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Sep 30, 2021
PPL Q3 2021 Earnings Report
PPL's third-quarter earnings decreased compared to the same period last year, but ongoing operations earnings increased. The company focused on strategic repositioning and clean energy initiatives.
Key Takeaways
PPL Corporation reported a decrease in GAAP earnings but an increase in non-GAAP earnings from ongoing operations for the third quarter of 2021. The company is advancing its strategic repositioning, including the acquisition of Narragansett Electric, and focusing on clean energy initiatives.
Remains on track to close on acquisition of Narragansett Electric by March 2022.
Capital allocation priorities updated post sale of U.K. business with at least $1 billion to be invested in additional regulated utility capital investments through 2025.
Additional $500 million allocated to share repurchases, increasing target for 2021 share repurchases to $1 billion.
Secured Federal Energy Regulatory Commission approval for the Narragansett Electric transaction in September.
Forward Guidance
PPL is targeting a dividend payout ratio of 60% to 65% post acquisition of Narragansett Electric, with future dividend growth in line with earnings per share growth.
Positive Outlook
- Dividend payout ratio of 60% to 65% post acquisition of Narragansett Electric.
- Future dividend growth in line with earnings per share growth.
- Plans to invest at least an additional $1 billion in incremental infrastructure investment opportunities in its regulated utility businesses through 2025 to support grid modernization.
- Plans to strengthen resiliency and advance a sustainable energy future.
- Targeted repurchases to approximately $1 billion by year-end.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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