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PPL 8-K Report, Financial Results (May 1, 2024)

Reports
Earnings & Results·Regulation FD·Exhibits & Filings
Filing Date
Filed May 1, 2024
Period End
May 1, 2024
Securities
PPLPPLC
In the record · 2016–202610-K1110-Q328-K239

PPL filed 11 annual reports (10-K), 32 quarterly reports (10-Q) and 239 current reports (8-K) between 2016 and 2026.

  1. Material agreement8-K · May ’18May ’18
  2. Leadership change8-K · Jun ’20Jun ’20
  3. Deal closed8-K · May ’22May ’22
  4. Leadership change8-K · Jun ’26Jun ’26

01—Abstract

Summary

Summary of the 8-K filed May 1, 2024. Cited figures are marked; the original filing is the authoritative source.

PPL Corporation reported first-quarter 2024 reported earnings (GAAP) of $307 milliona, or $0.42 per share, compared with $285 million, or $0.39 per share, in the first quarter of 2023.

Earnings from ongoing operations (non-GAAP) were $402 millionb, or $0.54 per share, versus $352 million, or $0.48 per share, a year earlier. Special items in both periods were primarily integration and related expenses tied to the acquisition of Rhode Island Energy. The filing states that management is reaffirming its 2024 ongoing earnings forecast range of $1.63 to $1.75 per share, with a midpoint of $1.69, and its projected 6% to 8% annual earnings and dividend growth through at least 2027.

Management stated that the company expects to achieve this growth without equity issuances while maintaining a balance sheet among the best in the U.S. utility sector. It reiterated a target of at least $175 millionc in annual operation and maintenance savings by 2026 from its 2021 baseline, with $120 to $130 million of annual savings planned by the end of 2024. The CEO noted more than $3 billion of infrastructure improvements on track for 2024, part of more than $14.3 billion planned through 2027.

By segment, Kentucky Regulated and Pennsylvania Regulated contributed the most to ongoing earnings per share, at $0.25d and $0.22 respectively, with Rhode Island Regulated at $0.11 and Corporate and Other at a $0.04 loss. Electricity sales rose 4.4% in total, driven by a 7.6% increase in Kentucky Regulated sales. Long-term debt increased to $15,753 million at March 31, 2024 from $14,611 million at December 31, 2023, reflecting $1,148 million of long-term debt issued in the quarter.

02—Key points

Key Highlights

  1. Reported GAAP earnings were $307 million ($0.42 per share), up from $285 million ($0.39 per share) in Q1 2023.
  2. Earnings from ongoing operations (non-GAAP) were $402 million ($0.54 per share), compared with $352 million ($0.48 per share) a year earlier.
  3. 2024 ongoing earnings forecast reaffirmed at $1.63 to $1.75 per share, midpoint $1.69.
  4. Projected 6% to 8% annual earnings and dividend growth through at least 2027 reaffirmed, with no equity issuances needed according to management.
  5. Operation and maintenance savings target of at least $175 million annually by 2026 (vs. 2021 baseline) reaffirmed, with $120 to $130 million planned by end of 2024.
  6. More than $3 billion of infrastructure improvements planned for 2024, part of more than $14.3 billion through 2027.
  7. Operating revenues fell to $2,304 million from $2,415 million, while net income rose to $307 million; long-term debt rose to $15,753 million from $14,611 million.

03—Questions

Frequently Asked Questions

  1. What was PPL's first-quarter 2024 earnings performance?

    PPL reported GAAP earnings of $307 million, or $0.42 per share, versus $285 million, or $0.39 per share, in Q1 2023. Earnings from ongoing operations, a non-GAAP measure, were $402 million, or $0.54 per share, compared with $352 million, or $0.48 per share, a year earlier.

  2. Did PPL change its 2024 earnings guidance?

    No. PPL reaffirmed its 2024 earnings from ongoing operations forecast range of $1.63 to $1.75 per share, with a midpoint of $1.69 per share. The company stated it cannot forecast special items for future periods and therefore cannot provide a GAAP equivalent for its guidance.

  3. What is PPL's long-term growth outlook?

    PPL reaffirmed its projection of 6% to 8% annual earnings and dividend growth through at least 2027, based on the midpoint of its 2024 ongoing earnings forecast. Management said it expects to achieve this without equity issuances while maintaining a strong balance sheet.

  4. What drove the special items affecting reported earnings?

    Special items in both the first quarters of 2024 and 2023 were primarily integration and related expenses associated with the acquisition of Rhode Island Energy. Net special-item after-tax charges were $95 million, or $0.12 per share, in Q1 2024, compared with $67 million, or $0.09 per share, in Q1 2023.

  5. What are PPL's cost-savings and capital investment plans?

    PPL reaffirmed a target of at least $175 million in annual operation and maintenance savings by 2026 from its 2021 baseline, with $120 to $130 million planned by the end of 2024. The company is on track to complete more than $3 billion in infrastructure improvements in 2024, part of more than $14.3 billion planned through 2027.

04—Continue

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