How did PPL perform in the first quarter of 2025?

PPL reported GAAP net income of $414 million, or $0.56 per share, up from $307 million, or $0.42 per share, a year earlier. Earnings from ongoing operations, a non-GAAP measure, were $444 million, or $0.60 per share, compared with $402 million, or $0.54 per share, in the first quarter of 2024.

What growth targets did PPL reaffirm?

PPL reaffirmed its projection of 6% to 8% annual EPS and dividend growth through at least 2028, based on its 2025 forecast midpoint of $1.81 per share, and expects EPS growth in the top half of the targeted range.

What drove the quarter's results?

The Kentucky Regulated and Pennsylvania Regulated segments benefited mainly from higher sales volumes due to weather, and Pennsylvania also benefited from higher transmission revenue. Rhode Island Regulated ongoing earnings declined on higher operating costs and lower transmission revenues, and Corporate and Other results were affected by higher interest expense.

What special items affected first-quarter 2025 reported earnings?

Net special item after-tax charges of $30 million, or $0.04 per share, were primarily attributable to PPL's IT transformation, a Rhode Island Energy settlement related to an energy efficiency program that predates PPL's ownership, and integration expenses from the acquisition of Rhode Island Energy.

PPL/PPLC 8-K: Earnings & Results & Regulation FD

01—Abstract

Summary

Summary of the 8-K filed April 30, 2025. Cited figures are marked; the original filing is the authoritative source.

PPL Corporation reported first-quarter 2025 reported earnings (GAAP) of $414 million^a, or $0.56 per share, compared with $307 million, or $0.42 per share, in the first quarter of 2024.

Earnings from ongoing operations (non-GAAP) were $444 million^b, or $0.60 per share, versus $402 million, or $0.54 per share, a year earlier. Management attributed the year-over-year improvement primarily to higher sales volumes driven by weather, along with higher transmission revenue in Pennsylvania, while Rhode Island Regulated results were pressured by higher operating costs and lower transmission revenues. PPL reaffirmed its 2025 ongoing earnings forecast range of $1.75 to $1.87 per share, with a midpoint of $1.81, and reaffirmed its 6% to 8% annual EPS and dividend growth targets through at least 2028, with EPS growth expected in the top half of that range.

Reported first-quarter results included $30 million^c, or $0.04 per share, of net special item charges, primarily tied to the IT transformation, a Rhode Island Energy energy efficiency program settlement related to a pre-acquisition matter, and acquisition integration costs. In the quarter, PPL's total retail and wholesale electricity sales rose 6.6% to 18,386 GWh, and CEO Vincent Sorgi cited continued strong interest from data center developers in Pennsylvania and Kentucky. Operating revenues were $2,504 million, up from $2,304 million, and net cash provided by operating activities was $513 million, compared with $282 million a year earlier.

02—Key points

Key Highlights

Reported EPS of $0.56 in Q1 2025, up from $0.42 in Q1 2024; ongoing EPS of $0.60, up from $0.54.
2025 ongoing earnings forecast reaffirmed at $1.75 to $1.87 per share, midpoint $1.81.
Long-term 6% to 8% annual EPS and dividend growth targets reaffirmed through at least 2028, with EPS growth expected in the top half of the range.
Operating revenues rose to $2,504 million from $2,304 million; operating income rose to $678 million from $545 million.
Net special item charges of $30 million ($0.04 per share) in Q1 2025, mainly IT transformation, a Rhode Island Energy energy efficiency settlement, and acquisition integration costs.
Total electricity sales grew 6.6% to 18,386 GWh, with Kentucky wholesale sales up 162.9%.
Net cash from operations increased to $513 million from $282 million, while capital expenditures for property, plant and equipment were $793 million.

03—Questions

Frequently Asked Questions

How did PPL perform in the first quarter of 2025?
PPL reported GAAP net income of $414 million, or $0.56 per share, up from $307 million, or $0.42 per share, a year earlier. Earnings from ongoing operations, a non-GAAP measure, were $444 million, or $0.60 per share, compared with $402 million, or $0.54 per share, in the first quarter of 2024.
Did PPL change its 2025 earnings guidance?
No. PPL reaffirmed its 2025 ongoing earnings forecast range of $1.75 to $1.87 per share, with a midpoint of $1.81 per share.
What growth targets did PPL reaffirm?
PPL reaffirmed its projection of 6% to 8% annual EPS and dividend growth through at least 2028, based on its 2025 forecast midpoint of $1.81 per share, and expects EPS growth in the top half of the targeted range.
What drove the quarter's results?
The Kentucky Regulated and Pennsylvania Regulated segments benefited mainly from higher sales volumes due to weather, and Pennsylvania also benefited from higher transmission revenue. Rhode Island Regulated ongoing earnings declined on higher operating costs and lower transmission revenues, and Corporate and Other results were affected by higher interest expense.
What special items affected first-quarter 2025 reported earnings?
Net special item after-tax charges of $30 million, or $0.04 per share, were primarily attributable to PPL's IT transformation, a Rhode Island Energy settlement related to an energy efficiency program that predates PPL's ownership, and integration expenses from the acquisition of Rhode Island Energy.

04—Continue

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