PPL Corp (PPL) Reports Q3 2023 Earnings: GAAP EPS of $0.31, Ongoing EPS of $0.43
PPL Corp (NYSE:PPL) reports Q3 2023 GAAP earnings of $230 million, or $0.31 per share, compared to Q3 2022 earnings of $174 million, or $0.24 per share.
Q3 2023 ongoing earnings per share stands at $0.43, up from $0.41 in Q3 2022.
The company narrows its 2023 ongoing earnings forecast range to $1.55 to $1.60 per share.
PPL Corp (NYSE:PPL) reaffirms projected annual earnings per share and dividend growth of 6% to 8% through at least 2026.
On November 2, 2023, PPL Corporation (NYSE:PPL) announced its third-quarter 2023 earnings. The company reported GAAP earnings of $230 million, or $0.31 per share, a significant increase from the third-quarter 2022 reported earnings of $174 million, or $0.24 per share. The ongoing earnings per share for Q3 2023 stood at $0.43, marking an increase from $0.41 in 2022.
Financial Performance and Outlook
PPL Corp (NYSE:PPL) reported earnings of $627 million, or $0.85 per share, for the first nine months of 2023, compared to reported earnings of $566 million, or $0.77 per share, for the same period in 2022. The company's ongoing operations earnings for the first nine months of 2023 were $884 million, or $1.20 per share, compared with $832 million, or $1.13 per share, for the first nine months of 2022.
Based on the financial performance year to date, PPL Corp (NYSE:PPL) has narrowed its 2023 ongoing earnings forecast range to $1.55 to $1.60 per share. The company remains confident in its ability to deliver its forecast midpoint of $1.58 per share. PPL Corp (NYSE:PPL) also reaffirmed its projected annual earnings per share and dividend growth of 6% to 8% through at least 2026.
Segment Performance
The Kentucky Regulated segment reported earnings of $0.24 per share in Q3 2023, up from $0.22 per share in Q3 2022. The Pennsylvania Regulated segment reported earnings of $0.18 per share in Q3 2023, down from $0.19 per share in Q3 2022. The Rhode Island Regulated segment reported earnings of $0.01 per share in Q3 2023, a significant improvement from a loss of $0.03 per share in Q3 2022.
Future Projections
PPL Corp (NYSE:PPL) is on track to achieve its projected O&M savings of at least $175 million by 2026 and plans to invest nearly $2.5 billion this year and $12 billion through 2026 to modernize the grid, strengthen grid reliability and resiliency, and advance a cleaner energy mix without compromising on affordability.
Summary of Financial Tables
The company's total assets as of September 30, 2023, stood at $38.6 billion, up from $37.8 billion as of December 31, 2022. Total liabilities and equity also increased to $38.6 billion from $37.8 billion over the same period. The company's net income for the three months ended September 30, 2023, was $230 million, up from $174 million for the same period in 2022.
Overall, PPL Corp (NYSE:PPL)'s Q3 2023 earnings report shows a solid performance with increased earnings and a positive outlook for the future.
Explore the complete 8-K earnings release (here) from PPL Corp for further details.
This article first appeared on GuruFocus.
