PPL Corporation PPL reported first-quarter 2021 adjusted earnings per share of 28 cents, which missed the Zacks Consensus Estimate of 71 cents by 60.6%.
On a GAAP basis, the company incurred net loss per share of $2.39 against earnings of 72 cents in the year-ago quarter.
PPL Corp. posted revenues of $1,498 million for the first quarter, which improved 4% year over year.
PPL Corporation Price, Consensus and EPS Surprise
PPL Corporation price-consensus-eps-surprise-chart | PPL Corporation Quote
PPL Corp.’s total operating expenses rose 6.6% year over year to $1,083 million for the reported quarter.
The company reported operating income of $415 million, down 2.1% from the prior-year quarter.
Interest expenses were down 0.7% to $153 million from the year-ago quarter.
Kentucky Regulated: Adjusted earnings increased 12.5% from the prior-year quarter to 18 cents per share.
Pennsylvania Regulated: Adjusted earnings were 16 cents per share, on par with the year-ago figure.
Corporate and Other: The segment reported a loss of 6 cents per share for the quarter, wider than a loss of 5 cents in the prior-year quarter.
During the quarter, PPL Corp. inked a deal to divest its U.K. utility business to National Grid. The sale is on track to be complete by this July.
As of Mar 31, 2021, the company had cash and cash equivalents of $421 million compared with $442 million on Dec 31, 2020.
Long-term debt was $13,715 million as of Mar 31, 2021 compared with $13,615 million at 2020 end.
Net cash provided by operating activities in the first quarter of 2021 was $663 million compared with $692 million in the comparable period of 2020.
It expects to invest $2.1 billion in 2021 and $7.8 billion during the 2021-2025 forecast period. Also, the utility anticipates its rate base to expand from $20.1 billion in 2021 to $20.9 billion in 2025.
Currently, PPL Corp. carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Other Utility Releases
American Electric Power Co., Inc. AEP reported first-quarter 2021 adjusted earnings per share of $1.15, which missed the Zacks Consensus Estimate of $1.23 by 6.5%.
NextEra Energy, Inc. NEE reported first-quarter 2021 adjusted earnings of 67 cents per share, which beat the Zacks Consensus Estimate of 60 cents by 11.7%.
FirstEnergy Corporation FE delivered first-quarter 2021 operating earnings of 69 cents per share, which beat the Zacks Consensus Estimate of 68 cents by 1.5%.
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