PPL reports $756M in earnings for 2022

PPL Corp. of Allentown announced 2022 reported earnings (GAAP) of $756 million, or $1.02 per share, compared with a net loss of $1.48 billion, or $1.93 per share in 2021. 

Adjusting for special items, 2022 earnings from ongoing operations (non-GAAP) were $1.04 billion, or $1.41 per share, compared with $806 million, or $1.05 per share, a year ago. 

PPL’s fourth-quarter 2022 reported earnings were $190 million, or $0.26 per share, compared with fourth-quarter 2021 reported earnings of $134 million, or $0.18 per share. 

Adjusting for special items, fourth-quarter 2022 earnings from ongoing operations were $209 million, or $0.28 per share, compared with fourth-quarter 2021 earnings from ongoing operations of $163 million, or $0.22 per share. 

“Over the past two years, we’ve taken bold steps to transform PPL for long-term growth and success and to improve shareowner return while building on our core strengths,” said PPL President and CEO Vincent Sorgi. “In June 2022, this included introducing a new PPL positioned to create the utilities of the future, generate top-tier earnings and dividend growth, and lead the clean energy transition while delivering exceptional value for our customers and shareowners. 

“Since then, we have continued to deliver on the goals we set, exceeding the midpoint of our 2022 earnings forecast, advancing industry-leading grid modernization, providing highly reliable electricity and gas service, and economically advancing our clean energy strategy with a proposal that would provide safe, reliable and affordable energy for our Kentucky customers while significantly reducing our carbon footprint,” said Sorgi. 

In conjunction with today’s earnings announcement, PPL reaffirmed its 2023 earnings forecast range of $1.50 to $1.65 per share. The midpoint, $1.58 per share, represents a 7% increase over the $1.48 per share midpoint of PPL’s 2022 pro forma earnings per share range (reflecting a full year of earnings contributions from Rhode Island Energy). 

In addition, PPL announced a 7% increase in its quarterly common stock dividend, raising the dividend from $0.225 per share to $0.24 per share. The increased dividend will be payable April 3 to shareowners of record as of March 10 and reflects PPL’s commitment to dividend growth in line with earnings per share growth.