PPL Q2 2023 Earnings Report
Key Takeaways
PPL Corporation announced second-quarter 2023 reported earnings of $112 million, or $0.15 per share, compared to $119 million, or $0.16 per share, in the same quarter of the previous year. Ongoing earnings per share were $0.29, slightly down from $0.30 in 2022. The company reaffirmed its 2023 ongoing earnings forecast of $1.50 to $1.65 per share and projected annual earnings per share and dividend growth of 6% to 8% through at least 2026.
Reported earnings (GAAP) per share decreased to $0.15 in Q2 2023 from $0.16 in Q2 2022.
Ongoing earnings per share were $0.29 in Q2 2023, compared to $0.30 in Q2 2022.
The company reaffirmed its 2023 ongoing earnings forecast of $1.50 to $1.65 per share.
PPL is on track to achieve targeted O&M savings of $50 to $60 million in 2023 and projects at least $175 million in annual savings by 2026.
PPL
PPL
Forward Guidance
PPL reaffirmed its 2023 ongoing earnings forecast range of $1.50 to $1.65 per share, with a midpoint of $1.58 per share. It remains well-positioned to deliver top-tier earnings per share and dividend growth of 6% to 8% a year through at least 2026 without the need for equity issuances.
Positive Outlook
- Reaffirmed 2023 ongoing earnings forecast of $1.50 to $1.65 per share.
- Projected annual earnings per share and dividend growth of 6% to 8% through at least 2026.
- Targeted O&M savings of $50 to $60 million in 2023 are on track.
- Projecting at least $175 million in annual operation and maintenance savings by 2026.
- Nearly $2.5 billion investment in infrastructure planned for this year.
Challenges Ahead
- Mild weather impacted year-to-date financial results.
- Increased storm activity in service territories affected financial results.
- Second-quarter 2023 reported earnings decreased compared with a year ago.
- Lower sales volumes in Kentucky Regulated segment due to mild weather.
- Lower sales volumes in Pennsylvania Regulated segment.