PPL Corporation (NYSE:PPL) shares are trading higher after first-quarter FY24 operating revenue growth of $2.304 billion, beating the consensus of $2.062 billion.

Electricity sales rose by 4.4% Y/Y, with the PA Regulated segment up 2.0% Y/Y and the KY Regulated segment increased by 7.6% Y/Y.

Operating income increased to $545 million from $498 million in the prior year quarter. Adjusted EPS was $0.54, beating the consensus of $0.50.

PPL's net cash provided by operating activities in the quarter, totaled $282 million, versus $430 million a year ago.

President and Chief Executive Officer Vincent Sorgi said, "We are on track to complete more than $3 billion in infrastructure improvements this year — part of more than $14.3 billion planned through 2027 — to modernize the grid, strengthen grid resilience against more powerful and frequent severe weather, and advance a safe, reliable, affordable and sustainable energy future for our customers and communities."

Outlook Reiterated: PPL expects EPS of $1.63 to $1.75 in FY24 versus the $1.70 consensus.

The company continues to project an adjusted EPS and dividend growth target of 6% to 8% annually through at least 2027.

PPL reaffirmed annual operation and maintenance savings of at least $175 million by 2026, with $120 million-$130 million of annual savings planned by the end of 2024 from the 2021 baseline.

Investors can gain exposure to the stock via First Trust EIP Carbon Impact ETF (NYSE:ECLN) and First Trust North American Energy Infrastructure Fund (NYSE:EMLP).

Price Action: PPL shares are trading higher by 2.09% at $28.04 at the last check Friday.

Photo via Shutterstock