PPL reports first quarter earnings after last year’s first quarter losses

Allentown-based PPL Corp. today announced first-quarter earnings after posting a loss in the first quarter of 2021. 

This year’s first quarter reported earnings (GAAP) was $273 million, or $0.37 per share, compared with a first-quarter 2021 reported net loss of $1.84 billion, or $2.39 per share. 

Adjusting for special items, first-quarter 2022 earnings from ongoing operations (non-GAAP) were $305 million, or $0.41 per share, compared with $219 million, or $0.28 per share, a year ago. 

Special items in the first quarter of 2022 primarily included integration expenses associated with the planned acquisition of The Narragansett Electric Company, PPL said. 

 Special items in 2021 included a non-cash net loss from discontinued operations associated with PPL’s former U.K. utility business. 

“We continued to deliver solid financial and operational results in the first quarter as we remained focused on strategically repositioning PPL for long-term growth and success and on creating the utilities of the future – utilities that are customer-first, people-driven and technology-enabled to drive an affordable, reliable clean energy transition,” said PPL President and Chief Executive Officer Vincent Sorgi. 

Sorgi said PPL is investing in smart grid technology that strengthens reliability. “We continue to expand our use of data analytics to prevent outages, drive efficiency and prioritize investments. And we are leading the way in incorporating technology that enables widespread connection of renewable energy while preserving power quality and reliability.” 

PPL recently announced a 38% increase in residential service starting June 1. This comes after a nearly 26 % increase in December. 

The average customer will see a monthly increase of about $34, PPL said.