PPL Corporation Reports Second-Quarter 2020 Earnings

ALLENTOWN, Pa., Aug. 10, 2020

Reported earnings for the first six months of 2020 were $898 million, or $1.17 per share, compared with $907 million, or $1.24 per share, for the first six months of 2019.

Adjusting for special items, second-quarter 2020 earnings from ongoing operations (non-GAAP) were $427 million, or $0.55 per share, compared to $422 million, or $0.58 per share, a year ago.

Earnings from ongoing operations for the first six months of 2020 were $941 million, or $1.22 per share, compared to $930 million, or $1.27 per share a year ago.

"Across PPL, we continue to deliver electricity and gas reliably, to respond effectively to severe weather and to invest in energy infrastructure as we navigate the difficult challenges of the COVID-19 pandemic," said Vince Sorgi, PPL president and chief executive officer. "Following Tropical Storm Isaias, PPL Electric Utilities restored power to all 70,000 affected customers within 48 hours despite widespread damage and flooding, underscoring our ability to perform well even in the worst of conditions.

"We also remain well-positioned financially, we've been very effective in minimizing the impact of COVID-19 on our workforce, we maintain access to the materials and equipment we need, and our capital plans remain on track as we've experienced minimal delays apart from the early lockdown phase in the U.K.," Sorgi said.

In addition to announcing earnings results, PPL reaffirmed its 2020 guidance range of $2.40 to $2.60 per share, with results expected to track toward the lower end of the guidance range due to COVID-19 and unfavorable weather impacts in the first half of the year. Results for the first six months of 2020 included an estimated $0.06 per share unfavorable impact due to COVID-19, driven largely by lower sale volumes in the U.K. The company said it expects the full-year impacts of the pandemic to be manageable.