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Jun 30, 2021
PPL Q2 2021 Earnings Report
Reported mixed second-quarter 2021 earnings, announced net-zero carbon emissions goal, and continued to advance strategic repositioning.
Key Takeaways
PPL Corporation reported second-quarter 2021 GAAP earnings of $19 million, or $0.03 per share, compared to $344 million, or $0.45 per share, in the same quarter of the previous year. Non-GAAP earnings from ongoing operations were $147 million, or $0.19 per share, compared to $159 million, or $0.20 per share, a year ago. The company continues to advance its strategic repositioning, including completing the sale of its U.K. utility business and progressing with the acquisition of Narragansett Electric.
Advanced strategic repositioning with the sale of U.K. utility business completed and Narragansett Electric acquisition on track.
Announced a plan to repurchase approximately $500 million in PPL shares in 2021.
Set a new 2050 net-zero carbon emissions goal, targeting 80% reduction by 2040 and 70% reduction by 2035.
Strengthened balance sheet by retiring $3.5 billion in corporate debt.
PPL
PPL
Forward Guidance
PPL will seek to build on its momentum in the remainder of 2021 while continuing to lay a strong foundation for long-term growth and success.
Positive Outlook
- Achieved exceptional value for the U.K. assets.
- Strengthened balance sheet by retiring $3.5 billion in corporate debt.
- Advanced the process to acquire The Narragansett Electric Company in Rhode Island with several key approvals.
- Accomplished key priorities in our Kentucky rate review.
- Delivered electricity and natural gas safely and reliably.
Challenges Ahead
- Second-quarter 2021 reported earnings decreased compared to the previous year.
- Net loss reported for the first six months of 2021.
- Special items impacted reported earnings, including a U.K. tax rate change and a loss on the early extinguishment of debt.
- Lower peak transmission demand affected earnings in the Pennsylvania Regulated segment.
- Higher interest expense primarily due to interest costs reflected in Corporate and Other in 2021