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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.
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