PR Newswire
ALLENTOWN, Pa., Aug. 3, 2022
ALLENTOWN, Pa., Aug. 3, 2022 /PRNewswire/ -- PPL Corporation (NYSE: PPL) today announced second-quarter 2022 reported earnings (GAAP) of $119 million, or $0.16 per share, compared with second-quarter 2021 reported earnings of $19 million, or $0.03 per share.
PPL reported earnings of $392 million, or $0.53 per share, for the first six months of 2022, compared with the reported net loss of $1.82 billion, or $2.37 per share, for the first six months of 2021.
Adjusting for special items, second-quarter 2022 earnings from ongoing operations (non-GAAP) were $222 million, or $0.30 per share, compared with $147 million, or $0.19 per share, a year ago.
Earnings from ongoing operations for the first six months of 2022 were $527 million, or $0.71 per share, compared with $366 million, or $0.47 per share, for the first six months of 2021.
Special items in the second quarter of 2022 primarily included integration expenses associated with the acquisition of Rhode Island Energy. Special items in 2021 included a non-cash net loss from discontinued operations associated with PPL's former U.K. utility business.
"PPL's strong second-quarter financial performance put us squarely on track to achieve our 2022 earnings guidance, and with our acquisition of Rhode Island Energy now complete, we are excited to deliver on the business plan we shared during our recent Investor Day," said PPL President and Chief Executive Officer Vincent Sorgi.
"Our plan is focused on providing superior reliability and affordability for our customers, driving operational excellence, delivering top-tier annual earnings per share and dividend growth of 6% to 8% annually, and leading the clean energy transition in the regions we serve," added Sorgi. "Looking ahead, we're well positioned to deliver on this plan, with $27 billion in regulated investment opportunity through 2030."
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PPL's 2022 ongoing earnings forecast range, reaffirmed today, is $1.30 to $1.45 per share, with a midpoint of $1.37 per share. The 2022 ongoing earnings forecast range reflects a partial year estimate of contributions from Rhode Island Energy, with the acquisition completed by PPL on May 25, 2022.
PPL also reaffirmed its projected compound annual earnings per share and dividend growth of 6% to 8% through at least 2025. The company's earnings per share growth target is based off its 2022 pro forma forecast range of $1.40 to $1.55 per share, with a midpoint of $1.48 per share. The pro forma forecast range reflects a full year of earnings contributions from Rhode Island Energy.
Second-Quarter 2022 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 | ||||||||
| 2022 | | 2021 | | Change | | 2022 | | 2021 | | Change |
Reported earnings | $ 119 | | $ 19 | | NM* | | $ 392 | | $ (1,821) | | NM* |
Reported earnings per share | $ 0.16 | | $ 0.03 | | NM* | | $ 0.53 | | $ (2.37) | | NM* |
| | | | | | | | | | | |
| 2nd Quarter | | Year to Date | ||||||||
| 2022 | | 2021 | | Change | | 2022 | | 2021 | | Change |
Earnings from ongoing operations | $ 222 | | $ 147 | | 51 % | | $ 527 | | $ 366 | | 44 % |
Earnings from ongoing operations per share | $ 0.30 | | $ 0.19 | | 58 % | | $ 0.71 | | $ 0.47 | | 51 % |
*NM: Not meaningful |
Second-Quarter 2022 Earnings by Segment
| 2nd Quarter | | Year to Date | ||||
Per share | 2022 | | 2021 | | 2022 | | 2021 |
Reported earnings | | | | | | | |
Kentucky Regulated | $ 0.14 | | $ 0.11 | | $ 0.38 | | $ 0.30 |
Pennsylvania Regulated | 0.17 | | 0.12 | | 0.36 | | 0.27 |
Rhode Island Regulated | (0.04) | | — | | (0.04) | | — |
Corporate and Other | (0.11) | | (0.92) | | (0.17) | | (1.01) |
Discontinued Operations | — | | 0.72 | | — | | (1.93) |
Total | $ 0.16 | | $ 0.03 | | $ 0.53 | | $ (2.37) |
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| 2nd Quarter | | Year to Date Werbung Mehr Nachrichten zur PPL Aktie kostenlos abonnieren
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