- Announces 2025 first-quarter reported earnings (GAAP) per
share of $0.56.
- Achieves 2025 first-quarter ongoing earnings per share of
$0.60 versus $0.54 in 2024.
- Reaffirms 2025 ongoing earnings forecast range of
$1.75 to $1.87 per share with a midpoint of $1.81 per share.
- Reaffirms 6% to 8% annual EPS and dividend growth targets
through at least 2028; expects to achieve EPS growth in the top
half of targeted growth range.
ALLENTOWN, Pa., April 30,
2025 /PRNewswire/ -- PPL Corporation (NYSE: PPL)
today announced first-quarter 2025 reported earnings (GAAP) of
$414 million, or $0.56 per share, compared with first-quarter 2024
reported earnings of $307 million, or
$0.42 per share.
Adjusting for special items, first-quarter 2025 earnings from
ongoing operations (non-GAAP) were $444
million, or $0.60 per share,
compared with $402 million, or
$0.54 per share, a year ago.
"We're off to a strong start in 2025, with year-over-year growth
in the first quarter reflecting our continued strong financial
discipline and operational execution, along with a return to more
typical seasonal weather patterns," said PPL President and Chief
Executive Officer Vincent Sorgi.
"Across PPL, we're focused on creating utilities of the future
and leveraging technology, talent and strategic partnerships to
modernize our energy networks, better meet the evolving needs of
our customers, and deliver increased value for all
stakeholders.
"Looking forward, we're well-positioned to build on this success
throughout the year, and sustained strong interest from data center
developers in Pennsylvania and
Kentucky further highlights the
critical role we continue to play in powering progress and
innovation."
Today the company reaffirmed its 2025 ongoing earnings forecast
range of $1.75 to $1.87 per share with a midpoint of $1.81 per share.
In addition, the company reaffirmed its projection of 6% to 8%
annual earnings per share (EPS) and dividend growth through at
least 2028, with EPS growth expected to be in the top half of the
targeted range. The company's projected growth is based off its
2025 forecast midpoint of $1.81 per
share.
First-Quarter 2025 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
|
|
2025
|
|
2024
|
|
Change
|
|
Reported
earnings
|
$ 414
|
|
$ 307
|
|
35 %
|
|
Reported earnings per
share
|
$ 0.56
|
|
$ 0.42
|
|
33 %
|
|
|
|
|
|
|
|
1st
Quarter
|
|
2025
|
|
2024
|
|
Change
|
|
Earnings from ongoing
operations
|
$ 444
|
|
$ 402
|
|
10 %
|
|
Earnings from ongoing
operations per share
|
$ 0.60
|
|
$ 0.54
|
|
11 %
|
First-Quarter 2025 Earnings by Segment
|
1st
Quarter
|
|
Per
share
|
2025
|
|
2024
|
|
Reported
earnings
|
|
|
|
|
Kentucky
Regulated
|
$
0.30
|
|
$
0.25
|
|
Pennsylvania
Regulated
|
0.25
|
|
0.21
|
|
Rhode Island
Regulated
|
0.10
|
|
0.09
|
|
Corporate and
Other
|
(0.09)
|
|
(0.13)
|
|
Total
|
$
0.56
|
|
$
0.42
|
|
|
|
|
|
1st
Quarter
|
|
2025
|
|
2024
|
|
Special items
(expense) benefit
|
|
|
|
|
Kentucky
Regulated
|
$
—
|
|
$
—
|
|
Pennsylvania
Regulated
|
—
|
|
(0.01)
|
|
Rhode Island
Regulated
|
—
|
|
(0.02)
|
|
Corporate and
Other
|
(0.04)
|
|
(0.09)
|
|
Total
|
$
(0.04)
|
|
$
(0.12)
|
|
|
|
|
|
1st
Quarter
|
|
2025
|
|
2024
|
|
Earnings from
ongoing operations
|
|
|
|
|
Kentucky
Regulated
|
$
0.30
|
|
$
0.25
|
|
Pennsylvania
Regulated
|
0.25
|
|
0.22
|
|
Rhode Island
Regulated
|
0.10
|
|
0.11
|
|
Corporate and
Other
|
(0.05)
|
|
(0.04)
|
|
Total
|
$
0.60
|
|
$
0.54
|
Key Factors Impacting Earnings
In addition to the segment drivers outlined below, PPL's
reported earnings in the first quarter of 2025 included net special
item after-tax charges of $30
million, or $0.04 per share,
primarily attributable to PPL's IT transformation, a Rhode Island
Energy settlement related to an energy efficiency program matter
that occurred prior to PPL's ownership of the company, and
integration and related expenses associated with the acquisition of
Rhode Island Energy. Reported earnings in the first quarter of 2024
included net special item after-tax charges of $95 million, or
$0.12 per share, primarily
attributable to integration and related 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 and earnings from ongoing operations in the
first quarter of 2025 increased by $0.05 per share compared with a year ago. Factors
driving earnings results primarily included higher sales volumes
largely due to weather, as well as other factors.
Pennsylvania Regulated Segment
PPL's Pennsylvania Regulated segment consists of the regulated
electricity delivery operations of PPL Electric Utilities.
Reported earnings in the first quarter of 2025 increased by
$0.04 per share compared with a year
ago. Earnings from ongoing operations in the first quarter of 2025
increased by $0.03 per share compared
with a year ago. Factors driving earnings results primarily
included higher sales volumes largely due to weather, as well as
higher transmission revenue.
Rhode Island Regulated Segment
PPL's Rhode Island Regulated segment consists of the regulated
electricity and natural gas operations of Rhode Island Energy.
Reported earnings in the first quarter of 2025 increased by
$0.01 per share compared with a year
ago. Earnings from ongoing operations in the first quarter of 2025
decreased by $0.01 per share compared with a year
ago. Factors driving earnings results primarily included
higher operating costs and lower transmission revenues, partially
offset by higher distribution revenue from capital investments.
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 2025 increased by
$0.04 per share compared with a year
ago. Earnings from ongoing operations in the first quarter of 2025
decreased by $0.01 per share compared
with a year ago. Factors driving earnings results primarily
included higher interest expense.
2025 Earnings Forecast
PPL's 2025 earnings from ongoing operations forecast range is
$1.75 to $1.87 per share, with a midpoint of $1.81 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), headquartered in Allentown, Pennsylvania, is a leading U.S.
energy company focused on providing electricity and natural gas
safely, reliably and affordably to more than 3.6 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 2025 financial results at 11 a.m. Eastern time on Wednesday, April 30. 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 1-844-512-2926. International participants should
call 1-412-317-6300. Participants will need to enter the following
"Elite Entry" number to join the conference: 9677002. 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 on 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; PPL
Corporation's 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,
|
|
2025
|
|
2024
|
|
Assets
|
|
|
|
|
Cash and cash
equivalents
|
$
312
|
|
$
306
|
|
Accounts
receivable
|
1,301
|
|
1,037
|
|
Unbilled
revenues
|
377
|
|
485
|
|
Fuel, materials and
supplies
|
476
|
|
511
|
|
Regulatory
assets
|
274
|
|
320
|
|
Other current
assets
|
356
|
|
221
|
|
Property, Plant and
Equipment
|
|
|
|
|
Regulated utility
plant
|
40,648
|
|
40,391
|
|
Less: Accumulated
depreciation - regulated utility plant
|
9,751
|
|
9,682
|
|
Regulated
utility plant, net
|
30,897
|
|
30,709
|
|
Non-regulated
property, plant and equipment
|
80
|
|
79
|
|
Less: Accumulated
depreciation - non-regulated property, plant and
equipment
|
30
|
|
29
|
|
Non-regulated property, plant and equipment, net
|
50
|
|
50
|
|
Construction work in
progress
|
2,695
|
|
2,390
|
|
Property, Plant and
Equipment, net
|
33,642
|
|
33,149
|
|
Noncurrent regulatory
assets
|
2,049
|
|
2,060
|
|
Goodwill and other
intangibles
|
2,559
|
|
2,561
|
|
Other noncurrent
assets
|
463
|
|
419
|
|
Total
Assets
|
$
41,809
|
|
$
41,069
|
|
|
|
|
|
Liabilities and
Equity
|
|
|
|
|
Short-term
debt
|
$
778
|
|
$
303
|
|
Long-term debt due
within one year
|
569
|
|
551
|
|
Accounts
payable
|
1,097
|
|
1,196
|
|
Other current
liabilities
|
1,383
|
|
1,283
|
|
Long-term
debt
|
15,938
|
|
15,952
|
|
Deferred income taxes
and investment tax credits
|
3,532
|
|
3,467
|
|
Accrued pension
obligations
|
298
|
|
317
|
|
Asset retirement
obligations
|
130
|
|
136
|
|
Noncurrent regulatory
liabilities
|
3,338
|
|
3,335
|
|
Other deferred credits
and noncurrent liabilities
|
449
|
|
452
|
|
Common stock and
additional paid-in capital
|
12,338
|
|
12,354
|
|
Treasury
stock
|
(904)
|
|
(928)
|
|
Earnings
reinvested
|
3,047
|
|
2,835
|
|
Accumulated other
comprehensive loss
|
(184)
|
|
(184)
|
|
Total Liabilities
and Equity
|
$
41,809
|
|
$
41,069
|
|
|
|
(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,
|
|
2025
|
|
2024
|
|
Operating
Revenues
|
$
2,504
|
|
$
2,304
|
|
|
|
|
|
Operating
Expenses
|
|
|
|
|
Operation
|
|
|
|
|
Fuel
|
234
|
|
209
|
|
Energy
purchases
|
559
|
|
520
|
|
Other
operation and maintenance
|
598
|
|
626
|
|
Depreciation
|
322
|
|
316
|
|
Taxes, other than
income
|
113
|
|
88
|
|
Total Operating
Expenses
|
1,826
|
|
1,759
|
|
|
|
|
|
Operating
Income
|
678
|
|
545
|
|
|
|
|
|
Other Income (Expense)
- net
|
28
|
|
22
|
|
|
|
|
|
Interest
Expense
|
190
|
|
179
|
|
|
|
|
|
Income Before Income
Taxes
|
516
|
|
388
|
|
|
|
|
|
Income Taxes
|
102
|
|
81
|
|
|
|
|
|
Net
Income
|
$
414
|
|
$
307
|
|
|
|
|
|
Earnings Per Share
of Common Stock:
|
|
|
|
|
Basic and
Diluted
|
|
|
|
|
Net Income Available to
PPL Common Shareowners
|
$
0.56
|
|
$
0.42
|
|
|
|
|
|
Weighted-Average
Shares of Common Stock Outstanding (in thousands)
|
|
|
|
|
Basic
|
738,691
|
|
737,512
|
|
Diluted
|
741,400
|
|
738,820
|
|
PPL CORPORATION AND
SUBSIDIARIES
|
|
Condensed
Consolidated Statements of Cash Flows (Unaudited)
|
|
(Millions of
Dollars)
|
|
|
Three Months
Ended
March 31,
|
|
2025
|
|
2024
|
|
Cash Flows from
Operating Activities
|
|
|
|
|
Net income
|
$
414
|
|
$
307
|
|
Adjustments to
reconcile net income to net cash provided by operating
activities
|
|
|
|
|
Depreciation
|
322
|
|
316
|
|
Amortization
|
20
|
|
24
|
|
Defined
benefit plans - income
|
(16)
|
|
(15)
|
|
Deferred
income taxes and investment tax credits
|
38
|
|
72
|
|
Other
|
13
|
|
3
|
|
Change in current
assets and current liabilities
|
|
|
|
|
Accounts
receivable
|
(277)
|
|
(75)
|
|
Accounts
payable
|
(120)
|
|
(221)
|
|
Unbilled
revenues
|
108
|
|
57
|
|
Fuel,
materials and supplies
|
37
|
|
33
|
|
Prepayments
|
(87)
|
|
(108)
|
|
Taxes
payable
|
40
|
|
(47)
|
|
Regulatory assets and liabilities, net
|
79
|
|
(61)
|
|
Accrued
interest
|
67
|
|
90
|
|
Other
|
(80)
|
|
(103)
|
|
Other operating
activities
|
|
|
|
|
Defined
benefit plans - funding
|
(5)
|
|
(5)
|
|
Other
|
(40)
|
|
15
|
|
Net cash
provided by operating activities
|
513
|
|
282
|
|
|
|
|
|
Cash Flows from
Investing Activities
|
|
|
|
|
Expenditures for
property, plant and equipment
|
(793)
|
|
(596)
|
|
Other investing
activities
|
10
|
|
5
|
|
Net cash used in
investing activities
|
(783)
|
|
(591)
|
|
|
|
|
|
Cash Flows from
Financing Activities
|
|
|
|
|
Issuance of long-term
debt
|
—
|
|
1,148
|
|
Payment of common
stock dividends
|
(190)
|
|
(177)
|
|
Net increase
(decrease) in short-term debt
|
475
|
|
(701)
|
|
Other financing
activities
|
(14)
|
|
(22)
|
|
Net cash provided by
financing activities
|
271
|
|
248
|
|
|
|
|
|
Net Increase
(Decrease) in Cash, Cash Equivalents and Restricted
Cash
|
1
|
|
(61)
|
|
Cash, Cash Equivalents
and Restricted Cash at Beginning of Period
|
339
|
|
382
|
|
Cash, Cash Equivalents
and Restricted Cash at End of Period
|
$
340
|
|
$
321
|
|
|
|
|
|
Supplemental
Disclosures of Cash Flow Information
|
|
|
|
|
Significant non-cash
transactions:
|
|
|
|
|
Accrued expenditures
for property, plant and equipment at March 31,
|
$
397
|
|
$
253
|
|
Operating -
Electricity Sales (Unaudited)(1)
|
|
|
|
|
|
|
|
Three Months
Ended
March 31,
|
|
|
|
|
|
|
|
Percent
|
|
(GWh)
|
2025
|
|
2024
|
|
Change
|
|
|
|
|
|
|
|
PA Regulated
Segment
|
|
|
|
|
|
|
Retail
Delivered
|
10,144
|
|
9,627
|
|
5.4 %
|
|
|
|
|
|
|
|
KY Regulated
Segment
|
|
|
|
|
|
|
Retail
Delivered
|
7,803
|
|
7,454
|
|
4.7 %
|
|
Wholesale(2)
|
439
|
|
167
|
|
162.9 %
|
|
Total
|
8,242
|
|
7,621
|
|
8.1 %
|
|
|
|
|
|
|
|
Total
|
18,386
|
|
17,248
|
|
6.6 %
|
|
|
|
(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)
|
|
|
|
|
|
|
|
|
|
|
|
Year-to-Date March 31,
2025
|
(millions of
dollars)
|
|
KY
|
|
PA
|
|
RI
|
|
Corp.
|
|
|
|
Reg.
|
|
Reg.
|
|
Reg.
|
|
&
Other
|
|
Total
|
|
Reported
Earnings(1)
|
$
223
|
|
$
184
|
|
$
70
|
|
$
(63)
|
|
$
414
|
|
Less: Special Items
(expense) benefit:
|
|
|
|
|
|
|
|
|
|
|
Talen litigation costs, net of tax of $0(2)
|
—
|
|
—
|
|
—
|
|
(1)
|
|
(1)
|
|
Acquisition integration, net of tax of ($2),
$4(3)
|
—
|
|
—
|
|
7
|
|
(14)
|
|
(7)
|
|
IT
transformation, net of tax of $1, $0, $3(4)
|
(1)
|
|
—
|
|
(1)
|
|
(10)
|
|
(12)
|
|
Energy efficiency programs settlement, net of tax of
$0(5)
|
—
|
|
—
|
|
(8)
|
|
—
|
|
(8)
|
|
Office relocation and related costs, net of tax of $0,
$1(6)
|
(1)
|
|
(1)
|
|
—
|
|
—
|
|
(2)
|
|
Total Special
Items
|
(2)
|
|
(1)
|
|
(2)
|
|
(25)
|
|
(30)
|
|
Earnings from
Ongoing Operations
|
$
225
|
|
$
185
|
|
$
72
|
|
$
(38)
|
|
$
444
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(per share -
diluted)
|
|
KY
|
|
PA
|
|
RI
|
|
Corp.
|
|
|
|
Reg.
|
|
Reg.
|
|
Reg.
|
|
&
Other
|
|
Total
|
|
Reported
Earnings(1)
|
$
0.30
|
|
$
0.25
|
|
$
0.10
|
|
$
(0.09)
|
|
$
0.56
|
|
Less: Special Items
(expense) benefit:
|
|
|
|
|
|
|
|
|
|
|
Acquisition integration(3)
|
—
|
|
—
|
|
0.01
|
|
(0.02)
|
|
(0.01)
|
|
IT
transformation(4)
|
—
|
|
—
|
|
—
|
|
(0.02)
|
|
(0.02)
|
|
Energy efficiency programs settlement(5)
|
—
|
|
—
|
|
(0.01)
|
|
—
|
|
(0.01)
|
|
Total Special
Items
|
—
|
|
—
|
|
—
|
|
(0.04)
|
|
(0.04)
|
|
Earnings from
Ongoing Operations
|
$
0.30
|
|
$
0.25
|
|
$
0.10
|
|
$
(0.05)
|
|
$
0.60
|
|
|
|
(1)
|
Reported Earnings
represents Net Income.
|
|
(2)
|
PPL incurred legal
expenses related to litigation associated with its former
affiliate.
|
|
(3)
|
Primarily integration
and related costs associated with the acquisition of Rhode Island
Energy.
|
|
(4)
|
Costs associated with
PPL's restructuring and rebuilding of its IT infrastructure,
organization and systems.
|
|
(5)
|
Costs associated with a
settlement agreement regarding energy efficiency programs prior to
PPL's acquisition of Rhode Island Energy.
|
|
(6)
|
Certain costs related
to the relocation of corporate offices.
|
|
Reconciliation of
Segment Reported Earnings to Earnings from Ongoing
Operations
|
|
(After-Tax)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
Year-to-Date March 31,
2024
|
(millions of
dollars)
|
|
KY
|
|
PA
|
|
RI
|
|
Corp.
|
|
|
|
Reg.
|
|
Reg.
|
|
Reg.
|
|
&
Other
|
|
Total
|
|
Reported
Earnings(1)
|
$
190
|
|
$
149
|
|
$
64
|
|
$
(96)
|
|
$
307
|
|
Less: Special Items
(expense) benefit:
|
|
|
|
|
|
|
|
|
|
|
Strategic corporate initiatives, net of tax of $0, $0,
$1(2)
|
(1)
|
|
(1)
|
|
—
|
|
(2)
|
|
(4)
|
|
Acquisition integration, net of tax of $4,
$17(3)
|
—
|
|
—
|
|
(14)
|
|
(66)
|
|
(80)
|
|
PPL
Electric billing issue, net of tax of $4(4)
|
—
|
|
(11)
|
|
—
|
|
—
|
|
(11)
|
|
Total Special
Items
|
(1)
|
|
(12)
|
|
(14)
|
|
(68)
|
|
(95)
|
|
Earnings from
Ongoing Operations
|
$
191
|
|
$
161
|
|
$
78
|
|
$
(28)
|
|
$
402
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(per share -
diluted)
|
|
KY
|
|
PA
|
|
RI
|
|
Corp.
|
|
|
|
Reg.
|
|
Reg.
|
|
Reg.
|
|
&
Other
|
|
Total
|
|
Reported
Earnings(1)
|
$
0.25
|
|
$
0.21
|
|
$
0.09
|
|
$
(0.13)
|
|
$
0.42
|
|
Less: Special Items
(expense) benefit:
|
|
|
|
|
|
|
|
|
|
|
Acquisition integration(3)
|
—
|
|
—
|
|
(0.02)
|
|
(0.09)
|
|
(0.11)
|
|
PPL
Electric billing issue(4)
|
—
|
|
(0.01)
|
|
—
|
|
—
|
|
(0.01)
|
|
Total Special
Items
|
—
|
|
(0.01)
|
|
(0.02)
|
|
(0.09)
|
|
(0.12)
|
|
Earnings from
Ongoing Operations
|
$
0.25
|
|
$
0.22
|
|
$
0.11
|
|
$
(0.04)
|
|
$
0.54
|
|
|
|
(1)
|
Reported Earnings
represents Net Income.
|
|
(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 Rhode Island
Energy.
|
|
(4)
|
Certain expenses
related to billing issues.
|
|
Reconciliation of
PPL's Earnings Forecast
|
|
|
After-Tax
(Unaudited)
|
|
|
|
|
|
|
(per share -
diluted)
|
|
|
|
|
|
|
|
|
|
|
|
|
2025 Forecast
Range
|
|
Midpoint
|
|
High
|
|
Low
|
|
Estimate of Reported
Earnings
|
$ 1.77
|
|
$ 1.83
|
|
$ 1.71
|
|
Less: Special Items
(expense) benefit:(1)
|
|
|
|
|
|
|
Acquisition integration(2)
|
(0.01)
|
|
(0.01)
|
|
(0.01)
|
|
IT
transformation(3)
|
(0.02)
|
|
(0.02)
|
|
(0.02)
|
|
Energy efficiency programs settlement(4)
|
(0.01)
|
|
(0.01)
|
|
(0.01)
|
|
Total Special
Items
|
(0.04)
|
|
(0.04)
|
|
(0.04)
|
|
Forecast of Earnings
from Ongoing Operations
|
$ 1.81
|
|
$ 1.87
|
|
$ 1.75
|
|
|
|
(1)
|
Reflects only special
items recorded through March 31, 2025. 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)
|
Costs associated with
PPL's restructuring and rebuilding of its IT infrastructure,
organization and systems.
|
|
(4)
|
Costs associated with a
settlement agreement regarding energy efficiency programs prior to
PPL's acquisition of Rhode Island Energy.
|
|
Contacts:
|
For news media: Ryan
Hill, 610-774-4033
|
|
For financial analysts:
Andy Ludwig, 610-774-3389
|
View original content to download
multimedia:https://www.prnewswire.com/news-releases/ppl-corporation-reports-first-quarter-2025-earnings-302442542.html
SOURCE PPL Services Corporation
