PPL Corporation reports third-quarter 2024 earnings
-
Announces 2024 third-quarter reported earnings (GAAP) per share of
$0.29 . -
Achieves 2024 third-quarter ongoing earnings per share of
$0.42 vs.$0.43 in 2023. -
Narrows 2024 ongoing earnings forecast range to
$1.67 to$1.73 per share and increases midpoint to$1.70 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, third-quarter 2024 earnings from ongoing operations (non-GAAP) were
Earnings from ongoing operations for the first nine months of 2024 were
Special items in the third quarters and first nine months of 2024 and 2023 primarily included integration and related expenses associated with the acquisition of
"Based on our strong year-to-date financial performance and continued execution of our business plan, we've narrowed our 2024 ongoing earnings forecast range," said
In updating the company's 2024 ongoing earnings forecast range today, PPL narrowed the range to
In addition, the company reaffirmed its projection of 6% to 8% annual earnings and dividend growth through at least 2027 based off the midpoint of its original 2024 ongoing earnings forecast range.
"As we work to close out the year, we are firmly on track to achieve our 2024 priorities," said Sorgi. "This includes investing more than
PPL's plan includes delivering targeted annual operation and maintenance savings of at least
In third-quarter highlights, PPL completed the integration of
Also in the third quarter, PPL subsidiaries
Other highlights included strong storm response in
Third-Quarter 2024 Earnings Details
As discussed in this news release, reported earnings are calculated in accordance with
(Dollars in millions, except for per share |
3rd Quarter |
|
Year to Date |
||||||||
|
2024 |
|
2023 |
|
Change |
|
2024 |
|
2023 |
|
Change |
Reported earnings |
$ 214 |
|
$ 230 |
|
(7) % |
|
$ 711 |
|
$ 627 |
|
13 % |
Reported earnings per share |
$ 0.29 |
|
$ 0.31 |
|
(6) % |
|
$ 0.96 |
|
$ 0.85 |
|
13 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
3rd Quarter |
|
Year to Date |
||||||||
|
2024 |
|
2023 |
|
Change |
|
2024 |
|
2023 |
|
Change |
Earnings from ongoing operations |
$ 310 |
|
$ 317 |
|
(2) % |
|
$ 994 |
|
$ 884 |
|
12 % |
Earnings from ongoing operations per share |
$ 0.42 |
|
$ 0.43 |
|
(2) % |
|
$ 1.34 |
|
$ 1.20 |
|
12 % |
Third-Quarter 2024 Earnings by Segment |
|||||||
|
|||||||
|
3rd Quarter |
|
Year to Date |
||||
Per share |
2024 |
|
2023 |
|
2024 |
|
2023 |
Reported earnings |
|
|
|
|
|
|
|
Kentucky Regulated |
$ 0.23 |
|
$ 0.24 |
|
$ 0.66 |
|
$ 0.58 |
Pennsylvania Regulated |
0.19 |
|
0.18 |
|
0.60 |
|
0.52 |
Rhode Island Regulated |
0.02 |
|
0.01 |
|
0.12 |
|
0.10 |
Corporate and Other |
(0.15) |
|
(0.12) |
|
(0.42) |
|
(0.35) |
Total |
$ 0.29 |
|
$ 0.31 |
|
$ 0.96 |
|
$ 0.85 |
|
|
|
|
|
|
|
|
|
3rd Quarter |
|
Year to Date |
||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
Special items (expense) benefit |
|
|
|
|
|
|
|
Kentucky Regulated |
$ (0.01) |
|
$ — |
|
$ (0.01) |
|
$ (0.01) |
Pennsylvania Regulated |
— |
|
(0.02) |
|
(0.02) |
|
(0.02) |
Rhode Island Regulated |
(0.02) |
|
(0.02) |
|
(0.07) |
|
(0.06) |
Corporate and Other |
(0.10) |
|
(0.08) |
|
(0.28) |
|
(0.26) |
Total |
$ (0.13) |
|
$ (0.12) |
|
$ (0.38) |
|
$ (0.35) |
|
|
|
|
|
|
|
|
|
3rd Quarter |
|
Year to Date |
||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
Earnings from ongoing operations |
|
|
|
|
|
|
|
Kentucky Regulated |
$ 0.24 |
|
$ 0.24 |
|
$ 0.67 |
|
$ 0.59 |
Pennsylvania Regulated |
0.19 |
|
0.20 |
|
0.62 |
|
0.54 |
Rhode Island Regulated |
0.04 |
|
0.03 |
|
0.19 |
|
0.16 |
Corporate and Other |
(0.05) |
|
(0.04) |
|
(0.14) |
|
(0.09) |
Total |
$ 0.42 |
|
$ 0.43 |
|
$ 1.34 |
|
$ 1.20 |
Key Factors Impacting Earnings
In addition to the segment drivers outlined below, PPL's reported earnings in the third quarter of 2024 included net special item after-tax charges of
Reported earnings in the first nine 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 third quarter of 2024 decreased by
Reported earnings and earnings from ongoing operations in the first nine 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 third quarter of 2024 increased by
Reported earnings and earnings from ongoing operations in the first nine 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 and earnings from ongoing operations in the third quarter of 2024 increased by
Reported earnings in the first nine 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 third quarter of 2024 decreased by
Reported earnings in the first nine months of 2024 decreased by
2024 Earnings Forecast
PPL narrowed its 2024 earnings from ongoing operations forecast range to
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 third-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: 8737672. 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 |
$ 542 |
|
$ 331 |
Accounts receivable |
1,000 |
|
1,221 |
Unbilled revenues |
319 |
|
428 |
Fuel, materials and supplies |
517 |
|
505 |
Regulatory assets |
342 |
|
293 |
Other current assets |
254 |
|
154 |
Property, Plant and Equipment |
|
|
|
Regulated utility plant |
40,097 |
|
38,608 |
Less: Accumulated depreciation - regulated utility plant |
9,647 |
|
9,156 |
Regulated utility plant, net |
30,450 |
|
29,452 |
Non-regulated property, plant and equipment |
76 |
|
72 |
Less: Accumulated depreciation - non-regulated property, plant and equipment |
28 |
|
23 |
Non-regulated property, plant and equipment, net |
48 |
|
49 |
Construction work in progress |
2,129 |
|
1,917 |
Property, Plant and Equipment, net |
32,627 |
|
31,418 |
Noncurrent regulatory assets |
1,894 |
|
1,874 |
|
2,561 |
|
2,553 |
Other noncurrent assets |
416 |
|
459 |
Total Assets |
$ 40,472 |
|
$ 39,236 |
|
|
|
|
Liabilities and Equity |
|
|
|
Short-term debt |
$ — |
|
$ 992 |
Long-term debt due within one year |
1 |
|
1 |
Accounts payable |
920 |
|
1,104 |
Other current liabilities |
1,385 |
|
1,243 |
Long-term debt |
16,499 |
|
14,611 |
Deferred income taxes and investment tax credits |
3,417 |
|
3,219 |
Accrued pension obligations |
218 |
|
275 |
Asset retirement obligations |
139 |
|
133 |
Noncurrent regulatory liabilities |
3,371 |
|
3,340 |
Other deferred credits and noncurrent liabilities |
430 |
|
385 |
Common stock and additional paid-in capital |
12,336 |
|
12,334 |
|
(929) |
|
(948) |
Earnings reinvested |
2,848 |
|
2,710 |
Accumulated other comprehensive loss |
(163) |
|
(163) |
Total Liabilities and Equity |
$ 40,472 |
|
$ 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 |
|
Nine Months Ended |
||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
Operating Revenues |
$ 2,066 |
|
$ 2,043 |
|
$ 6,251 |
|
$ 6,281 |
|
|
|
|
|
|
|
|
Operating Expenses |
|
|
|
|
|
|
|
Operation |
|
|
|
|
|
|
|
Fuel |
207 |
|
199 |
|
597 |
|
567 |
Energy purchases |
338 |
|
356 |
|
1,133 |
|
1,430 |
Other operation and maintenance |
681 |
|
637 |
|
1,930 |
|
1,805 |
Depreciation |
322 |
|
314 |
|
957 |
|
940 |
Taxes, other than income |
90 |
|
100 |
|
271 |
|
299 |
Total Operating Expenses |
1,638 |
|
1,606 |
|
4,888 |
|
5,041 |
|
|
|
|
|
|
|
|
Operating Income |
428 |
|
437 |
|
1,363 |
|
1,240 |
|
|
|
|
|
|
|
|
Other Income (Expense) - net |
32 |
|
16 |
|
86 |
|
51 |
|
|
|
|
|
|
|
|
Interest Expense |
188 |
|
165 |
|
549 |
|
494 |
|
|
|
|
|
|
|
|
Income Before Income Taxes |
272 |
|
288 |
|
900 |
|
797 |
|
|
|
|
|
|
|
|
Income Taxes |
58 |
|
58 |
|
189 |
|
170 |
|
|
|
|
|
|
|
|
Net Income |
$ 214 |
|
$ 230 |
|
$ 711 |
|
$ 627 |
|
|
|
|
|
|
|
|
Earnings Per Share of Common Stock: |
|
|
|
|
|
|
|
Basic and Diluted |
|
|
|
|
|
|
|
Net Income Available to PPL Common Shareowners |
$ 0.29 |
|
$ 0.31 |
|
$ 0.96 |
|
$ 0.85 |
|
|
|
|
|
|
|
|
Weighted-Average Shares of Common Stock Outstanding (in thousands) |
|
|
|
|
|
|
|
Basic |
737,773 |
|
737,107 |
|
737,678 |
|
737,005 |
Diluted |
739,965 |
|
738,184 |
|
739,450 |
|
738,021 |
PPL CORPORATION AND SUBSIDIARIES |
|||
Condensed Consolidated Statements of Cash Flows (Unaudited) |
|||
(Millions of Dollars) |
|||
|
|||
|
Nine Months Ended |
||
|
2024 |
|
2023 |
Cash Flows from Operating Activities |
|
|
|
Net income |
$ 711 |
|
$ 627 |
Adjustments to reconcile net income to net cash provided by operating activities |
|
|
|
Depreciation |
957 |
|
940 |
Amortization |
61 |
|
61 |
Defined benefit plans - income |
(52) |
|
(55) |
Deferred income taxes and investment tax credits |
147 |
|
142 |
Other |
13 |
|
(1) |
Change in current assets and current liabilities |
|
|
|
Accounts receivable |
259 |
|
(37) |
Accounts payable |
(236) |
|
(129) |
Unbilled revenues |
109 |
|
224 |
Fuel, materials and supplies |
(9) |
|
(43) |
Prepayments |
(75) |
|
(44) |
Taxes payable |
(8) |
|
(15) |
Regulatory assets and liabilities, net |
(54) |
|
(27) |
Accrued interest |
104 |
|
123 |
Other |
(78) |
|
(2) |
Other operating activities |
|
|
|
Defined benefit plans - funding |
(10) |
|
(14) |
Other |
(10) |
|
(102) |
Net cash provided by operating activities |
1,829 |
|
1,648 |
|
|
|
|
Cash Flows from Investing Activities |
|
|
|
Expenditures for property, plant and equipment |
(1,945) |
|
(1,741) |
Other investing activities |
1 |
|
2 |
Net cash used in investing activities |
(1,944) |
|
(1,739) |
|
|
|
|
Cash Flows from Financing Activities |
|
|
|
Issuance of long-term debt |
1,894 |
|
3,127 |
Retirement of long-term debt |
— |
|
(1,763) |
Payment of common stock dividends |
(557) |
|
(526) |
Net decrease in short-term debt |
(992) |
|
(698) |
Other financing activities |
(29) |
|
(52) |
Net cash provided by financing activities |
316 |
|
88 |
|
|
|
|
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash |
201 |
|
(3) |
Cash, Cash Equivalents and Restricted Cash at Beginning of Period |
382 |
|
357 |
Cash, Cash Equivalents and Restricted Cash at End of Period |
$ 583 |
|
$ 354 |
|
|
|
|
Supplemental Disclosures of Cash Flow Information |
|
|
|
Significant non-cash transactions: |
|
|
|
Accrued expenditures for property, plant and equipment at |
$ 281 |
|
$ 200 |
Operating - Electricity Sales (Unaudited)(1) |
|||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
Nine Months Ended |
|
|
||||
|
|
|
|
|
Percent |
|
|
|
|
|
Percent |
(GWh) |
2024 |
|
2023 |
|
Change |
|
2024 |
|
2023 |
|
Change |
|
|
|
|
|
|
|
|
|
|
|
|
PA Regulated Segment |
|
|
|
|
|
|
|
|
|
|
|
Retail Delivered |
9,468 |
|
9,363 |
|
1.1 % |
|
27,682 |
|
26,894 |
|
2.9 % |
|
|
|
|
|
|
|
|
|
|
|
|
KY Regulated Segment |
|
|
|
|
|
|
|
|
|
|
|
Retail Delivered |
8,084 |
|
7,943 |
|
1.8 % |
|
22,696 |
|
21,539 |
|
5.4 % |
Wholesale(2) |
186 |
|
178 |
|
4.5 % |
|
483 |
|
382 |
|
26.4 % |
Total |
8,270 |
|
8,121 |
|
1.8 % |
|
23,179 |
|
21,921 |
|
5.7 % |
|
|
|
|
|
|
|
|
|
|
|
|
Total |
17,738 |
|
17,484 |
|
1.5 % |
|
50,861 |
|
48,815 |
|
4.2 % |
|
|
(1) |
Excludes the Rhode Island Regulated segment electricity sales as revenues are decoupled from volumes delivered. |
(2) |
Represents FERC-regulated municipal and unregulated off-system sales. |
Reconciliation of Segment Reported Earnings to Earnings from Ongoing Operations |
|||||||||
(After-Tax) |
|||||||||
(Unaudited) |
|||||||||
|
|
||||||||
3rd Quarter 2024 |
(millions of dollars) |
||||||||
|
KY |
|
PA |
|
RI |
|
Corp. |
|
|
|
Reg. |
|
Reg. |
|
Reg. |
|
& Other |
|
Total |
Reported Earnings(1) |
$ 169 |
|
$ 142 |
|
$ 14 |
|
$ (111) |
|
$ 214 |
Less: Special Items (expense) benefit: |
|
|
|
|
|
|
|
|
|
Talen litigation costs, net of tax of |
— |
|
— |
|
— |
|
(2) |
|
(2) |
Strategic corporate initiatives, net of tax of |
— |
|
— |
|
— |
|
(2) |
|
(2) |
Acquisition integration, net of tax of |
— |
|
— |
|
(18) |
|
(71) |
|
(89) |
|
1 |
|
— |
|
— |
|
— |
|
1 |
ECR beneficial reuse transition adjustment, net of tax of |
(4) |
|
— |
|
— |
|
— |
|
(4) |
Total Special Items |
(3) |
|
— |
|
(18) |
|
(75) |
|
(96) |
Earnings from Ongoing Operations |
$ 172 |
|
$ 142 |
|
$ 32 |
|
$ (36) |
|
$ 310 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(per share - diluted) |
||||||||
|
KY |
|
PA |
|
RI |
|
Corp. |
|
|
|
Reg. |
|
Reg. |
|
Reg. |
|
& Other |
|
Total |
Reported Earnings(1) |
$ 0.23 |
|
$ 0.19 |
|
$ 0.02 |
|
$ (0.15) |
|
$ 0.29 |
Less: Special Items (expense) benefit: |
|
|
|
|
|
|
|
|
|
Acquisition integration(4) |
— |
|
— |
|
(0.02) |
|
(0.10) |
|
(0.12) |
ECR beneficial reuse transition adjustment(6) |
(0.01) |
|
— |
|
— |
|
— |
|
(0.01) |
Total Special Items |
(0.01) |
|
— |
|
(0.02) |
|
(0.10) |
|
(0.13) |
Earnings from Ongoing Operations |
$ 0.24 |
|
$ 0.19 |
|
$ 0.04 |
|
$ (0.05) |
|
$ 0.42 |
|
|
(1) |
Reported Earnings represents Net Income. |
(2) |
PPL incurred legal expenses related to litigation associated with its former affiliate. |
(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) |
Prior period impact related to a |
(6) |
Prior period impact of an adjustment related to the Environmental Cost Recovery mechanism revenues. |
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) |
$ 493 |
|
$ 441 |
|
$ 90 |
|
$ (313) |
|
$ 711 |
Less: Special Items (expense) benefit: |
|
|
|
|
|
|
|
|
|
Talen litigation costs, net of tax of |
— |
|
— |
|
— |
|
(2) |
|
(2) |
Strategic corporate initiatives, net of tax of |
(1) |
|
(4) |
|
— |
|
(6) |
|
(11) |
Acquisition integration, net of tax of |
— |
|
— |
|
(48) |
|
(206) |
|
(254) |
|
— |
|
(13) |
|
— |
|
— |
|
(13) |
|
1 |
|
— |
|
— |
|
— |
|
1 |
ECR beneficial reuse transition adjustment, net of tax of |
(4) |
|
— |
|
— |
|
— |
|
(4) |
Total Special Items |
(4) |
|
(17) |
|
(48) |
|
(214) |
|
(283) |
Earnings from Ongoing Operations |
$ 497 |
|
$ 458 |
|
$ 138 |
|
$ (99) |
|
$ 994 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(per share - diluted) |
||||||||
|
KY |
|
PA |
|
RI |
|
Corp. |
|
|
|
Reg. |
|
Reg. |
|
Reg. |
|
& Other |
|
Total |
Reported Earnings(1) |
$ 0.66 |
|
$ 0.60 |
|
$ 0.12 |
|
$ (0.42) |
|
$ 0.96 |
Less: Special Items (expense) benefit: |
|
|
|
|
|
|
|
|
|
Strategic corporate initiatives(3) |
— |
|
— |
|
— |
|
(0.01) |
|
(0.01) |
Acquisition integration(4) |
— |
|
— |
|
(0.07) |
|
(0.27) |
|
(0.34) |
|
— |
|
(0.02) |
|
— |
|
— |
|
(0.02) |
ECR beneficial reuse transition adjustment(7) |
(0.01) |
|
— |
|
— |
|
— |
|
(0.01) |
Total Special Items |
(0.01) |
|
(0.02) |
|
(0.07) |
|
(0.28) |
|
(0.38) |
Earnings from Ongoing Operations |
$ 0.67 |
|
$ 0.62 |
|
$ 0.19 |
|
$ (0.14) |
|
$ 1.34 |
|
|
(1) |
Reported Earnings represents Net Income. |
(2) |
PPL incurred legal expenses related to litigation associated with its former affiliate. |
(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 FERC refund order. |
(7) |
Prior period impact of an adjustment related to the Environmental Cost Recovery mechanism revenues. |
Reconciliation of Segment Reported Earnings to Earnings from Ongoing Operations |
|||||||||
(After-Tax) |
|||||||||
(Unaudited) |
|||||||||
|
|
|
|
|
|
|
|
|
|
3rd Quarter 2023 |
(millions of dollars) |
||||||||
|
KY |
|
PA |
|
RI |
|
Corp. |
|
|
|
Reg. |
|
Reg. |
|
Reg. |
|
& Other |
|
Total |
Reported Earnings(1) |
$ 175 |
|
$ 136 |
|
$ 6 |
|
$ (87) |
|
$ 230 |
Less: Special Items (expense) benefit: |
|
|
|
|
|
|
|
|
|
Talen litigation costs, net of tax of |
— |
|
— |
|
— |
|
(3) |
|
(3) |
Strategic corporate initiatives, net of tax of |
— |
|
(1) |
|
— |
|
(3) |
|
(4) |
Acquisition integration, net of tax of |
— |
|
— |
|
(16) |
|
(55) |
|
(71) |
Sale of |
— |
|
— |
|
— |
|
1 |
|
1 |
|
— |
|
(8) |
|
— |
|
— |
|
(8) |
Other non-recurring charges, net of tax of |
— |
|
— |
|
— |
|
(2) |
|
(2) |
Total Special Items |
— |
|
(9) |
|
(16) |
|
(62) |
|
(87) |
Earnings from Ongoing Operations |
$ 175 |
|
$ 145 |
|
$ 22 |
|
$ (25) |
|
$ 317 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(per share - diluted) |
||||||||
|
KY |
|
PA |
|
RI |
|
Corp. |
|
|
|
Reg. |
|
Reg. |
|
Reg. |
|
& Other |
|
Total |
Reported Earnings(1) |
$ 0.24 |
|
$ 0.18 |
|
$ 0.01 |
|
$ (0.12) |
|
$ 0.31 |
Less: Special Items (expense) benefit: |
|
|
|
|
|
|
|
|
|
Acquisition integration(4) |
— |
|
— |
|
(0.02) |
|
(0.08) |
|
(0.10) |
|
— |
|
(0.02) |
|
— |
|
— |
|
(0.02) |
Total Special Items |
— |
|
(0.02) |
|
(0.02) |
|
(0.08) |
|
(0.12) |
Earnings from Ongoing Operations |
$ 0.24 |
|
$ 0.20 |
|
$ 0.03 |
|
$ (0.04) |
|
$ 0.43 |
|
|
(1) |
Reported Earnings represents Net Income. |
(2) |
Represents costs related to litigation with Talen Montana, LLC and affiliated entities. |
(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) |
Primarily final closing and other related adjustments for the sale of |
(6) |
Certain expenses related to billing issues. |
(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) |
$ 432 |
|
$ 384 |
|
$ 70 |
|
$ (259) |
|
$ 627 |
Less: Special Items (expense) benefit: |
|
|
|
|
|
|
|
|
|
Talen litigation costs, net of tax of |
— |
|
— |
|
— |
|
(6) |
|
(6) |
Strategic corporate initiatives, net of tax of |
(1) |
|
(1) |
|
— |
|
(7) |
|
(9) |
Acquisition integration, net of tax of |
— |
|
— |
|
(46) |
|
(159) |
|
(205) |
PA tax rate change(5) |
— |
|
1 |
|
— |
|
— |
|
1 |
Sale of |
— |
|
— |
|
— |
|
(3) |
|
(3) |
|
— |
|
(15) |
|
— |
|
— |
|
(15) |
|
(5) |
|
— |
|
— |
|
— |
|
(5) |
Other non-recurring charges, net of tax of |
— |
|
— |
|
— |
|
(15) |
|
(15) |
Total Special Items |
(6) |
|
(15) |
|
(46) |
|
(190) |
|
(257) |
Earnings from Ongoing Operations |
$ 438 |
|
$ 399 |
|
$ 116 |
|
$ (69) |
|
$ 884 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(per share - diluted) |
||||||||
|
KY |
|
PA |
|
RI |
|
Corp. |
|
|
|
Reg. |
|
Reg. |
|
Reg. |
|
& Other |
|
Total |
Reported Earnings(1) |
$ 0.58 |
|
$ 0.52 |
|
$ 0.10 |
|
$ (0.35) |
|
$ 0.85 |
Less: Special Items (expense) benefit: |
|
|
|
|
|
|
|
|
|
Talen litigation costs(2) |
— |
|
— |
|
— |
|
(0.01) |
|
(0.01) |
Strategic corporate initiatives(3) |
— |
|
— |
|
— |
|
(0.01) |
|
(0.01) |
Acquisition integration(4) |
— |
|
— |
|
(0.06) |
|
(0.22) |
|
(0.28) |
|
— |
|
(0.02) |
|
— |
|
— |
|
(0.02) |
|
(0.01) |
|
— |
|
— |
|
— |
|
(0.01) |
Other non-recurring charges(9) |
— |
|
— |
|
— |
|
(0.02) |
|
(0.02) |
Total Special Items |
(0.01) |
|
(0.02) |
|
(0.06) |
|
(0.26) |
|
(0.35) |
Earnings from Ongoing Operations |
$ 0.59 |
|
$ 0.54 |
|
$ 0.16 |
|
$ (0.09) |
|
$ 1.20 |
|
|
(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) |
Impact of |
(6) |
Primarily final closing and other related adjustments for the sale of |
(7) |
Certain expenses related to billing issues. |
(8) |
Prior period impact related to a FERC refund order. |
(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 |
$ 1.32 |
|
$ 1.35 |
|
$ 1.29 |
Less: Special Items (expense) benefit:(1) |
|
|
|
|
|
Strategic corporate initiatives(2) |
(0.01) |
|
(0.01) |
|
(0.01) |
Acquisition integration(3) |
(0.34) |
|
(0.34) |
|
(0.34) |
|
(0.02) |
|
(0.02) |
|
(0.02) |
ECR beneficial reuse transition adjustment(5) |
(0.01) |
|
(0.01) |
|
(0.01) |
Total Special Items |
(0.38) |
|
(0.38) |
|
(0.38) |
Forecast of Earnings from Ongoing Operations |
$ 1.70 |
|
$ 1.73 |
|
$ 1.67 |
|
|
(1) |
Reflects only special items recorded through |
(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. |
(5) |
Prior period impact of an adjustment related to the Environmental Cost Recovery mechanism revenues. |
Contacts: |
For news media: |
|
For financial analysts: |
View original content to download multimedia:https://www.prnewswire.com/news-releases/ppl-corporation-reports-third-quarter-2024-earnings-302294030.html
SOURCE