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PPL
🇺🇸 NYSE:PPL
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Dec 31, 2023

PPL Q4 2023 Earnings Report

Reported mixed Q4 2023 earnings, with GAAP EPS declining but non-GAAP EPS increasing significantly due to special items.

Key Takeaways

PPL Corporation reported a decrease in GAAP earnings for Q4 2023 compared to Q4 2022, with earnings of $0.15 per share versus $0.26 per share. However, adjusting for special items, earnings from ongoing operations increased to $0.40 per share from $0.28 per share in the prior year. The company exceeded its 2023 earnings forecast midpoint and extended its EPS and dividend growth targets through 2027.

Q4 2023 GAAP earnings were $0.15 per share, down from $0.26 per share in Q4 2022.

Q4 2023 non-GAAP earnings from ongoing operations were $0.40 per share, up from $0.28 per share in Q4 2022.

PPL exceeded its 2023 earnings from ongoing operations forecast midpoint, achieving $1.60 per share.

The company extended its 6% to 8% annual EPS and dividend growth targets through at least 2027.

Total Revenue
$2.03B
Previous year: $2.29B
-11.3%
EPS
$0.4
Previous year: $0.28
+42.9%
Gross Profit
$1.21B
Previous year: $747M
+61.7%
Cash and Equivalents
$331M
Previous year: $356M
-7.0%
Free Cash Flow
-$539M
Previous year: -$421M
+28.0%
Total Assets
$39.2B
Previous year: $37.8B
+3.7%

PPL

PPL

Forward Guidance

PPL announced a 2024 earnings forecast range of $1.63 to $1.75 per share. The midpoint, $1.69 per share, represents a 7% increase over the midpoint of the company’s 2023 ongoing earnings per share target, in line with its targeted growth rate.

Positive Outlook

  • 7% increase over the midpoint of the company’s 2023 ongoing earnings per share target
  • PPL announced a 7.3% increase in its quarterly common stock dividend
  • Increased dividend will be payable April 1, 2024, to shareowners of record as of March 8, 2024
  • PPL also extended its competitive 6% to 8% annual EPS and dividend growth targets through at least 2027
  • The company increased planned infrastructure investments to $14.3 billion from 2024 to 2027 compared to the prior plan of $11.9 billion from 2023 to 2026

Challenges Ahead

  • PPL management is not able to forecast if any of these factors will occur or whether any amounts will be reported for future periods.
  • PPL is not able to provide an equivalent GAAP measure for earnings guidance.
  • Asset or business acquisitions and dispositions
  • The novel coronavirus pandemic or other pandemic health events or other catastrophic events and their effect on financial markets, economic conditions and our businesses
  • Market demand for energy in our service territories

Company Overview

Full financial data and analysis

View PPL