- Announces 2023 first-quarter reported earnings (GAAP) per
share of $0.39.
- Achieves 2023 first-quarter ongoing earnings per share of
$0.48 vs. $0.41 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., May 4, 2023
/PRNewswire/ -- PPL Corporation (NYSE: PPL) today announced
first-quarter 2023 reported earnings (GAAP) of $285 million, or $0.39 per share, compared with first-quarter 2022
reported earnings of $273 million, or
$0.37 per share.
Adjusting for special items, first-quarter 2023 earnings from
ongoing operations (non-GAAP) were $352
million, or $0.48 per share,
compared with $305 million, or
$0.41 per share, a year ago.
Special items in the first quarters of 2023 and 2022 primarily
included integration and related expenses associated with the
acquisition of Rhode Island Energy.
"We remain confident in delivering our 2023 ongoing earnings
forecast despite the mild winter weather in the first quarter,"
said PPL President and Chief Executive Officer Vincent Sorgi.
PPL's 2023 forecast range for ongoing earnings, reaffirmed
today, is $1.50 to $1.65 per share, with a midpoint of $1.58 per share.
"We also remain on track to invest nearly $2.5 billion in infrastructure this year that
benefits both customers and shareowners as we continue to advance
our strategy to create the utilities of the future," said Sorgi.
"During the quarter, we achieved positive outcomes in our first
infrastructure, safety and reliability filings in Rhode Island, while making great progress in
our integration of Rhode Island Energy. We also continued to engage
Kentucky stakeholders as we seek
regulatory approval to replace 1,500 megawatts of aging coal
generation with reliable, least-cost, cleaner energy sources by
2028.
"As we build on our track record of execution, we remain
confident in our ability to deliver top-tier earnings per share and
dividend growth of 6% to 8% a year through at least 2026 without
issuing equity and while maintaining our strong credit profile,"
said Sorgi.
In addition, PPL today reaffirmed its plans to invest
$12 billion in infrastructure
improvements over the next four years as it seeks to modernize its
electric and gas networks and replace the retiring generation in
Kentucky. PPL said it also remains
confident in its plan to achieve at least $175 million in annual operation and maintenance
savings by 2026.
First-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)
|
1st
Quarter
|
|
2023
|
|
2022
|
|
Change
|
Reported
earnings
|
$ 285
|
|
$ 273
|
|
4 %
|
Reported earnings per
share
|
$ 0.39
|
|
$ 0.37
|
|
5 %
|
|
|
|
|
|
|
|
1st
Quarter
|
|
2023
|
|
2022
|
|
Change
|
Earnings from ongoing
operations
|
$ 352
|
|
$ 305
|
|
15 %
|
Earnings from ongoing
operations per share
|
$ 0.48
|
|
$ 0.41
|
|
17 %
|
|
First-Quarter 2023
Earnings by Segment(1)
|
|
|
1st
Quarter
|
Per
share
|
2023
|
|
2022
|
Reported
earnings
|
|
|
|
Kentucky
Regulated
|
$
0.22
|
|
$
0.25
|
Pennsylvania
Regulated
|
0.19
|
|
0.19
|
Rhode Island
Regulated
|
0.08
|
|
—
|
Corporate and
Other
|
(0.10)
|
|
(0.07)
|
Total
|
$
0.39
|
|
$
0.37
|
|
|
|
|
|
1st
Quarter
|
|
2023
|
|
2022
|
Special items
(expense) benefit
|
|
|
|
Kentucky
Regulated
|
$
—
|
|
$
(0.01)
|
Pennsylvania
Regulated
|
—
|
|
—
|
Rhode Island
Regulated
|
(0.02)
|
|
—
|
Corporate and
Other
|
(0.07)
|
|
(0.03)
|
Total
|
$
(0.09)
|
|
$
(0.04)
|
|
|
|
|
|
1st
Quarter
|
|
2023
|
|
2022
|
Earnings from
ongoing operations
|
|
|
|
Kentucky
Regulated
|
$
0.22
|
|
$
0.26
|
Pennsylvania
Regulated
|
0.19
|
|
0.19
|
Rhode Island
Regulated
|
0.10
|
|
—
|
Corporate and
Other
|
(0.03)
|
|
(0.04)
|
Total
|
$
0.48
|
|
$
0.41
|
|
|
(1)
|
Kentucky holding
company costs for intercompany financing activity are now presented
in Corporate and Other beginning on January 1, 2023. Prior periods
have been adjusted to reflect this change.
|
Key Factors Impacting Earnings
In addition to the segment drivers outlined below, PPL's
reported earnings in the first quarter of 2023 included net
special-item after-tax charges of $67
million or $0.09 per share,
primarily attributable to integration and related expenses
associated with the acquisition of Rhode Island Energy. Reported
earnings in the first quarter of 2022 included net special-item
after-tax charges of $32 million, or
$0.04 per share, primarily
attributable to integration expenses associated with the
acquisition of Rhode Island Energy.
Kentucky Regulated Segment
PPL's Kentucky Regulated segment primarily consists of the
regulated electricity and natural gas operations of Louisville Gas
and Electric Company and the regulated electricity operations of
Kentucky Utilities Company.
Reported earnings in the first quarter of 2023 decreased by
$0.03 per share compared with a year
ago. Earnings from ongoing operations in the first quarter of 2023
decreased by $0.04 per share compared
with a year ago. Factors driving earnings results primarily
included lower sales volumes due to mild winter weather and higher
financing costs, partially offset by lower operation and
maintenance expense.
Pennsylvania Regulated Segment
PPL's Pennsylvania Regulated segment consists of the regulated
electricity delivery operations of PPL Electric Utilities.
Reported earnings and earnings from ongoing operations for the
first quarter of 2023 were even compared with a year ago. Factors
driving earnings results primarily included increased transmission
revenue and distribution regulatory rider recovery offset by lower
sales volumes due to mild winter weather and higher financing
costs.
Rhode Island Regulated Segment
PPL's Rhode Island Regulated segment consists of the regulated
electricity and natural gas operations of Rhode Island Energy,
which was acquired on May 25,
2022.
The Rhode Island Regulated Segment reported earnings of
$0.08 per share in the first quarter
of 2023 and contributed $0.10 per
share to PPL's earnings from ongoing operations.
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 Rhode Island Division
of Public Utilities and Carriers and the Rhode Island Attorney General's Office in
conjunction with the acquisition of Rhode Island Energy, and
certain other unallocated costs.
Reported earnings in the first quarter of 2023 decreased by
$0.03 per share from a year ago.
Earnings from ongoing operations in the first quarter of 2023
increased by $0.01 per share from a
year ago primarily from lower operation and maintenance expense and
other factors, partially offset by higher financing costs.
2023 Earnings Forecast
PPL's 2023 earnings from ongoing operations forecast range is
$1.50 to $1.65, with a midpoint of $1.58 per share.
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
PPL Corporation (NYSE: PPL), based in Allentown, Pennsylvania, is a leading U.S.
energy company focused on providing electricity and natural gas
safely, reliably and affordably to 3.5 million customers in the
U.S. PPL's high-performing, award-winning utilities are addressing
energy challenges head-on by building smarter, more resilient and
more dynamic power grids and advancing sustainable energy
solutions. For more information, visit www.pplweb.com.
(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 first-quarter 2023 financial results at 11 a.m. Eastern time on Thursday, May 4. The call will be webcast live,
in audio format, together with slides of the presentation. For
those who are unable to listen to the live webcast, a replay with
slides will be accessible at www.pplweb.com/investors for 90 days
after the call. Interested individuals can access the live
conference call via telephone at 1-888-346-8683. International
participants should call 1-412-902-4270. Participants will need to
enter the following "Elite Entry" number to join the conference:
2468382. 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 PPL Corporation believes that the expectations and
assumptions reflected in these forward-looking statements are
reasonable, these statements are subject to a number of risks and
uncertainties, and actual results may differ materially from the
results discussed in the statements. The following are among the
important factors that could cause actual results to differ
materially from the forward-looking statements: asset or business
acquisitions and dispositions; pandemic health events or other
catastrophic events and their effect on financial markets, economic
conditions and our businesses; market demand for energy in our
service territories; weather conditions affecting customer energy
usage and operating costs; volatility in or the impact of other
changes in financial markets, commodity prices and economic
conditions, including inflation; the effect of any business or
industry restructuring; the profitability and liquidity of PPL
Corporation and its subsidiaries; new accounting requirements or
new interpretations or applications of existing requirements;
operating performance of our facilities; the length of scheduled
and unscheduled outages at our generating plants; environmental
conditions and requirements and the related costs of compliance;
system conditions and operating costs; development of new projects,
markets and technologies; performance of new ventures; any impact
of severe weather on our business; receipt of necessary government
permits, approvals, rate relief and regulatory cost recovery;
capital market conditions and decisions regarding capital
structure; the impact of state, federal or foreign investigations
applicable to PPL Corporation and its subsidiaries; the outcome of
litigation against PPL Corporation and its subsidiaries; stock
price performance; the market prices of equity securities and the
impact on pension income and resultant cash funding requirements
for defined benefit pension plans; the securities and credit
ratings of PPL Corporation and its subsidiaries; political,
regulatory or economic conditions in jurisdictions where PPL
Corporation or its subsidiaries conduct business, including any
potential effects of threatened or actual cyberattack, terrorism,
or war or other hostilities; new state, federal or foreign
legislation, including new tax legislation; and the commitments and
liabilities of PPL Corporation and its subsidiaries. Any such
forward-looking statements should be considered in light of such
important factors and in conjunction with factors and other matters
discussed in PPL Corporation's Form 10-K and other reports on file
with the Securities and Exchange Commission.
Note to Editors: Visit our media website at
www.pplnewsroom.com for additional news and background about PPL
Corporation.
PPL CORPORATION AND
SUBSIDIARIES
|
CONDENSED
CONSOLIDATED FINANCIAL INFORMATION(1)
|
Condensed
Consolidated Balance Sheets (Unaudited)
|
(Millions of
Dollars)
|
|
|
|
|
|
March
31,
|
|
December
31,
|
|
2023
|
|
2022
|
Assets
|
|
|
|
Cash and cash
equivalents
|
$
460
|
|
$
356
|
Accounts
receivable
|
1,154
|
|
1,046
|
Unbilled
revenues
|
443
|
|
552
|
Fuel, materials and
supplies
|
434
|
|
443
|
Regulatory
assets
|
313
|
|
258
|
Other current
assets
|
234
|
|
169
|
Property, Plant and
Equipment
|
|
|
|
Regulated utility
plant
|
37,276
|
|
36,961
|
Less: Accumulated
depreciation - regulated utility plant
|
8,580
|
|
8,352
|
Regulated
utility plant, net
|
28,696
|
|
28,609
|
Non-regulated
property, plant and equipment
|
63
|
|
92
|
Less: Accumulated
depreciation - non-regulated property, plant and
equipment
|
22
|
|
46
|
Non-regulated
property, plant and equipment, net
|
41
|
|
46
|
Construction work in
progress
|
1,720
|
|
1,583
|
Property, Plant and
Equipment, net
|
30,457
|
|
30,238
|
Noncurrent regulatory
assets
|
1,820
|
|
1,819
|
Goodwill and other
intangibles
|
2,558
|
|
2,561
|
Other noncurrent
assets
|
429
|
|
395
|
Total
Assets
|
$
38,302
|
|
$
37,837
|
|
|
|
|
Liabilities and
Equity
|
|
|
|
Short-term
debt
|
$
—
|
|
$
985
|
Long-term debt due
within one year
|
104
|
|
354
|
Accounts
payable
|
1,133
|
|
1,201
|
Other current
liabilities
|
1,243
|
|
1,249
|
Long-term
debt
|
14,481
|
|
12,889
|
Deferred income taxes
and investment tax credits
|
3,208
|
|
3,124
|
Accrued pension
obligations
|
185
|
|
206
|
Asset retirement
obligations
|
127
|
|
138
|
Noncurrent regulatory
liabilities
|
3,419
|
|
3,412
|
Other deferred credits
and noncurrent liabilities
|
366
|
|
361
|
Common stock and
additional paid-in capital
|
12,318
|
|
12,325
|
Treasury
stock
|
(950)
|
|
(967)
|
Earnings
reinvested
|
2,788
|
|
2,681
|
Accumulated other
comprehensive loss
|
(123)
|
|
(124)
|
Noncontrolling
interests
|
3
|
|
3
|
Total Liabilities
and Equity
|
$
38,302
|
|
$
37,837
|
|
|
(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 Securities and Exchange
Commission for full financial statements, including note
disclosure.
|
PPL
CORPORATION AND SUBSIDIARIES
|
Condensed
Consolidated Statements of Income (Unaudited)
|
(Millions of
Dollars, except share data)
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
|
2023
|
|
2022
|
Operating
Revenues
|
|
$
2,415
|
|
$
1,782
|
|
|
|
|
|
Operating
Expenses
|
|
|
|
|
Operation
|
|
|
|
|
Fuel
|
|
201
|
|
212
|
Energy
purchases
|
|
734
|
|
352
|
Other operation
and maintenance
|
|
559
|
|
433
|
Depreciation
|
|
313
|
|
271
|
Taxes, other than
income
|
|
110
|
|
60
|
Total Operating
Expenses
|
|
1,917
|
|
1,328
|
|
|
|
|
|
Operating
Income
|
|
498
|
|
454
|
|
|
|
|
|
Other Income (Expense)
- net
|
|
30
|
|
—
|
|
|
|
|
|
Interest
Expense
|
|
164
|
|
107
|
|
|
|
|
|
Income Before Income
Taxes
|
|
364
|
|
347
|
|
|
|
|
|
Income Taxes
|
|
79
|
|
74
|
|
|
|
|
|
Net
Income
|
|
$
285
|
|
$
273
|
|
|
|
|
|
Earnings Per Share
of Common Stock:
|
|
|
|
|
Basic and
Diluted
|
|
|
|
|
Net Income Available to
PPL Common Shareowners
|
|
$
0.39
|
|
$
0.37
|
|
|
|
|
|
Weighted-Average
Shares of Common Stock Outstanding (in thousands)
|
|
|
|
|
Basic
|
|
736,829
|
|
735,503
|
Diluted
|
|
737,698
|
|
736,184
|
PPL
CORPORATION AND SUBSIDIARIES
|
Condensed
Consolidated Statements of Cash Flows (Unaudited)
|
(Millions of
Dollars)
|
|
|
Three Months Ended
March 31,
|
|
2023
|
|
2022
|
Cash Flows from
Operating Activities
|
|
|
|
Net income
|
$
285
|
|
$
273
|
Adjustments to
reconcile net income to net cash provided by operating
activities
|
|
|
|
Depreciation
|
313
|
|
271
|
Amortization
|
17
|
|
7
|
Deferred income
taxes and investment tax credits
|
77
|
|
39
|
Other
|
(10)
|
|
7
|
Change in current
assets and current liabilities
|
|
|
|
Accounts
receivable
|
(94)
|
|
(38)
|
Accounts
payable
|
(63)
|
|
4
|
Unbilled
revenues
|
109
|
|
28
|
Fuel, materials
and supplies
|
10
|
|
42
|
Prepayments
|
(83)
|
|
(75)
|
Taxes
payable
|
(42)
|
|
(4)
|
Regulatory
assets and liabilities, net
|
(46)
|
|
(41)
|
Accrued
interest
|
67
|
|
57
|
Other
|
(14)
|
|
(53)
|
Other operating
activities
|
|
|
|
Defined benefit
plans - funding
|
(3)
|
|
(3)
|
Other
|
(93)
|
|
(12)
|
Net cash provided by
operating activities
|
430
|
|
502
|
|
|
|
|
Cash Flows from
Investing Activities
|
|
|
|
Expenditures for
property, plant and equipment
|
(499)
|
|
(427)
|
Other investing
activities
|
(4)
|
|
—
|
Net cash used
in investing activities
|
(503)
|
|
(427)
|
|
|
|
|
Cash Flows from
Financing Activities
|
|
|
|
Issuance of long-term
debt
|
3,127
|
|
—
|
Retirement of
long-term debt
|
(1,750)
|
|
—
|
Payment of common
stock dividends
|
(171)
|
|
(306)
|
Net increase
(decrease) in short-term debt
|
(985)
|
|
916
|
Other financing
activities
|
(44)
|
|
(7)
|
Net cash
provided by financing activities
|
177
|
|
603
|
|
|
|
|
Net Increase in
Cash, Cash Equivalents and Restricted Cash
|
104
|
|
678
|
Cash, Cash Equivalents
and Restricted Cash at Beginning of Period
|
357
|
|
3,572
|
Cash, Cash Equivalents
and Restricted Cash at End of Period
|
$
461
|
|
$
4,250
|
|
|
|
|
Supplemental
Disclosures of Cash Flow Information
|
|
|
|
Significant non-cash
transactions:
|
|
|
|
Accrued expenditures
for property, plant and equipment at March 31,
|
$
257
|
|
$
236
|
Operating -
Electricity Sales (Unaudited)(1)
|
|
|
|
|
|
|
|
Three Months
Ended
March 31,
|
|
|
|
|
|
|
|
Percent
|
(GWh)
|
2023
|
|
2022
|
|
Change
|
|
|
|
|
|
|
PA Regulated
Segment
|
|
|
|
|
|
Retail
Delivered
|
9,442
|
|
10,157
|
|
(7.0) %
|
|
|
|
|
|
|
KY Regulated
Segment
|
|
|
|
|
|
Retail
Delivered
|
6,976
|
|
7,629
|
|
(8.6) %
|
Wholesale(2)
|
109
|
|
196
|
|
(44.4) %
|
Total
|
7,085
|
|
7,825
|
|
(9.5) %
|
|
|
|
|
|
|
Total
|
16,527
|
|
17,982
|
|
(8.1) %
|
|
|
(1)
|
Excludes Rhode Island
Energy's 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)
|
|
|
|
|
|
|
|
|
|
|
Year-to-Date March 31,
2023
|
(millions of
dollars)
|
|
KY
|
|
PA
|
|
RI
|
|
Corp.
|
|
|
|
Reg.
|
|
Reg.
|
|
Reg.
|
|
&
Other
|
|
Total
|
Reported
Earnings(1)
|
$
166
|
|
$
138
|
|
$
54
|
|
$
(73)
|
|
$
285
|
Less: Special Items
(expense) benefit:
|
|
|
|
|
|
|
|
|
|
Talen litigation costs, net of tax of $0
|
—
|
|
—
|
|
—
|
|
(1)
|
|
(1)
|
Strategic corporate initiatives, net of tax of $0,
$0(2)
|
(1)
|
|
—
|
|
—
|
|
(1)
|
|
(2)
|
Acquisition integration, net of tax of $5,
$12(3)
|
—
|
|
—
|
|
(17)
|
|
(44)
|
|
(61)
|
PA
tax rate change
|
—
|
|
1
|
|
—
|
|
—
|
|
1
|
Sale
of Safari Holdings, net of tax of $0(4)
|
—
|
|
—
|
|
—
|
|
(4)
|
|
(4)
|
Total Special
Items
|
(1)
|
|
1
|
|
(17)
|
|
(50)
|
|
(67)
|
Earnings from
Ongoing Operations
|
$
167
|
|
$
137
|
|
$
71
|
|
$
(23)
|
|
$
352
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(per share -
diluted)
|
|
KY
|
|
PA
|
|
RI
|
|
Corp.
|
|
|
|
Reg.
|
|
Reg.
|
|
Reg.
|
|
&
Other
|
|
Total
|
Reported
Earnings(1)
|
$
0.22
|
|
$
0.19
|
|
$
0.08
|
|
$
(0.10)
|
|
$
0.39
|
Less: Special Items
(expense) benefit:
|
|
|
|
|
|
|
|
|
|
Acquisition integration(3)
|
—
|
|
—
|
|
(0.02)
|
|
(0.06)
|
|
(0.08)
|
Sale
of Safari Holdings(4)
|
—
|
|
—
|
|
—
|
|
(0.01)
|
|
(0.01)
|
Total Special
Items
|
—
|
|
—
|
|
(0.02)
|
|
(0.07)
|
|
(0.09)
|
Earnings from
Ongoing Operations
|
$
0.22
|
|
$
0.19
|
|
$
0.10
|
|
$
(0.03)
|
|
$
0.48
|
|
|
(1)
|
Reported Earnings
represents Net Income.
|
(2)
|
Represents costs
primarily related to PPL's corporate centralization
efforts.
|
(3)
|
Primarily integration
and related costs associated with the acquisition of Rhode Island
Energy.
|
(4)
|
Final closing
adjustments related to the sale of Safari Holdings.
|
Reconciliation of
Segment Reported Earnings to Earnings from Ongoing
Operations
|
(After-Tax)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
Year-to-Date March 31,
2022
|
(millions of
dollars)
|
|
KY
|
|
PA
|
|
Corp.
|
|
|
|
Reg.
|
|
Reg.
|
|
&
Other
|
|
Total
|
Reported
Earnings(1)
|
$
189
|
|
$
143
|
|
$
(59)
|
|
$
273
|
Less: Special Items
(expense) benefit:
|
|
|
|
|
|
|
|
Talen litigation costs, net of tax of $1
|
—
|
|
—
|
|
(4)
|
|
(4)
|
Strategic corporate initiatives, net of tax of $1,
$1(2)
|
(4)
|
|
—
|
|
(4)
|
|
(8)
|
Acquisition integration, net of tax of $6(3)
|
—
|
|
—
|
|
(21)
|
|
(21)
|
Solar panel impairment, net of tax of $0
|
—
|
|
—
|
|
1
|
|
1
|
Total Special
Items
|
(4)
|
|
—
|
|
(28)
|
|
(32)
|
Earnings from
Ongoing Operations
|
$
193
|
|
$
143
|
|
$
(31)
|
|
$
305
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(per share -
diluted)
|
|
KY
|
|
PA
|
|
Corp.
|
|
|
|
Reg.
|
|
Reg.
|
|
&
Other
|
|
Total
|
Reported
Earnings(1)
|
$
0.25
|
|
$
0.19
|
|
$
(0.07)
|
|
$
0.37
|
Less: Special Items
(expense) benefit:
|
|
|
|
|
|
|
|
Strategic corporate initiatives(2)
|
(0.01)
|
|
—
|
|
—
|
|
(0.01)
|
Acquisition integration(3)
|
—
|
|
—
|
|
(0.03)
|
|
(0.03)
|
Total Special
Items
|
(0.01)
|
|
—
|
|
(0.03)
|
|
(0.04)
|
Earnings from
Ongoing Operations
|
$
0.26
|
|
$
0.19
|
|
$
(0.04)
|
|
$
0.41
|
|
|
(1)
|
Reported Earnings
represents Net Income.
|
(2)
|
Represents costs
primarily related to PPL's corporate centralization
efforts.
|
(3)
|
Primarily integration
and related costs associated with the acquisition of Rhode Island
Energy.
|
Reconciliation of
PPL's Earnings Forecast
|
|
After-Tax
(Unaudited)
|
|
|
|
|
|
(per share -
diluted)
|
|
|
|
|
|
|
|
|
|
|
|
|
2023 Forecast
Range
|
|
Midpoint
|
|
High
|
|
Low
|
Estimate of Reported
Earnings
|
$ 1.49
|
|
$ 1.56
|
|
$ 1.41
|
Less: Special Items
(expense) benefit:(1)
|
|
|
|
|
|
Acquisition
integration(2)
|
(0.08)
|
|
(0.08)
|
|
(0.08)
|
Sale of Safari
Holdings(3)
|
(0.01)
|
|
(0.01)
|
|
(0.01)
|
Total Special
Items
|
(0.09)
|
|
(0.09)
|
|
(0.09)
|
Forecast of Earnings
from Ongoing Operations
|
$ 1.58
|
|
$ 1.65
|
|
$ 1.50
|
|
|
(1)
|
Reflects only special
items recorded through March 31, 2023. PPL is not able to forecast
special items for future periods.
|
(2)
|
Primarily integration
and related costs associated with the acquisition of Rhode Island
Energy.
|
(3)
|
Final closing
adjustments related to the sale of Safari Holdings.
|
Contacts:
|
For news media: Ryan
Hill, 610-774-4033
|
|
For financial analysts:
Andy Ludwig, 610-774-3389
|
View original
content:https://www.prnewswire.com/news-releases/ppl-corporation-reports-first-quarter-2023-earnings-301815975.html
SOURCE PPL Corporation