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PPL Corporation
PPL Corporation Reports Second-Quarter Earnings



Aug 9, 2017

PPL Corporation (NYSE: PPL) on Thursday (8/3) announced second-quarter 2017 reported earnings (GAAP) of $292 million, or $0.43 per share, a decrease from second-quarter 2016 reported earnings of $483 million, or $0.71 per share.

Reported earnings for the first six months of 2017 were $695 million, or $1.01 per share, a decrease from $964 million, or $1.41 per share, for the first six months of 2016.

Adjusting for special items, second-quarter 2017 earnings from ongoing operations (non-GAAP) were $356 million, or $0.52 per share, compared with $380 million, or $0.56 per share, a year ago. This decrease was driven primarily by expected lower foreign currency exchange rates.

Earnings from ongoing operations for the first six months of 2017 were $781 million, or $1.14 per share, compared with $838 million, or $1.23 per share, for the first six months of 2016. This decrease was driven primarily by expected lower foreign currency exchange rates and unfavorable weather in Kentucky, partially offset by an April 1, 2016 price increase in the U.K.

"As we continue to execute our business plans, we remain on track to deliver on our 2017 commitments, as well as our longer-term projections for competitive earnings and dividend growth," said William H. Spence, PPL chairman, president and Chief Executive Officer.

With the effect of special items recorded through the second quarter, the company's forecast range for 2017 reported earnings is $1.92 to $2.12 per share.

PPL's forecast range for earnings from ongoing operations, reaffirmed today, is $2.05 to $2.25 per share, with a midpoint of $2.15 per share.

Looking beyond 2017, PPL expects 5 to 6 percent compound annual earnings growth per share from 2017 through 2020, measured against its 2017 ongoing earnings forecast midpoint of $2.15 per share. In addition, the company is targeting dividend growth of about 4 percent a year through 2020.

Spence said second-quarter highlights included Louisville Gas and Electric Company and Kentucky Utilities Company receiving Kentucky Public Service Commission approval for a combined rate increase of $116 million a year, with new rates effective July 1. The increase will support continued investments in safe, reliable electricity and natural gas service.

PPL also remained on pace in the second quarter to invest more than $1 billion in 2017 on infrastructure improvements at each of its U.K., Kentucky and Pennsylvania business segments. These infrastructure improvements included Louisville Gas and Electric Company completing a 540-mile, 20-year gas-main replacement project to strengthen the safety and reliability of gas service in Louisville.

Also in the second quarter, PPL Electric Utilities and Kentucky Utilities Company ranked highest for residential customer satisfaction among similarly sized electric utilities in the regions they serve. Louisville Gas and Electric Company was second only to Kentucky Utilities for mid-sized utilities in the Midwest as part of a national study of customer satisfaction.

"Our strategy includes delivering industry-leading customer service and reliability, investing responsibly in a sustainable energy future, and executing well on PPL's infrastructure plans, all of which we continued to demonstrate through the first half of 2017," Spence said. "Looking forward, we remain as focused as ever on these priorities as we work to deliver on our commitments to our shareowners and the customers we serve."

Click here to read the full press release.

For more information:

Organization:
PPL Corporation

Address:
Two North Ninth Street
Allentown, Pennsylvania
United States, 18101
www.pplweb.com


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