(0.02) |
|
(0.01) |
Rhode Island Regulated |
(0.03) |
|
(0.02) |
|
(0.04) |
|
(0.04) |
Corporate and Other |
(0.09) |
|
(0.10) |
|
(0.19) |
|
(0.17) |
Total |
$ (0.12) |
|
$ (0.14) |
|
$ (0.25) |
|
$ (0.23) |
|
|
|
|
|
|
|
|
|
2nd Quarter |
|
Year to Date |
||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
Earnings from ongoing operations |
|
|
|
|
|
|
|
Kentucky Regulated |
$ 0.18 |
|
$ 0.13 |
|
$ 0.44 |
|
$ 0.36 |
Pennsylvania Regulated |
0.21 |
|
0.16 |
|
0.42 |
|
0.34 |
Rhode Island Regulated |
0.04 |
|
0.03 |
|
0.14 |
|
0.13 |
Corporate and Other |
(0.05) |
|
(0.03) |
|
(0.08) |
|
(0.06) |
Total |
$ 0.38 |
|
$ 0.29 |
|
$ 0.92 |
|
$ 0.77 |
Key Factors Impacting Earnings
In addition to the segment drivers outlined below, PPL's reported earnings in the second quarter of 2024 included net special-item after-tax charges of
Reported earnings in the first six months of 2024 included net special-item after-tax charges of
Kentucky Regulated Segment
PPL's Kentucky Regulated segment primarily consists of the regulated electricity and natural gas operations of
Reported earnings in the second quarter of 2024 increased by
Reported earnings in the first six months of 2024 increased by
Pennsylvania Regulated Segment
PPL's Pennsylvania Regulated segment consists of the regulated electricity delivery operations of
Reported earnings in the second quarter of 2024 increased by
Reported earnings in the first six months of 2024 increased by
Rhode Island Regulated Segment
PPL's Rhode Island Regulated segment consists of the regulated electricity and natural gas operations of
Reported earnings in the second quarter of 2024 were even compared with a year ago. Earnings from ongoing operations in the second quarter of 2024 increased by
Reported earnings and earnings from ongoing operations in the first six months of 2024 increased by
Corporate and Other
PPL's Corporate and Other category primarily includes financing costs incurred at the corporate level, certain non-recoverable costs resulting from commitments made to the
Reported earnings in the second quarter of 2024 decreased by
Reported earnings in the first six months of 2024 decreased by
2024 Earnings Forecast
PPL's 2024 earnings from ongoing operations forecast range is
Earnings from ongoing operations is a non-GAAP measure that could differ from reported earnings due to special items that are, in management's view, non-recurring or otherwise not reflective of the company's ongoing operations. PPL management is not able to forecast whether any of these factors will occur or whether any amounts will be reported for future periods. Therefore, PPL is not able to provide an equivalent GAAP measure for earnings guidance.
See the table at the end of this news release for a complete reconciliation of the earnings forecast.
About PPL
(Note: All references to earnings per share in the text and tables of this news release are stated in terms of diluted earnings per share unless otherwise noted.)
Conference Call and Webcast
PPL invites interested parties to listen to a live internet webcast of management's teleconference with financial analysts about second-quarter 2024 financial results at
Interested individuals can access the live conference call via telephone at 1-844-512-2926. International participants should call 1-412-317-6300. Participants will need to enter the following "Elite Entry" number to join the conference: 4228537. Callers can access the webcast link at www.pplweb.com/investors under "Events."
Management utilizes "Earnings from Ongoing Operations" or "Ongoing Earnings" as a non-GAAP financial measure that should not be considered as an alternative to reported earnings, or net income, an indicator of operating performance determined in accordance with GAAP. PPL believes that Earnings from Ongoing Operations is useful and meaningful to investors because it provides management's view of PPL's earnings performance as another criterion in making investment decisions. In addition, PPL's management uses Earnings from Ongoing Operations in measuring achievement of certain corporate performance goals, including targets for certain executive incentive compensation. Other companies may use different measures to present financial performance.
Earnings from Ongoing Operations is adjusted for the impact of special items. Special items are presented in the financial tables on an after-tax basis with the related income taxes on special items separately disclosed. Income taxes on special items, when applicable, are calculated based on the statutory tax rate of the entity where the activity is recorded. Special items may include items such as:
- Gains and losses on sales of assets not in the ordinary course of business.
- Impairment charges.
- Significant workforce reduction and other restructuring effects.
- Acquisition and divestiture-related adjustments.
- Significant losses on early extinguishment of debt.
- Other charges or credits that are, in management's view, non-recurring or otherwise not reflective of the company's ongoing operations.
Statements contained in this news release, including statements with respect to future earnings, cash flows, dividends, financing, regulation and corporate strategy, are "forward-looking statements" within the meaning of the federal securities laws. Although
Note to Editors: Visit our media website at www.pplnewsroom.com for additional news and background about
PPL CORPORATION AND SUBSIDIARIES |
|||
CONDENSED CONSOLIDATED FINANCIAL INFORMATION(1) |
|||
Condensed Consolidated Balance Sheets (Unaudited) |
|||
(Millions of Dollars) |
|||
|
|
|
|
|
|
|
|
|
2024 |
|
2023 |
Assets |
|
|
|
Cash and cash equivalents |
$ 282 |
|
$ 331 |
Accounts receivable |
1,042 |
|
1,221 |
Unbilled revenues |
357 |
|
428 |
Fuel, materials and supplies |
502 |
|
505 |
Regulatory assets |
335 |
|
293 |
Other current assets |
280 |
|
154 |
Property, Plant and Equipment |
|
|
|
Regulated utility plant |
39,656 |
|
38,608 |
Less: Accumulated depreciation - regulated utility plant |
9,482 |
|
9,156 |
Regulated utility plant, net |
30,174 |
|
29,452 |
Non-regulated property, plant and equipment |
71 |
|
72 |
Less: Accumulated depreciation - non-regulated property, plant and equipment |
26 |
|
23 |
Non-regulated property, plant and equipment, net |
45 |
|
49 |
Construction work in progress |
1,954 |
|
1,917 |
Property, Plant and Equipment, net |
32,173 |
|
31,418 |
Noncurrent regulatory assets |
1,889 |
|
1,874 |
|
2,561 |
|
2,553 |
Other noncurrent assets |
418 |
|
459 |
Total Assets |
$ 39,839 |
|
$ 39,236 |
|
|
|
|
Liabilities and Equity |
|
|
|
Short-term debt |
$ 389 |
|
$ 992 |
Long-term debt due within one year |
1 |
|
1 |
Accounts payable |
980 |
|
1,104 |
Other current liabilities |
1,145 |
|
1,243 |
Long-term debt |
15,756 |
|
14,611 |
Deferred income taxes and investment tax credits |
3,375 |
|
3,219 |
Accrued pension obligations |
234 |
|
275 |
Asset retirement obligations |
137 |
|
133 |
Noncurrent regulatory liabilities |
3,350 |
|
3,340 |
Other deferred credits and noncurrent liabilities |
407 |
|
385 |
Common stock and additional paid-in capital |
12,329 |
|
12,334 |
|
(930) |
|
(948) |
Earnings reinvested |
2,826 |
|
2,710 |
Accumulated other comprehensive loss |
(160) |
|
(163) |
Total Liabilities and Equity |
$ 39,839 |
|
$ 39,236 |
|
|
(1) |
The Financial Statements in this news release have been condensed and summarized for purposes of this presentation. Please refer to PPL Corporation's periodic filings with the |
PPL CORPORATION AND SUBSIDIARIES |
|||||||
Condensed Consolidated Statements of Income (Unaudited) |
|||||||
(Millions of Dollars, except share data) |
|||||||
|
|
|
|
||||
|
Three Months Ended |
|
Six Months Ended |
||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
Operating Revenues |
$ 1,881 |
|
$ 1,823 |
|
$ 4,185 |
|
$ 4,238 |
|
|
|
|
|
|
|
|
Operating Expenses |
|
|
|
|
|
|
|
Operation |
|
|
|
|
|
|
|
Fuel |
181 |
|
167 |
|
390 |
|
368 |
Energy purchases |
275 |
|
340 |
|
795 |
|
1,074 |
Other operation and maintenance |
623 |
|
609 |
|
1,249 |
|
1,168 |
Depreciation |
319 |
|
313 |
|
635 |
|
626 |
Taxes, other than income |
93 |
|
89 |
|
181 |
|
199 |
Total Operating Expenses |
1,491 |
|
1,518 |
|
3,250 |
|
3,435 |
|
|
|
|
|
|
|
|
Operating Income |
390 |
|
305 |
|
935 |
|
803 |
|
|
|
|
|
|
|
|
Other Income (Expense) - net |
32 |
|
5 |
|
54 |
|
35 |
|
|
|
|
|
|
|
|
Interest Expense |
182 |
|
165 |
|
361 |
|
329 |
|
|
|
|
|
|
|
|
Income Before Income Taxes |
240 |
|
145 |
|
628 |
|
509 |
|
|
|
|
|
|
|
|
Income Taxes |
50 |
|
33 |
|
131 |
|
112 |
|
|
|
|
|
|
|
|
Net Income |
$ 190 |
|
$ 112 |
|
$ 497 |
|
$ 397 |
|
|
|
|
|
|
|
|
Earnings Per Share of Common Stock: |
|
|
|
|
|
|
|
Basic and Diluted |
|
|
|
|
|
|
|
Net Income Available to PPL Common Shareowners |
$ 0.26 |
|
$ 0.15 |
|
$ 0.67 |
|
$ 0.54 |
|
|
|
|
|
|
|
|
Weighted-Average Shares of Common Stock Outstanding (in thousands) |
|
|
|
|
|
|
|
Basic |
737,748 |
|
737,075 |
|
737,630 |
|
736,953 |
Diluted |
739,563 |
|
738,177 |
|
739,191 |
|
737,938 |
PPL CORPORATION AND SUBSIDIARIES |
|||
Condensed Consolidated Statements of Cash Flows (Unaudited) |
|||
(Millions of Dollars) |
|||
|
|||
|
Six Months Ended |
||
|
2024 |
|
2023 |
Cash Flows from Operating Activities |
|
|
|
Net income |
$ 497 |
|
$ 397 |
Adjustments to reconcile net income to net cash provided by operating activities |
|
|
|
Depreciation |
635 |
|
626 |
Amortization |
47 |
|
39 |
Defined benefit plans - income |
(35) |
|
(36) |
Deferred income taxes and investment tax credits |
114 |
|
107 |
Other |
10 |
|
25 |
Change in current assets and current liabilities |
|
|
|
Accounts receivable |
162 |
|
(1) |
Accounts payable |
(167) |
|
(209) |
Unbilled revenues |
74 |
|
233 |
Fuel, materials and supplies |
4 |
|
(30) |
Prepayments |
(107) |
|
(90) |
Taxes payable |
(21) |
|
(31) |
Regulatory assets and liabilities, net |
(74) |
|
(57) |
Accrued interest |
21 |
|
44 |
Other |
(57) |
|
(50) |
Other operating activities |
|
|
|
Defined benefit plans - funding |
(7) |
|
(7) |
Other |
(48) |
|
(118) |
Net cash provided by operating activities |
1,048 |
|
842 |
|
|
|
|
Cash Flows from Investing Activities |
|
|
|
Expenditures for property, plant and equipment |
(1,266) |
|
(1,090) |
Other investing activities |
5 |
|
(6) |
Net cash used in investing activities |
(1,261) |
|
(1,096) |
|
|
|
|
Cash Flows from Financing Activities |
|
|
|
Issuance of long-term debt |
1,148 |
|
3,127 |
Retirement of long-term debt |
— |
|
(1,763) |
Payment of common stock dividends |
(367) |
|
(348) |
Net decrease in short-term debt |
(603) |
|
(742) |
Other financing activities |
(23) |
|
(50) |
Net cash provided by financing activities |
155 |
|
224 |
|
|
|
|
|
(58) |
|
(30) |
Cash, Cash Equivalents and Restricted Cash at Beginning of Period |
382 |
|
357 |
Cash, Cash Equivalents and Restricted Cash at End of Period |
$ 324 |
|
$ 327 |
|
|
|
|
Supplemental Disclosures of Cash Flow Information |
|
|
|
Significant non-cash transactions: |
|
|
|
Accrued expenditures for property, plant and equipment at |
$ 288 |
|
$ 231 |
Operating - Electricity Sales (Unaudited)(1) |
|||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
Six Months Ended |
|
|
||||
|
|
|
|
|
Percent |
|
|
|
|
|
Percent |
(GWh) |
2024 |
|
2023 |
|
Change |
|
2024 |
|
2023 |
|
Change |
|
|
|
|
|
|
|
|
|
|
|
|
PA Regulated Segment |
|
|
|
|
|
|
|
|
|
|
|
Retail Delivered |
8,587 |
|
8,089 |
|
6.2 % |
|
18,214 |
|
17,531 |
|
3.9 % |
|
|
|
|
|
|
|
|
|
|
|
|
KY Regulated Segment |
|
|
|
|
|
|
|
|
|
|
|
Retail Delivered |
7,158 |
|
6,620 |
|
8.1 % |
|
14,612 |
|
13,596 |
|
7.5 % |
Wholesale(2) |
130 |
|
95 |
|
36.8 % |
|
297 |
|
204 |
|
45.6 % |
Total |
7,288 |
|
6,715 |
|
8.5 % |
|
14,909 |
|
13,800 |
|
8.0 % |
|
|
|
|
|
|
|
|
|
|
|
|
Total |
15,875 |
|
14,804 |
|
7.2 % |
|
33,123 |
|
31,331 |
|
5.7 % |
|
|
(1) |
Excludes the Rhode Island Regulated segment electricity sales as revenues are decoupled from volumes delivered. |
(2) |
Represents |
Reconciliation of Segment Reported Earnings to Earnings from Ongoing Operations |
|||||||||
(After-Tax) |
|||||||||
(Unaudited) |
|||||||||
|
|
||||||||
2nd Quarter 2024 |
(millions of dollars) |
||||||||
|
KY |
|
PA |
|
RI |
|
Corp. |
|
|
|
Reg. |
|
Reg. |
|
Reg. |
|
& Other |
|
Total |
Reported Earnings(1) |
$ 134 |
|
$ 150 |
|
$ 12 |
|
$ (106) |
|
$ 190 |
Less: Special Items (expense) benefit: |
|
|
|
|
|
|
|
|
|
Strategic corporate initiatives, net of tax of |
— |
|
(3) |
|
— |
|
(2) |
|
(5) |
Acquisition integration, net of tax of |
— |
|
— |
|
(16) |
|
(69) |
|
(85) |
|
— |
|
(2) |
|
— |
|
— |
|
(2) |
Total Special Items |
— |
|
(5) |
|
(16) |
|
(71) |
|
(92) |
Earnings from Ongoing Operations |
$ 134 |
|
$ 155 |
|
$ 28 |
|
$ (35) |
|
$ 282 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(per share - diluted) |
||||||||
|
KY |
|
PA |
|
RI |
|
Corp. |
|
|
|
Reg. |
|
Reg. |
|
Reg. |
|
& Other |
|
Total |
Reported Earnings(1) |
$ 0.18 |
|
$ 0.21 |
|
$ 0.01 |
|
$ (0.14) |
|
$ 0.26 |
Less: Special Items (expense) benefit: |
|
|
|
|
|
|
|
|
|
Acquisition integration(3) |
— |
|
— |
|
(0.03) |
|
(0.09) |
|
(0.12) |
Total Special Items |
— |
|
— |
|
(0.03) |
|
(0.09) |
|
(0.12) |
Earnings from Ongoing Operations |
$ 0.18 |
|
$ 0.21 |
|
$ 0.04 |
|
$ (0.05) |
|
$ 0.38 |
|
|
(1) |
Reported Earnings represents Net Income. |
(2) |
Represents costs primarily related to PPL's corporate centralization and other strategic efforts. |
(3) |
Primarily integration and related costs associated with the acquisition of |
(4) |
Certain expenses related to billing issues. |
Reconciliation of Segment Reported Earnings to Earnings from Ongoing Operations |
|||||||||
(After-Tax) |
|||||||||
(Unaudited) |
|||||||||
|
|
|
|
|
|
|
|
|
|
Year-to-Date |
(millions of dollars) |
||||||||
|
KY |
|
PA |
|
RI |
|
Corp. |
|
|
|
Reg. |
|
Reg. |
|
Reg. |
|
& Other |
|
Total |
Reported Earnings(1) |
$ 324 |
|
$ 299 |
|
$ 76 |
|
$ (202) |
|
$ 497 |
Less: Special Items (expense) benefit: |
|
|
|
|
|
|
|
|
|
Strategic corporate initiatives, net of tax of |
(1) |
|
(4) |
|
— |
|
(4) |
|
(9) |
Acquisition integration, net of tax of |
— |
|
— |
|
(30) |
|
(135) |
|
(165) |
|
— |
|
(13) |
|
— |
|
— |
|
(13) |
Total Special Items |
(1) |
|
(17) |
|
(30) |
|
(139) |
|
(187) |
Earnings from Ongoing Operations |
$ 325 |
|
$ 316 |
|
$ 106 |
|
$ (63) |
|
$ 684 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(per share - diluted) |
||||||||
|
KY |
|
PA |
|
RI |
|
Corp. |
|
|
|
Reg. |
|
Reg. |
|
Reg. |
|
& Other |
|
Total |
Reported Earnings(1) |
$ 0.44 |
|
$ 0.40 |
|
$ 0.10 |
|
$ (0.27) |
|
$ 0.67 |
Less: Special Items (expense) benefit: |
|
|
|
|
|
|
|
|
|
Strategic corporate initiatives(2) |
— |
|
— |
|
— |
|
(0.01) |
|
(0.01) |
Acquisition integration(3) |
— |
|
— |
|
(0.04) |
|
(0.18) |
|
(0.22) |
|
— |
|
(0.02) |
|
— |
|
— |
|
(0.02) |
Total Special Items |
— |
|
(0.02) |
|
(0.04) |
|
(0.19) |
|
(0.25) |
Earnings from Ongoing Operations |
$ 0.44 |
|
$ 0.42 |
|
$ 0.14 |
|
$ (0.08) |
|
$ 0.92 |
|
|
(1) |
Reported Earnings represents Net Income. |
(2) |
Represents costs primarily related to PPL's centralization efforts and other strategic efforts. |
(3) |
Primarily integration and related costs associated with the acquisition of |
(4) |
Certain expenses related to billing issues. |
Reconciliation of Segment Reported Earnings to Earnings from Ongoing Operations |
|||||||||
(After-Tax) |
|||||||||
(Unaudited) |
|||||||||
|
|
|
|
|
|
|
|
|
|
2nd Quarter 2023 |
(millions of dollars) |
||||||||
|
KY |
|
PA |
|
RI |
|
Corp. |
|
|
|
Reg. |
|
Reg. |
|
Reg. |
|
& Other |
|
Total |
Reported Earnings(1) |
$ 91 |
|
$ 110 |
|
$ 10 |
|
$ (99) |
|
$ 112 |
Less: Special Items (expense) benefit: |
|
|
|
|
|
|
|
|
|
Talen litigation costs, net of tax of |
— |
|
— |
|
— |
|
(2) |
|
(2) |
Strategic corporate initiatives, net of tax of |
— |
|
— |
|
— |
|
(3) |
|
(3) |
Acquisition integration, net of tax of |
— |
|
— |
|
(13) |
|
(60) |
|
(73) |
|
— |
|
(7) |
|
— |
|
— |
|
(7) |
|
(5) |
|
— |
|
— |
|
— |
|
(5) |
Other non-recurring charges, net of tax of |
— |
|
— |
|
— |
|
(13) |
|
(13) |
Total Special Items |
(5) |
|
(7) |
|
(13) |
|
(78) |
|
(103) |
Earnings from Ongoing Operations |
$ 96 |
|
$ 117 |
|
$ 23 |
|
$ (21) |
|
$ 215 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(per share - diluted) |
||||||||
|
KY |
|
PA |
|
RI |
|
Corp. |
|
|
|
Reg. |
|
Reg. |
|
Reg. |
|
& Other |
|
Total |
Reported Earnings(1) |
$ 0.12 |
|
$ 0.15 |
|
$ 0.01 |
|
$ (0.13) |
|
$ 0.15 |
Less: Special Items (expense) benefit: |
|
|
|
|
|
|
|
|
|
Acquisition integration(4) |
— |
|
— |
|
(0.02) |
|
(0.08) |
|
(0.10) |
|
— |
|
(0.01) |
|
— |
|
— |
|
(0.01) |
|
(0.01) |
|
— |
|
— |
|
— |
|
(0.01) |
Other non-recurring charges(7) |
— |
|
— |
|
— |
|
(0.02) |
|
(0.02) |
Total Special Items |
(0.01) |
|
(0.01) |
|
(0.02) |
|
(0.10) |
|
(0.14) |
Earnings from Ongoing Operations |
$ 0.13 |
|
$ 0.16 |
|
$ 0.03 |
|
$ (0.03) |
|
$ 0.29 |
|
|
(1) |
Reported Earnings represents Net Income. |
(2) |
Represents costs related to litigation with |
(3) |
Represents costs primarily related to PPL's corporate centralization and other strategic efforts. |
(4) |
Primarily integration and related costs associated with the acquisition of |
(5) |
Certain expenses related to billing issues. |
(6) |
Prior period impact related to a |
(7) |
Certain expenses related to distributed energy investments. |
Reconciliation of Segment Reported Earnings to Earnings from Ongoing Operations |
|||||||||
(After-Tax) |
|||||||||
(Unaudited) |
|||||||||
|
|
|
|
|
|
|
|
|
|
Year-to-Date |
(millions of dollars) |
||||||||
|
KY |
|
PA |
|
RI |
|
Corp. |
|
|
|
Reg. |
|
Reg. |
|
Reg. |
|
& Other |
|
Total |
Reported Earnings(1) |
$ 257 |
|
$ 248 |
|
$ 64 |
|
$ (172) |
|
$ 397 |
Less: Special Items (expense) benefit: |
|
|
|
|
|
|
|
|
|
Talen litigation costs, net of tax of |
— |
|
— |
|
— |
|
(3) |
|
(3) |
Strategic corporate initiatives, net of tax of |
(1) |
|
— |
|
— |
|
(4) |
|
(5) |
Acquisition integration, net of tax of |
— |
|
— |
|
(30) |
|
(104) |
|
(134) |
PA tax rate change(5) |
— |
|
1 |
|
— |
|
— |
|
1 |
Sale of |
— |
|
— |
|
— |
|
(4) |
|
(4) |
|
— |
|
(7) |
|
— |
|
— |
|
(7) |
|
(5) |
|
— |
|
— |
|
— |
|
(5) |
Other non-recurring charges, net of tax of |
— |
|
— |
|
— |
|
(13) |
|
(13) |
Total Special Items |
(6) |
|
(6) |
|
(30) |
|
(128) |
|
(170) |
Earnings from Ongoing Operations |
$ 263 |
|
$ 254 |
|
$ 94 |
|
$ (44) |
|
$ 567 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(per share - diluted) |
||||||||
|
KY |
|
PA |
|
RI |
|
Corp. |
|
|
|
Reg. |
|
Reg. |
|
Reg. |
|
& Other |
|
Total |
Reported Earnings(1) |
$ 0.35 |
|
$ 0.33 |
|
$ 0.09 |
|
$ (0.23) |
|
$ 0.54 |
Less: Special Items (expense) benefit: |
|
|
|
|
|
|
|
|
|
Acquisition integration(4) |
— |
|
— |
|
(0.04) |
|
(0.14) |
|
(0.18) |
Sale of |
— |
|
— |
|
— |
|
(0.01) |
|
(0.01) |
|
— |
|
(0.01) |
|
— |
|
— |
|
(0.01) |
|
(0.01) |
|
— |
|
— |
|
— |
|
(0.01) |
Other non-recurring charges(9) |
— |
|
— |
|
— |
|
(0.02) |
|
(0.02) |
Total Special Items |
(0.01) |
|
(0.01) |
|
(0.04) |
|
(0.17) |
|
(0.23) |
Earnings from Ongoing Operations |
$ 0.36 |
|
$ 0.34 |
|
$ 0.13 |
|
$ (0.06) |
|
$ 0.77 |
|
|
(1) |
Reported Earnings represents Net Income. |
(2) |
Represents costs related to litigation with |
(3) |
Represents costs primarily related to PPL's centralization efforts and other strategic efforts. |
(4) |
Primarily integration and related costs associated with the acquisition of |
(5) |
Impact of |
(6) |
Final closing adjustments related to the sale of |
(7) |
Certain expenses related to billing issues. |
(8) |
Prior period impact related to a |
(9) |
Certain expenses related to distributed energy investments. |
Reconciliation of PPL's Earnings Forecast |
|
||||
After-Tax (Unaudited) |
|
|
|
|
|
(per share - diluted) |
|
|
|
|
|
|
|
|
|
|
|
|
2024 |
||||
|
Midpoint |
|
High |
|
Low |
Estimate of Reported Earnings |
$ 1.44 |
|
$ 1.50 |
|
$ 1.38 |
Less: Special Items (expense) benefit:(1) |
|
|
|
|
|
Strategic corporate initiatives(2) |
(0.01) |
|
(0.01) |
|
(0.01) |
Acquisition integration(3) |
(0.22) |
|
(0.22) |
|
(0.22) |
|
(0.02) |
|
(0.02) |
|
(0.02) |
Total Special Items |
(0.25) |
|
(0.25) |
|
(0.25) |
Forecast of Earnings from Ongoing Operations |
$ 1.69 |
|
$ 1.75 |
|
$ 1.63 |
|
|
(1) |
Reflects only special items recorded through |
(2) |
Represents costs primarily related to PPL's centralization efforts and other strategic efforts. |
(3) |
Primarily integration and related costs associated with the acquisition of |
(4) |
Certain expenses related to billing issues. |
Contacts: |
For news media: |
|
For financial analysts: |
View original content:https://www.prnewswire.com/news-releases/ppl-corporation-reports-second-quarter-2024-earnings-302213346.html
SOURCE