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The expected conversion of PPL Towers to a residential property is expected to decrease the amount of office space available in Downtown Allentown. PHOTO/FILE
PPL reports over-year increase in first quarter earnings
Stacy Wescoe//May 4, 2023//
PPL Corp. of Allentown on Thursday announced its first-quarter 2023 reported earnings (GAAP) of $285 million, or 39 cents per share, up from first-quarter 2022 reported earnings of $273 million, or 37 cents per share.
Adjusting for special items, first-quarter 2023 earnings from ongoing operations (non-GAAP) were $352 million, or 48 cents per share, compared with $305 million, or 41 cents per share, a year ago.
Special items in the first quarters of 2023 and 2022 primarily included integration and related expenses associated with the acquisition of Rhode Island Energy.
“We remain confident in delivering our 2023 ongoing earnings forecast despite the mild winter weather in the first quarter,” said PPL President and CEO Vincent Sorgi.
He reaffirmed that PPL’s 2023 forecast range for ongoing earnings, is $1.50 to $1.65 per share, with a midpoint of $1.58 per share.
“We also remain on track to invest nearly $2.5 billion in infrastructure this year that benefits both customers and shareowners as we continue to advance our strategy to create the utilities of the future,” said Sorgi. “During the quarter, we achieved positive outcomes in our first infrastructure, safety and reliability filings in Rhode Island, while making great progress in our integration of Rhode Island Energy. We also continued to engage Kentucky stakeholders as we seek regulatory approval to replace 1,500 megawatts of aging coal generation with reliable, least-cost, cleaner energy sources by 2028.
“As we build on our track record of execution, we remain confident in our ability to deliver top-tier earnings per share and dividend growth of 6% to 8% a year through at least 2026 without issuing equity and while maintaining our strong credit profile,” said Sorgi.
In addition, PPL today reaffirmed its plans to invest $12 billion in infrastructure improvements over the next four years as it seeks to modernize its electric and gas networks and replace the retiring generation in Kentucky. PPL said it also remains confident in its plan to achieve at least $175 million in annual operation and maintenance savings by 2026.
