PPL Corporation reports 2024 earnings results; updates business plan and extends growth targets through 2028
PPL reported 2024 earnings with GAAP earnings of $1.20 per share ($888 million) and ongoing operations earnings of $1.69 per share ($1.25 billion). The company announced a 2025 earnings forecast of $1.75-$1.87 per share and extended its 6-8% annual EPS and dividend growth targets through 2028.
Key highlights include: completion of $3.1 billion in capital investments, achievement of targeted O&M savings of $120-$130 million in 2024, and an increased capital plan of $20 billion for 2025-2028. The company expects 9.8% average annual rate base growth through 2028 and projects equity needs of $2.5 billion to support growth.
PPL also announced a 6% increase in quarterly dividend from $0.2575 to $0.2725 per share, payable April 1, 2025.
PPL ha riportato i risultati per il 2024 con utili GAAP di $1,20 per azione ($888 milioni) e utili delle operazioni continuative di $1,69 per azione ($1,25 miliardi). L'azienda ha annunciato una previsione di utili per il 2025 di $1,75-$1,87 per azione e ha esteso i suoi obiettivi di crescita annuale dell'EPS e dei dividendi del 6-8% fino al 2028.
I punti salienti includono: il completamento di investimenti in capitale per $3,1 miliardi, il raggiungimento dei risparmi O&M previsti di $120-$130 milioni nel 2024 e un piano di capitale aumentato di $20 miliardi per il periodo 2025-2028. L'azienda prevede una crescita media annuale della base tariffaria del 9,8% fino al 2028 e proietta necessità di capitale di $2,5 miliardi per supportare la crescita.
PPL ha anche annunciato un aumento del 6% del dividendo trimestrale da $0,2575 a $0,2725 per azione, pagabile il 1° aprile 2025.
PPL reportó ganancias para 2024 con ganancias GAAP de $1.20 por acción ($888 millones) y ganancias de operaciones continuas de $1.69 por acción ($1.25 mil millones). La compañía anunció una proyección de ganancias para 2025 de $1.75-$1.87 por acción y extendió sus objetivos de crecimiento anual de EPS y dividendos del 6-8% hasta 2028.
Los puntos destacados incluyen: la finalización de inversiones de capital por $3.1 mil millones, el logro de ahorros O&M previstos de $120-$130 millones en 2024 y un plan de capital incrementado de $20 mil millones para 2025-2028. La compañía espera un crecimiento promedio anual de la base tarifaria del 9.8% hasta 2028 y proyecta necesidades de capital de $2.5 mil millones para respaldar el crecimiento.
PPL también anunció un aumento del 6% en el dividendo trimestral de $0.2575 a $0.2725 por acción, pagadero el 1 de abril de 2025.
PPL은 2024년 GAAP 기준 주당 수익이 $1.20($8억 8천만 달러)이고 지속적인 운영 수익이 $1.69($12억 5천만 달러)로 보고했습니다. 회사는 2025년 수익 예측을 주당 $1.75-$1.87로 발표하고, 2028년까지 연간 EPS 및 배당금 성장 목표를 6-8%로 연장했습니다.
주요 하이라이트로는: 31억 달러의 자본 투자 완료, 2024년 O&M 비용 절감 목표인 1억 2천만 달러에서 1억 3천만 달러 달성, 2025-2028년 동안 200억 달러의 자본 계획 증가가 있습니다. 회사는 2028년까지 연평균 9.8%의 기초 요금 성장률을 예상하며, 성장을 지원하기 위해 25억 달러의 자본 필요성을 예상하고 있습니다.
PPL은 또한 분기 배당금을 주당 $0.2575에서 $0.2725로 6% 인상한다고 발표했으며, 이는 2025년 4월 1일에 지급됩니다.
PPL a rapporté des bénéfices pour 2024 avec des bénéfices GAAP de 1,20 $ par action (888 millions de dollars) et des bénéfices des opérations continues de 1,69 $ par action (1,25 milliard de dollars). La société a annoncé une prévision de bénéfices pour 2025 de 1,75 $ à 1,87 $ par action et a prolongé ses objectifs de croissance annuelle de l'EPS et des dividendes de 6 à 8 % jusqu'en 2028.
Les points forts incluent : l'achèvement d'investissements en capital de 3,1 milliards de dollars, l'atteinte des économies O&M ciblées de 120 à 130 millions de dollars en 2024 et un plan de capital augmenté de 20 milliards de dollars pour 2025-2028. L'entreprise s'attend à une croissance annuelle moyenne de la base tarifaire de 9,8 % jusqu'en 2028 et prévoit des besoins en capitaux de 2,5 milliards de dollars pour soutenir la croissance.
PPL a également annoncé une augmentation de 6 % du dividende trimestriel, passant de 0,2575 $ à 0,2725 $ par action, payable le 1er avril 2025.
PPL berichtete 2024 über GAAP-Gewinne von $1,20 pro Aktie ($888 Millionen) und Gewinne aus fortgeführten Betrieben von $1,69 pro Aktie ($1,25 Milliarden). Das Unternehmen gab eine Gewinnprognose für 2025 von $1,75-$1,87 pro Aktie bekannt und verlängerte seine Wachstumsziele für den jährlichen EPS und die Dividende von 6-8% bis 2028.
Wichtige Highlights sind: der Abschluss von Investitionen in Höhe von 3,1 Milliarden Dollar, die Erreichung der angestrebten O&M-Einsparungen von 120-130 Millionen Dollar im Jahr 2024 und ein erhöhtes Investitionsprogramm von 20 Milliarden Dollar für 2025-2028. Das Unternehmen erwartet bis 2028 ein durchschnittliches jährliches Wachstum der Ertragsbasis von 9,8% und prognostiziert einen Kapitalbedarf von 2,5 Milliarden Dollar zur Unterstützung des Wachstums.
PPL kündigte auch eine Erhöhung der vierteljährlichen Dividende um 6% von $0,2575 auf $0,2725 pro Aktie an, die am 1. April 2025 zahlbar ist.
- None.
- None.
Insights
PPL's 2024 results and ambitious growth plan signal a transformative period for the utility giant. The company's $20 billion infrastructure investment program through 2028 represents a strategic pivot toward grid modernization and clean energy integration. This 40% increase from the previous plan demonstrates exceptional confidence in regulatory support and reflects the urgent need for utility infrastructure upgrades across their service territories.
The acceleration in rate base growth from 6.3% to 9.8% positions PPL among the fastest-growing utilities in the sector. This growth is particularly impressive given PPL's size and established market position. The company's ability to maintain a 16-18% FFO/CFO to debt ratio while pursuing this aggressive growth indicates strong balance sheet management and financial discipline.
The operational efficiency achievements are noteworthy, with $120-$130 million in O&M savings primarily driven by smart grid technology and automation. This technology-first approach creates a virtuous cycle - efficiency gains fund future investments while improving service reliability and customer satisfaction. The successful deployment of data science and automation tools suggests PPL is building a scalable, replicable model for operational excellence.
However, the $2.5 billion equity needs through 2028 warrant attention. While this funding requirement is substantial, it's proportionate to the expanded capital program and should be manageable given PPL's strong credit metrics and diverse financing options. The decision to moderate dividend growth at 6% (lower end of the target range) reflects prudent capital allocation, prioritizing infrastructure investment while maintaining shareholder returns.
The company's integrated strategy across its three regulated utilities (Kentucky, Pennsylvania, and Rhode Island) demonstrates effective regulatory management and operational synergies. The successful completion of Rhode Island Energy's integration ahead of schedule provides confidence in PPL's execution capabilities for large-scale initiatives.
- Announces 2024 reported earnings (GAAP) of
$1.20 - Achieves earnings from ongoing operations of
$1.69 - Extends
6% to8% annual EPS and dividend growth targets through at least 2028; expects to achieve EPS growth in the top half of targeted growth range. - Increases capital plan to
$20 billion 9.8% over the period. - Announces approximately
6% increase in quarterly common stock dividend.
Adjusting for special items, 2024 earnings from ongoing operations (non-GAAP) were
PPL's fourth-quarter 2024 reported earnings were
Adjusting for special items, fourth-quarter 2024 earnings from ongoing operations were
"PPL continued to deliver on its commitments to shareowners in 2024, achieving our targeted earnings per share and dividend growth, completing more than
"Looking ahead, we continue to make significant progress in positioning PPL to create the utilities of the future — stronger, smarter, increasingly clean, and built for growth and success in a changing energy landscape. Our updated business plan reflects this strategy and will drive greater value for our customers, communities and shareowners."
2024 Highlights
In delivering ongoing earnings of
Throughout 2024, PPL continued to execute its utility of the future strategy, completing
At the same time, the company continued its strong focus on driving greater efficiencies to maintain affordability as it invests in the future. Building off the
In other highlights, PPL completed its two-year integration of Rhode Island Energy into PPL, successfully exiting all of the remaining transition services that were established with National Grid when PPL acquired Rhode Island Energy in May 2022.
2025 Earnings Guidance and Outlook
In conjunction with today's earnings announcement, PPL announced a 2025 earnings forecast range of
PPL also extended its
In addition, the company increased planned infrastructure investments to
PPL said it expects to maintain a balance sheet that is among the best in the
In other highlights, the company expects to remain on target to achieve cumulative, annual O&M efficiencies of at least
Lastly, PPL announced an approximately
Fourth-Quarter and Full-Year Earnings Details
As discussed in this news release, reported earnings are calculated in accordance with
(Dollars in millions, except for per share amounts) | 4th Quarter | Year | |||||||||
2024 | 2023 | Change | 2024 | 2023 | Change | ||||||
Reported earnings | $ 177 | $ 113 | 57 % | $ 888 | $ 740 | 20 % | |||||
Reported earnings per share | $ 0.24 | $ 0.15 | 60 % | $ 1.20 | $ 1.00 | 20 % | |||||
4th Quarter | Year | ||||||||||
2024 | 2023 | Change | 2024 | 2023 | Change | ||||||
Earnings from ongoing operations | $ 256 | $ 299 | (14) % | $ 1,250 | $ 1,183 | 6 % | |||||
Earnings from ongoing operations per share | $ 0.34 | $ 0.40 | (15) % | $ 1.69 | $ 1.60 | 6 % | |||||
Fourth-Quarter and Full-Year Earnings by Segment
4th Quarter | Year | ||||||
Per share | 2024 | 2023 | 2024 | 2023 | |||
Reported earnings | |||||||
Kentucky Regulated | $ 0.17 | $ 0.16 | $ 0.83 | $ 0.75 | |||
Pennsylvania Regulated | 0.18 | 0.18 | 0.78 | 0.70 | |||
Rhode Island Regulated | 0.02 | 0.04 | 0.15 | 0.13 | |||
Corporate and Other | (0.13) | (0.23) | (0.56) | (0.58) | |||
Total | $ 0.24 | $ 0.15 | $ 1.20 | $ 1.00 | |||
4th Quarter | Year | ||||||
2024 | 2023 | 2024 | 2023 | ||||
Special items (expense) benefit | |||||||
Kentucky Regulated | $ — | $ (0.01) | $ (0.01) | $ (0.02) | |||
Pennsylvania Regulated | (0.02) | (0.02) | (0.04) | (0.04) | |||
Rhode Island Regulated | — | (0.01) | (0.06) | (0.07) | |||
Corporate and Other | (0.08) | (0.21) | (0.38) | (0.47) | |||
Total | $ (0.10) | $ (0.25) | $ (0.49) | $ (0.60) | |||
4th Quarter | Year | ||||||
2024 | 2023 | 2024 | 2023 | ||||
Earnings from ongoing operations | |||||||
Kentucky Regulated | $ 0.17 | $ 0.17 | $ 0.84 | $ 0.77 | |||
Pennsylvania Regulated | 0.20 | 0.20 | 0.82 | 0.74 | |||
Rhode Island Regulated | 0.02 | 0.05 | 0.21 | 0.20 | |||
Corporate and Other | (0.05) | (0.02) | (0.18) | (0.11) | |||
Total | $ 0.34 | $ 0.40 | $ 1.69 | $ 1.60 | |||
Key Factors Impacting Earnings
In addition to the segment drivers outlined below, PPL's reported earnings in 2024 included net special-item after-tax charges of
PPL's reported earnings for the fourth quarter of 2024 included special-item after-tax charges of
Kentucky Regulated Segment
PPL's Kentucky Regulated segment primarily consists of the regulated electricity and natural gas operations of Louisville Gas and Electric Company and the regulated electricity operations of Kentucky Utilities Company.
Reported earnings in 2024 increased by
Reported earnings in the fourth quarter of 2024 increased by
Pennsylvania Regulated Segment
PPL's Pennsylvania Regulated segment consists of the regulated electricity delivery operations of PPL Electric Utilities.
Reported earnings and earnings from ongoing operations in 2024 increased by
Reported earnings and earnings from ongoing operations in the fourth quarter of 2024 were flat compared with a year ago. Factors driving earnings results primarily included higher transmission revenues and other factors offset by higher operating costs.
Rhode Island Regulated Segment
PPL's Rhode Island Regulated segment consists of the regulated electricity and natural gas operations of Rhode Island Energy.
Reported earnings in 2024 increased by
Reported earnings in the fourth quarter of 2024 decreased by
Corporate and Other
PPL's Corporate and Other category primarily includes financing costs incurred at the corporate level that have not been allocated or assigned to the segments, certain non-recoverable costs resulting from commitments made to the Rhode Island Division of Public Utilities and Carriers and the
Reported earnings in 2024 increased by
Reported earnings in the fourth quarter of 2024 increased by
2025 Earnings Forecast
PPL today announced a 2025 earnings forecast range of
Earnings from ongoing operations is a non-GAAP measure that could differ from reported earnings due to special items that are, in management's view, non-recurring or otherwise not reflective of the company's ongoing operations. PPL management is not able to forecast if any of these factors will occur or whether any amounts will be reported for future periods. Therefore, PPL is not able to provide an equivalent GAAP measure for earnings guidance.
About PPL
PPL Corporation (NYSE: PPL), headquartered in
(Note: All references to earnings per share in the text and tables of this news release are stated in terms of diluted earnings per share unless otherwise noted.)
Conference Call and Webcast
PPL invites interested parties to listen to a live Internet webcast of management's teleconference with financial analysts about fourth-quarter and full-year 2024 financial results at 11 a.m. Eastern time on Thursday, Feb. 13. The call will be webcast live, in audio format, together with slides of the presentation. Interested individuals can access the webcast link at www.pplweb.com/investors under Events and Presentations or access the live conference call via telephone at 1-844-512-2926. International participants should call 1-412-317-6300. Participants will need to enter the following "Elite Entry" number in order to join the conference: 6752826. For those who are unable to listen to the live webcast, a replay with slides will be accessible at www.pplweb.com/investors for 90 days after the call.
Management utilizes "Earnings from Ongoing Operations" or "Ongoing Earnings" as a non-GAAP financial measure that should not be considered as an alternative to reported earnings, or net income, an indicator of operating performance determined in accordance with GAAP. PPL believes that Earnings from Ongoing Operations is useful and meaningful to investors because it provides management's view of PPL's earnings performance as another criterion in making investment decisions. In addition, PPL's management uses Earnings from Ongoing Operations in measuring achievement of certain corporate performance goals, including targets for certain executive incentive compensation. Other companies may use different measures to present financial performance.
Earnings from Ongoing Operations is adjusted for the impact of special items. Special items are presented in the financial tables on an after-tax basis with the related income taxes on special items separately disclosed. Income taxes on special items, when applicable, are calculated based on the statutory tax rate of the entity where the activity is recorded. Special items may include items such as:
- Gains and losses on sales of assets not in the ordinary course of business.
- Impairment charges.
- Significant workforce reduction and other restructuring effects.
- Acquisition and divestiture-related adjustments.
- Significant losses on early extinguishment of debt.
- Other charges or credits that are, in management's view, non-recurring or otherwise not reflective of the company's ongoing operations.
Statements contained in this news release, including statements with respect to future earnings, cash flows, dividends, financing, regulation and corporate strategy, are "forward-looking statements" within the meaning of the federal securities laws. Although PPL Corporation believes that the expectations and assumptions reflected in these forward-looking statements are reasonable, these statements are subject to a number of risks and uncertainties, and actual results may differ materially from the results discussed in the statements. The following are among the important factors that could cause actual results to differ materially from the forward-looking statements: asset or business acquisitions and dispositions; pandemic health events or other catastrophic events and their effect on financial markets, economic conditions and our businesses; market demand for energy in our service territories; weather conditions affecting customer energy usage and operating costs; the effect of any business or industry restructuring; the profitability and liquidity of PPL Corporation and its subsidiaries; new accounting requirements or new interpretations or applications of existing requirements; operating performance of our facilities; the length of scheduled and unscheduled outages at our generating plants; environmental conditions and requirements and the related costs of compliance; system conditions and operating costs; development of new projects, markets and technologies; performance of new ventures; any impact of severe weather on our business; receipt of necessary government permits, approvals, rate relief and regulatory cost recovery; capital market conditions and decisions regarding capital structure; the impact of state, federal or foreign investigations applicable to PPL Corporation and its subsidiaries; the outcome of litigation against PPL Corporation and its subsidiaries; stock price performance; the market prices of equity securities and the impact on pension income and resultant cash funding requirements for defined benefit pension plans; the securities and credit ratings of PPL Corporation and its subsidiaries; political, regulatory or economic conditions in jurisdictions where PPL Corporation or its subsidiaries conduct business, including any potential effects of threatened or actual cyberattack, terrorism, or war or other hostilities; new state, federal or foreign legislation, including new tax legislation; and the commitments and liabilities of PPL Corporation and its subsidiaries. Any such forward-looking statements should be considered in light of such important factors and in conjunction with factors and other matters discussed in PPL Corporation's Form 10-K and other reports on file with the Securities and Exchange Commission.
Note to Editors: Visit our media website at www.pplnewsroom.com for additional news and background about PPL Corporation.
PPL CORPORATION AND SUBSIDIARIES | |||
CONDENSED CONSOLIDATED FINANCIAL INFORMATION(1) | |||
Condensed Consolidated Balance Sheets (Unaudited) | |||
(Millions of Dollars) | |||
December 31, | December 31, | ||
2024 | 2023 | ||
Assets | |||
Cash and cash equivalents | $ 306 | $ 331 | |
Accounts receivable | 1,037 | 1,221 | |
Unbilled revenues | 485 | 428 | |
Fuel, materials and supplies | 511 | 505 | |
Regulatory assets | 320 | 293 | |
Other current assets | 221 | 154 | |
Property, Plant and Equipment | |||
Regulated utility plant | 40,391 | 38,608 | |
Less: Accumulated depreciation - regulated utility plant | 9,682 | 9,156 | |
Regulated utility plant, net | 30,709 | 29,452 | |
Non-regulated property, plant and equipment | 79 | 72 | |
Less: Accumulated depreciation - non-regulated property, plant and equipment | 29 | 23 | |
Non-regulated property, plant and equipment, net | 50 | 49 | |
Construction work in progress | 2,390 | 1,917 | |
Property, Plant and Equipment, net | 33,149 | 31,418 | |
Noncurrent regulatory assets | 2,060 | 1,874 | |
Goodwill and other intangibles | 2,561 | 2,553 | |
Other noncurrent assets | 419 | 459 | |
Total Assets | $ 41,069 | $ 39,236 | |
Liabilities and Equity | |||
Short-term debt | $ 303 | $ 992 | |
Long-term debt due within one year | 551 | 1 | |
Accounts payable | 1,196 | 1,104 | |
Other current liabilities | 1,283 | 1,243 | |
Long-term debt | 15,952 | 14,611 | |
Deferred income taxes and investment tax credits | 3,467 | 3,219 | |
Accrued pension obligations | 317 | 275 | |
Asset retirement obligations | 136 | 133 | |
Noncurrent regulatory liabilities | 3,335 | 3,340 | |
Other deferred credits and noncurrent liabilities | 452 | 385 | |
Common stock and additional paid-in capital | 12,354 | 12,334 | |
Treasury stock | (928) | (948) | |
Earnings reinvested | 2,835 | 2,710 | |
Accumulated other comprehensive loss | (184) | (163) | |
Total Liabilities and Equity | $ 41,069 | $ 39,236 | |
(1) | The Financial Statements in this news release have been condensed and summarized for purposes of this presentation. Please refer to PPL Corporation's periodic filings with the Securities and Exchange Commission for full financial statements, including note disclosure. |
PPL CORPORATION AND SUBSIDIARIES | |||||||
Condensed Consolidated Statements of Income (Unaudited) | |||||||
(Millions of Dollars, except share data) | |||||||
Three Months Ended | Year Ended | ||||||
2024 | 2023 | 2024 | 2023 | ||||
Operating Revenues | $ 2,211 | $ 2,031 | $ 8,462 | $ 8,312 | |||
Operating Expenses | |||||||
Operation | |||||||
Fuel | 186 | 166 | 783 | 733 | |||
Energy purchases | 546 | 411 | 1,679 | 1,841 | |||
Other operation and maintenance | 677 | 657 | 2,607 | 2,462 | |||
Depreciation | 322 | 314 | 1,279 | 1,254 | |||
Taxes, other than income | 103 | 93 | 374 | 392 | |||
Total Operating Expenses | 1,834 | 1,641 | 6,722 | 6,682 | |||
Operating Income | 377 | 390 | 1,740 | 1,630 | |||
Other Income (Expense) - net | 28 | (91) | 114 | (40) | |||
Interest Expense | 189 | 172 | 738 | 666 | |||
Income Before Income Taxes | 216 | 127 | 1,116 | 924 | |||
Income Taxes | 39 | 14 | 228 | 184 | |||
Net Income | $ 177 | $ 113 | $ 888 | $ 740 | |||
Earnings Per Share of Common Stock: | |||||||
Basic and Diluted | |||||||
Net Income Available to PPL Common Shareowners | $ 0.24 | $ 0.15 | $ 1.20 | $ 1.00 | |||
Weighted-Average Shares of Common Stock Outstanding (in thousands) | |||||||
Basic | 737,989 | 737,128 | 737,756 | 737,036 | |||
Diluted | 741,063 | 738,600 | 739,853 | 738,166 | |||
PPL CORPORATION AND SUBSIDIARIES | |||||
Condensed Consolidated Statements of Cash Flows (Unaudited) | |||||
(Millions of Dollars) | |||||
2024 | 2023 | 2022 | |||
Cash Flows from Operating Activities | |||||
Net income | $ 888 | $ 740 | $ 756 | ||
Income from discontinued operations (net of income taxes) | — | — | (42) | ||
Income from continuing operations (net of income taxes) | 888 | 740 | 714 | ||
Adjustments to reconcile net income to net cash provided by operating activities | |||||
Depreciation | 1,279 | 1,254 | 1,181 | ||
Amortization | 78 | 81 | 52 | ||
Defined benefit plans - expense (income) | (72) | (73) | (16) | ||
Deferred income taxes and investment tax credits | 196 | 322 | 179 | ||
Loss on sale of Safari Holdings | — | — | 60 | ||
Other | 29 | 4 | 51 | ||
Change in current assets and current liabilities | |||||
Accounts receivable | 254 | (170) | (176) | ||
Accounts payable | (41) | (72) | 358 | ||
Unbilled revenues | (57) | 128 | (197) | ||
Fuel, materials and supplies | (2) | (60) | (90) | ||
Prepayments | (34) | 1 | (13) | ||
Taxes payable | (27) | 6 | (80) | ||
Regulatory assets and liabilities, net | (68) | (37) | (119) | ||
Accrued interest | 33 | 27 | 1 | ||
Other | (65) | 38 | (76) | ||
Other operating activities | |||||
Defined benefit plans - funding | (10) | (13) | (12) | ||
Proceeds from transfer of excess benefit plan funds | 13 | — | — | ||
Other | (54) | (418) | (87) | ||
Net cash provided by operating activities | 2,340 | 1,758 | 1,730 | ||
Cash Flows from Investing Activities | |||||
Expenditures for property, plant and equipment | (2,805) | (2,390) | (2,155) | ||
Proceeds from sale of Safari Holdings, net of cash divested | — | — | 146 | ||
Acquisition of Narragansett Electric, net of cash acquired | — | — | (3,660) | ||
Other investing activities | (13) | 7 | 15 | ||
Net cash used in investing activities | (2,818) | (2,383) | (5,654) | ||
Cash Flows from Financing Activities | |||||
Issuance of long-term debt | 1,894 | 3,252 | 850 | ||
Retirement of long-term debt | — | (1,854) | (264) | ||
Payment of common stock dividends | (747) | (704) | (787) | ||
Net increase (decrease) in short-term debt | (689) | 7 | 916 | ||
Other financing activities | (23) | (51) | (6) | ||
Net cash provided by financing activities | 435 | 650 | 709 | ||
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash | (43) | 25 | (3,215) | ||
Cash, Cash Equivalents and Restricted Cash at Beginning of Period | 382 | 357 | 3,572 | ||
Cash, Cash Equivalents and Restricted Cash at End of Period | $ 339 | $ 382 | $ 357 | ||
Supplemental Disclosures of Cash Flow Information | |||||
Cash paid (received) during the period for: | |||||
Interest - net of amount capitalized | $ 670 | $ 604 | $ 462 | ||
Income taxes - net | $ (123) | $ 281 | $ 163 | ||
Significant non-cash transactions: | |||||
Accrued expenditures for property, plant and equipment at December 31, | $ 358 | $ 220 | $ 269 | ||
Operating - Electricity Sales (Unaudited)(1) | |||||||||||
Three Months Ended | Twelve Months Ended | ||||||||||
Percent | Percent | ||||||||||
(GWh) | 2024 | 2023 | Change | 2024 | 2023 | Change | |||||
PA Regulated Segment | |||||||||||
Retail Delivered | 8,929 | 8,810 | 1.4 % | 36,611 | 35,704 | 2.5 % | |||||
KY Regulated Segment | |||||||||||
Retail Delivered | 6,796 | 6,739 | 0.8 % | 29,492 | 28,278 | 4.3 % | |||||
Wholesale(2) | 134 | 149 | (10.1) % | 617 | 531 | 16.2 % | |||||
Total | 6,930 | 6,888 | 0.6 % | 30,109 | 28,809 | 4.5 % | |||||
Total | 15,859 | 15,698 | 1.0 % | 66,720 | 64,513 | 3.4 % | |||||
(1) | Excludes the Rhode Island Regulated segment electricity sales as revenues are decoupled from volumes delivered. |
(2) | Represents FERC-regulated municipal and unregulated off-system sales. |
Reconciliation of Segment Reported Earnings to Earnings from Ongoing Operations | |||||||||
(After-Tax) | |||||||||
(Unaudited) | |||||||||
4th Quarter 2024 | (millions of dollars) | ||||||||
KY | PA | RI | Corp. | ||||||
Reg. | Reg. | Reg. | & Other | Total | |||||
Reported Earnings(1) | $ 127 | $ 133 | $ 19 | $ (102) | $ 177 | ||||
Less: Special Items (expense) benefit: | |||||||||
Strategic corporate initiatives, net of tax of | — | (1) | — | (2) | (3) | ||||
Acquisition integration, net of tax of | — | — | 2 | (44) | (42) | ||||
DER projects impairment, net of tax of | — | (15) | — | — | (15) | ||||
IT transformation, net of tax of | — | — | — | (19) | (19) | ||||
Total Special Items | — | (16) | 2 | (65) | (79) | ||||
Earnings from Ongoing Operations | $ 127 | $ 149 | $ 17 | $ (37) | $ 256 | ||||
(per share - diluted) | |||||||||
KY | PA | RI | Corp. | ||||||
Reg. | Reg. | Reg. | & Other | Total | |||||
Reported Earnings(1) | $ 0.17 | $ 0.18 | $ 0.02 | $ (0.13) | $ 0.24 | ||||
Less: Special Items (expense) benefit: | |||||||||
Acquisition integration(3) | — | — | — | (0.05) | (0.05) | ||||
DER projects impairment(4) | — | (0.02) | — | — | (0.02) | ||||
IT transformation(5) | — | — | — | (0.03) | (0.03) | ||||
Total Special Items | — | (0.02) | — | (0.08) | (0.10) | ||||
Earnings from Ongoing Operations | $ 0.17 | $ 0.20 | $ 0.02 | $ (0.05) | $ 0.34 | ||||
(1) | Reported Earnings represents Net Income. |
(2) | Represents costs primarily related to PPL's centralization and other strategic efforts. |
(3) | Primarily integration and related costs associated with the acquisition of Rhode Island Energy. |
(4) | Impairment of distributed energy resources project costs associated with a pilot solar program for which PPL will not seek regulatory recovery. |
(5) | Costs associated with PPL's restructuring and rebuilding of its IT infrastructure, organization and systems. |
Reconciliation of Segment Reported Earnings to Earnings from Ongoing Operations | |||||||||
(After-Tax) | |||||||||
(Unaudited) | |||||||||
Full-Year 2024 | (millions of dollars) | ||||||||
KY | PA | RI | Corp. | ||||||
Reg. | Reg. | Reg. | & Other | Total | |||||
Reported Earnings(1) | $ 620 | $ 574 | $ 109 | $ (415) | $ 888 | ||||
Less: Special Items (expense) benefit: | |||||||||
Talen litigation costs, net of tax of | — | — | — | (2) | (2) | ||||
Strategic corporate initiatives, net of tax of | (1) | (5) | — | (5) | (11) | ||||
Acquisition integration, net of tax of | — | — | (46) | (250) | (296) | ||||
PPL Electric billing issue, net of tax of | — | (13) | — | — | (13) | ||||
FERC transmission credit refund, net of tax of | 1 | — | — | — | 1 | ||||
ECR beneficial reuse transition adjustment, net of tax of | (4) | — | — | — | (4) | ||||
DER projects impairment, net of tax of | — | (15) | — | — | (15) | ||||
IT transformation, net of tax of | — | — | — | (22) | (22) | ||||
Total Special Items | (4) | (33) | (46) | (279) | (362) | ||||
Earnings from Ongoing Operations | $ 624 | $ 607 | $ 155 | $ (136) | $ 1,250 | ||||
(per share - diluted) | |||||||||
KY | PA | RI | Corp. | ||||||
Reg. | Reg. | Reg. | & Other | Total | |||||
Reported Earnings(1) | $ 0.83 | $ 0.78 | $ 0.15 | $ (0.56) | $ 1.20 | ||||
Less: Special Items (expense) benefit: | |||||||||
Strategic corporate initiatives(3) | — | — | — | (0.01) | (0.01) | ||||
Acquisition integration(4) | — | — | (0.06) | (0.34) | (0.40) | ||||
PPL Electric billing issue(5) | — | (0.02) | — | — | (0.02) | ||||
ECR beneficial reuse transition adjustment(7) | (0.01) | — | — | — | (0.01) | ||||
DER projects impairment(8) | — | (0.02) | — | — | (0.02) | ||||
IT transformation(9) | — | — | — | (0.03) | (0.03) | ||||
Total Special Items | (0.01) | (0.04) | (0.06) | (0.38) | (0.49) | ||||
Earnings from Ongoing Operations | $ 0.84 | $ 0.82 | $ 0.21 | $ (0.18) | $ 1.69 | ||||
(1) | Reported Earnings represents Net Income. |
(2) | PPL incurred legal expenses related to litigation associated with its former affiliate. |
(3) | Represents costs primarily related to PPL's centralization and other strategic efforts. |
(4) | Primarily integration and related costs associated with the acquisition of Rhode Island Energy. |
(5) | Certain expenses related to billing issues. |
(6) | Prior period impact related to a Federal Energy Regulatory Commission refund order. |
(7) | Prior period impact for an Environmental Cost Recovery mechanism revenue adjustment related to a Kentucky Public Service Commission order. |
(8) | Impairment of distributed energy resources project costs associated with a pilot solar program for which PPL will not seek regulatory recovery. |
(9) | Costs associated with PPL's restructuring and rebuilding of its IT infrastructure, organization and systems. |
Reconciliation of Segment Reported Earnings to Earnings from Ongoing Operations | |||||||||
(After-Tax) | |||||||||
(Unaudited) | |||||||||
4th Quarter 2023 | (millions of dollars) | ||||||||
KY | PA | RI | Corp. | ||||||
Reg. | Reg. | Reg. | & Other | Total | |||||
Reported Earnings(1) | $ 120 | $ 135 | $ 26 | $ (168) | $ 113 | ||||
Less: Special Items (expense) benefit: | |||||||||
Talen litigation costs, net of tax of | — | — | — | (93) | (93) | ||||
Strategic corporate initiatives, net of tax of | — | (1) | — | (3) | (4) | ||||
Acquisition integration, net of tax of | — | — | (10) | (59) | (69) | ||||
PA tax rate change | — | (1) | — | — | (1) | ||||
Sale of Safari Holdings, net of tax of ( | — | — | — | (1) | (1) | ||||
PPL Electric billing issue, net of tax of | — | (9) | — | — | (9) | ||||
FERC transmission credit refund, net of tax of | (1) | — | — | — | (1) | ||||
Unbilled revenue estimate adjustment, net of tax of | (5) | — | — | — | (5) | ||||
Other non-recurring charges, net of tax of | — | (3) | — | — | (3) | ||||
Total Special Items | (6) | (14) | (10) | (156) | (186) | ||||
Earnings from Ongoing Operations | $ 126 | $ 149 | $ 36 | $ (12) | $ 299 | ||||
(per share - diluted) | |||||||||
KY | PA | RI | Corp. | ||||||
Reg. | Reg. | Reg. | & Other | Total | |||||
Reported Earnings(1) | $ 0.16 | $ 0.18 | $ 0.04 | $ (0.23) | $ 0.15 | ||||
Less: Special Items (expense) benefit: | |||||||||
Talen litigation costs(2) | — | — | — | (0.13) | (0.13) | ||||
Acquisition integration(4) | — | — | (0.01) | (0.08) | (0.09) | ||||
PPL Electric billing issue(6) | — | (0.02) | — | — | (0.02) | ||||
Unbilled revenue estimate adjustment(8) | (0.01) | — | — | — | (0.01) | ||||
Total Special Items | (0.01) | (0.02) | (0.01) | (0.21) | (0.25) | ||||
Earnings from Ongoing Operations | $ 0.17 | $ 0.20 | $ 0.05 | $ (0.02) | $ 0.40 | ||||
(1) | Reported Earnings represents Net Income. |
(2) | Represents a settlement agreement with Talen Montana, LLC and affiliated entities and other litigation costs. |
(3) | Represents costs primarily related to PPL's centralization and other strategic efforts. |
(4) | Primarily integration and related costs associated with the acquisition of Rhode Island Energy. |
(5) | Primarily final closing and other related adjustments for the sale of Safari Holdings, LLC. |
(6) | Certain expenses related to billing issues. |
(7) | Prior period impact related to a Federal Energy Regulatory Commission refund order. |
(8) | Prior period impact of a methodology change in determining unbilled revenues. |
(9) | Certain expenses associated with a litigation settlement. |
Reconciliation of Segment Reported Earnings to Earnings from Ongoing Operations | |||||||||
(After-Tax) | |||||||||
(Unaudited) | |||||||||
Full-Year 2023 | (millions of dollars) | ||||||||
KY | PA | RI | Corp. | ||||||
Reg. | Reg. | Reg. | & Other | Total | |||||
Reported Earnings(1) | $ 552 | $ 519 | $ 96 | $ (427) | $ 740 | ||||
Less: Special Items (expense) benefit: | |||||||||
Talen litigation costs, net of tax of | — | — | — | (99) | (99) | ||||
Strategic corporate initiatives, net of tax of | (1) | (2) | — | (10) | (13) | ||||
Acquisition integration, net of tax of | — | — | (56) | (218) | (274) | ||||
Sale of Safari Holdings, net of tax of | — | — | — | (4) | (4) | ||||
PPL Electric billing issue, net of tax of | — | (24) | — | — | (24) | ||||
FERC transmission credit refund, net of tax of | (6) | — | — | — | (6) | ||||
Unbilled revenue estimate adjustment, net of tax of | (5) | — | — | — | (5) | ||||
Other non-recurring charges, net of tax of | — | (3) | — | (15) | (18) | ||||
Total Special Items | (12) | (29) | (56) | (346) | (443) | ||||
Earnings from Ongoing Operations | $ 564 | $ 548 | $ 152 | $ (81) | $ 1,183 | ||||
(per share - diluted) | |||||||||
KY | PA | RI | Corp. | ||||||
Reg. | Reg. | Reg. | & Other | Total | |||||
Reported Earnings(1) | $ 0.75 | $ 0.70 | $ 0.13 | $ (0.58) | $ 1.00 | ||||
Less: Special Items (expense) benefit: | |||||||||
Talen litigation costs(2) | — | — | — | (0.13) | (0.13) | ||||
Strategic corporate initiatives(3) | — | — | — | (0.01) | (0.01) | ||||
Acquisition integration(4) | — | — | (0.07) | (0.30) | (0.37) | ||||
Sale of Safari Holdings(5) | — | — | — | (0.01) | (0.01) | ||||
PPL Electric billing issue(6) | — | (0.04) | — | — | (0.04) | ||||
FERC transmission credit refund(7) | (0.01) | — | — | — | (0.01) | ||||
Unbilled revenue estimate adjustment(8) | (0.01) | — | — | — | (0.01) | ||||
Other non-recurring charges(9) | — | — | — | (0.02) | (0.02) | ||||
Total Special Items | (0.02) | (0.04) | (0.07) | (0.47) | (0.60) | ||||
Earnings from Ongoing Operations | $ 0.77 | $ 0.74 | $ 0.20 | $ (0.11) | $ 1.60 | ||||
(1) | Reported Earnings represents Net Income. |
(2) | Represents a settlement agreement with Talen Montana, LLC and affiliated entities and other litigation costs. |
(3) | Represents costs primarily related to PPL's centralization and other strategic efforts. |
(4) | Primarily integration and related costs associated with the acquisition of Rhode Island Energy. |
(5) | Primarily final closing and other related adjustments for the sale of Safari Holdings, LLC. |
(6) | Certain expenses related to billing issues. |
(7) | Prior period impact related to a Federal Energy Regulatory Commission refund order. |
(8) | Prior period impact of a methodology change in determining unbilled revenues. |
(9) | PA Reg. includes certain expenses associated with a litigation settlement. Corp. & Other primarily includes certain expenses related to distributed energy investments. |
Contacts: | For news media: Ryan Hill, 610-774-4033 For financial analysts: Andy Ludwig, 610-774-3389 |
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SOURCE PPL Services Corporation
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