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04.08.2023 08:00
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PR Newswire
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PPL Corporation Reports Second-Quarter 2023 Earnings
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PR Newswire
ALLENTOWN, Pa., Aug. 4, 2023
- Announces 2023 second-quarter reported earnings (GAAP) per share of $0.15.
- Achieves 2023 second-quarter ongoing earnings per share of $0.29 vs. $0.30 in 2022.
- Reaffirms 2023 ongoing earnings forecast of $1.50 to $1.65 per share, with a midpoint of $1.58.
- Reaffirms projected annual earnings per share and dividend growth of 6% to 8% through at least 2026.
ALLENTOWN, Pa., Aug. 4, 2023 /PRNewswire/ -- PPL Corporation (NYSE: PPL) today announced second-quarter 2023 reported earnings (GAAP) of $112 million, or $0.15 per share, compared with second-quarter 2022 reported earnings of $119 million, or $0.16 per share.
PPL reported earnings of $397 million, or $0.54 per share, for the first six months of 2023, compared with the reported earnings of $392 million, or $0.53 per share, for the first six months of 2022.
Adjusting for special items, second-quarter 2023 earnings from ongoing operations (non-GAAP) were $215 million, or $0.29 per share, compared with $222 million, or $0.30 per share, a year ago.
Earnings from ongoing operations for the first six months of 2023 were $567 million, or $0.77 per share, compared with $527 million, or $0.71 per share, for the first six months of 2022.
Special items in the second quarters of 2023 and 2022 primarily included integration and related expenses associated with the acquisition of Rhode Island Energy.
"While mild weather and increased storm activity in our service territories have impacted year-to-date financial results, we remain confident in our ability to deliver on our 2023 ongoing earnings forecast as we expect to offset these impacts through several areas," said PPL Corporation President and Chief Executive Officer Vincent Sorgi. "This includes higher distribution rider revenues in Pennsylvania, better than expected execution of our Rhode Island Energy integration, lower interest costs due to our convertible issuance earlier this year, and additional savings through effective O&M management."
PPL today reaffirmed its 2023 ongoing earnings forecast range of $1.50 to $1.65 per share, with a midpoint of $1.58 per share.
In addition, the company said it remains well-positioned to deliver top-tier earnings per share and dividend growth of 6% to 8% a year through at least 2026 without the need for equity issuances and while maintaining one of the sector's strongest credit profiles.
"Our teams across PPL remain focused on delivering safe, reliable and affordable energy as we execute our strategy to create utilities of the future. We're solidly on track to achieve our targeted O&M savings of $50 to $60 million in 2023 and continue to project at least $175 million in annual operation and maintenance savings by 2026," said Sorgi.
"In addition, we're on pace to invest nearly $2.5 billion in infrastructure this year and $12 billion through 2026 to strengthen the energy grid, improve reliability as extreme weather threats increase, and advance a cleaner energy mix without compromising on affordability."
Second-Quarter 2023 Earnings Details
As discussed in this news release, reported earnings are calculated in accordance with U.S. Generally Accepted Accounting Principles (GAAP). "Earnings from ongoing operations" is a non-GAAP financial measure that is adjusted for special items. See the tables at the end of this news release for a reconciliation of reported earnings (net income) to earnings from ongoing operations, including an itemization of special items.
| (Dollars in millions, except for per share amounts) | 2nd Quarter | | Year to Date | ||||||||
| | 2023 | | 2022 | | Change | | 2023 | | 2022 | | Change |
| Reported earnings | $ 112 | | $ 119 | | (6) % | | $ 397 | | $ 392 | | 1 % |
| Reported earnings per share | $ 0.15 | | $ 0.16 | | (6) % | | $ 0.54 | | $ 0.53 | | 2 % |
| | | | | | | | | | | | |
| | 2nd Quarter | | Year to Date | ||||||||
| | 2023 | | 2022 | | Change | | 2023 | | 2022 | | Change |
| Earnings from ongoing operations | $ 215 | | $ 222 | | (3) % | | $ 567 | | $ 527 | | 8 % |
| Earnings from ongoing operations per share | $ 0.29 | | $ 0.30 | | (3) % | | $ 0.77 | | $ 0.71 | | 8 % |
| | |||||||||||
| Second-Quarter 2023 Earnings by Segment(1) | |||||||
| | |||||||
| | 2nd Quarter | | Year to Date | ||||
| Per share | 2023 | | 2022 | | 2023 | | 2022 |
| Reported earnings | | | | | | | |
| Kentucky Regulated | $ 0.12 | | $ 0.16 | | $ 0.35 | | $ 0.41 |
| Pennsylvania Regulated | 0.15 | | 0.17 | | 0.33 | | 0.36 |
| Rhode Island Regulated | 0.01 | | (0.04) | | 0.09 | | (0.04) |
| Corporate and Other | (0.13) | | (0.13) | | (0.23) | | (0.20) |
| Total | $ 0.15 | | $ 0.16 | | $ 0.54 | | $ 0.53 |
| | | | | | | | |
| | 2nd Quarter | | Year to Date | ||||
| | 2023 | | 2022 | | 2023 | | 2022 Werbung Mehr Nachrichten zur PPL Aktie kostenlos abonnieren
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