附錄99.1
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ppl corporation報告2024年第三季度收益
•宣布 2024 年第三季度報告的每股盈利（按照通用會計原則）為 0.29 美元。
•2024年第三季持續盈利每股收益為0.42美元，較2023年的0.43美元略低。
•將2024年持續盈利預測範圍縮小至每股1.67至1.73美元，並將中點提高至每股1.70美元。
•重申預計每股年度盈利和股息增長率將至少持續至2027年，增長為6％至8％。
賓夕法尼亞州艾倫敦 (2024年11月1日) - ppl corporation (NYSE: 紐交所) 今日宣布2024年第三季度報告的盈利(GAAP)為21400萬美元，每股0.29美元，較2023年第三季度每股盈利23000萬美元，每股0.31美元，略有下降。
PPL報告2024年前九個月的收益為71100萬美元，每股盈利為0.96美元，相較於2023年前九個月的收益為62700萬美元，每股盈利為0.85美元。
調整特別項目後，2024年第三季持續營運（非GAAP）盈利為31000萬美元，每股0.42美元，較去年同期的31700萬美元，每股0.43美元有所下降。
2024年前九個月持續營運收益為99400萬美元，每股1.34美元，相較於2023年前九個月的88400萬美元，每股1.20美元。
2024年和2023年第三季度以及前九個月的主要特殊項目包括與收購羅德島能源相關的整合和相關費用。
「基於我們強勁的年初至今財務表現，以及我們對業務計畫的持續執行，ppl corporation總裁兼首席執行官文森特·索爾吉表示，我們已縮小了2024年持續盈利預測的範圍。」
今天，在更新公司2024年持續盈利預測區間時，PPL將區間縮小，每股從1.63美元至1.75美元縮至1.67美元至1.73美元，將中點提高一分錢至每股1.70美元。
此外，該公司重申其預測，到2027年至少情況下維持年收益和股息增長6%至8%，基於其2024年持續收益預測區間的中點。
“在我們努力完成今年結尾的同時，我們堅定地朝著實現我們2024年的優先事項的目標邁進，”Sorgi 說。“這包括投資超過30億美元用於製造行業改善，以使電網更具耐抗未來風暴的能力，並促進安全、可靠、經濟實惠和更清潔的能源未來。此外，它還包括實現我們既定的營運與維護費用節省目標，以保持能源對我們的客戶而言負擔得起。”
PPL的計劃包括從公司2021年基準開始，到2026年提供至少17500萬美元的年度控制項和維護成本節省，預計到2024年底，將累計12000到13000萬美元的年度節省。
在第三季度的重點亮點中，PPL完成了羅德島能源的整合，離開了與英國國家電網公司在PPL收購後設立的其餘過渡服務協議。
2022年5月關於羅德島能源的收購。 PPL在收購初期的首要任務是確保羅德島顧客順利過渡，公司在實現此目標並減少對顧客的影響方面取得了廣泛的成功。
此外，在第三季度，PPL的子公司Louisville Gas and Electric和Kentucky Utilities向肯塔基公共服務委員會提交了他們的三年一度綜合資源計劃（IRP）。 該計劃包括對多種變數的充分分析-需求增長、節能、監管結果、燃料價格等，以提供資源規劃的指導。 IRP構想到2039年需要新增估計2700兆瓦至3200兆瓦的天然氣、太陽能和電池儲能，以安全、可靠且負擔得起地滿足未來需求增長。
其他亮點包括肯塔基對颶風海倫遺跡的強烈風暴應對，展示LG&E和KU持續投資智慧電網技術的好處。此外，PPL電力公司、Louisville 燃氣電和Kentucky Utilities繼續強力支持經濟發展，包括PPL的賓夕法尼亞和肯塔基服務領域對idc概念開發者日益增加的興趣。
2024年第三季收益詳情
如本資訊中所討論，報告盈利按照美國普遍公認的會計原則（GAAP）計算。「來自營運持續的盈利」是一個非GAAP財務指標，經過特別項目的調整。請參見本資訊最後的表格，以查看報告盈利（凈利潤）與來自營運持續的盈利之間的調整，包括特別項目的項目化。
| (金額以百萬美元為單位，每股金額除外) | 第三季度 | 截至目前為止的年度 | ||||||||||||||||||||||||||||||||||||
| 2024 | 2023 | 變化 | 2024 | 2023 | 變化 | |||||||||||||||||||||||||||||||||
| 已報告收益 | $ | 214 | $ | 230 | (7) | % | $ | 711 | $ | 627 | 13 | % | ||||||||||||||||||||||||||
| 每股已報告收益 | $ | 0.29 | $ | 0.31 | (6) | % | $ | 0.96 | $ | 0.85 | 13 | % | ||||||||||||||||||||||||||
| 第三季度 | 截至目前為止的年度 | |||||||||||||||||||||||||||||||||||||
| 2024 | 2023 | 變化 | 2024 | 2023 | 變化 | |||||||||||||||||||||||||||||||||
| 持續營運的收益 | $ | 310 | $ | 317 | (2) | % | $ | 994 | $ | 884 | 12 | % | ||||||||||||||||||||||||||
| 每股持續營運的收益 | $ | 0.42 | $ | 0.43 | (2) | % | $ | 1.34 | $ | 1.20 | 12 | % | ||||||||||||||||||||||||||
2024年第三季度各部門的收益
| 第三季度 | 截至目前為止的年度 | ||||||||||||||||||||||
| 每股 | 2024 | 2023 | 2024 | 2023 | |||||||||||||||||||
| 報告收益 | |||||||||||||||||||||||
| 肯塔基州監管 | $ | 0.23 | $ | 0.24 | $ | 0.66 | $ | 0.58 | |||||||||||||||
| 賓夕法尼亞州監管 | 0.19 | 0.18 | 0.60 | 0.52 | |||||||||||||||||||
| 羅德島州監管 | 0.02 | 0.01 | 0.12 | 0.10 | |||||||||||||||||||
| 公司及其他 | (0.15) | (0.12) | (0.42) | (0.35) | |||||||||||||||||||
| 總計 | $ | 0.29 | $ | 0.31 | $ | 0.96 | $ | 0.85 | |||||||||||||||
| 第三季度 | 截至目前為止的年度 | ||||||||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
| 特殊項目（費用）利益 | |||||||||||||||||||||||
| 肯塔基受管制 | $ | (0.01) | $ | — | $ | (0.01) | $ | (0.01) | |||||||||||||||
| 賓夕法尼亞受管制 | — | (0.02) | (0.02) | (0.02) | |||||||||||||||||||
| 羅德島受管制 | (0.02) | (0.02) | (0.07) | (0.06) | |||||||||||||||||||
| 公司及其他 | (0.10) | (0.08) | (0.28) | (0.26) | |||||||||||||||||||
| 總計 | $ | (0.13) | $ | (0.12) | $ | (0.38) | $ | (0.35) | |||||||||||||||
| 第三季度 | 截至目前為止的年度 | ||||||||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
| 持續營運收益 | |||||||||||||||||||||||
| 肯塔基管制 | $ | 0.24 | $ | 0.24 | $ | 0.67 | $ | 0.59 | |||||||||||||||
| 賓夕法尼亞管制 | 0.19 | 0.20 | 0.62 | 0.54 | |||||||||||||||||||
| 羅得島管制 | 0.04 | 0.03 | 0.19 | 0.16 | |||||||||||||||||||
| 公司及其他 | (0.05) | (0.04) | (0.14) | (0.09) | |||||||||||||||||||
| 總計 | $ | 0.42 | $ | 0.43 | $ | 1.34 | $ | 1.20 | |||||||||||||||
影響收益的關鍵因素
除了下文所述的分部驅動因素之外，PPL在2024年第三季度的淨特殊事項稅後費用為9600萬美元，每股0.13美元，較2023年第三季度的淨特殊事項稅後費用為8700萬美元，每股0.12美元。在這兩種情況下，特殊事項主要歸咎於與收購羅德島能源相關的整合及相關費用。
2024年前九個月的報告收益包括經稅後特別事項淨費用為2,8300萬美元，或每股0.38美元，而2023年前九個月的經稅後特別事項淨費用為2,5700萬美元，或每股0.35美元。在這兩種情況下，特別事項主要歸因於收購羅德島能源所涉及的整合及相關費用。
肯塔基管制部門
PPL的肯塔基管制部門主要包括Louisville Gas and Electric Company的受管制電力和天然氣業務，以及Kentucky Utilities Company的受管制電力業務。
Reported earnings in the third quarter of 2024 decreased by $0.01 per share compared with a year ago. Earnings from ongoing operations in the third quarter of 2024 were even compared with a year ago. Factors driving earnings results primarily included an adjustment to Environmental Cost Recovery revenues, offset by higher sales volumes primarily due to weather.
Reported earnings and earnings from ongoing operations in the first nine months of 2024 increased by $0.08 per share compared with a year ago. Factors driving earnings results included higher sales volumes primarily due to weather and lower operating costs.
Pennsylvania Regulated Segment
PPL’s Pennsylvania Regulated segment consists of the regulated electricity delivery operations of PPL Electric Utilities.
Reported earnings in the third quarter of 2024 increased by $0.01 per share compared with a year ago. Earnings from ongoing operations in the third quarter of 2024 decreased by $0.01 per share compared with a year ago. Factors driving earnings results primarily included higher operating costs.
Reported earnings and earnings from ongoing operations in the first nine months of 2024 increased by $0.08 per share compared with a year ago. Factors driving earnings results primarily included higher transmission revenue, higher sales volumes and other factors, partially offset by higher interest expense.
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 and earnings from ongoing operations in the third quarter of 2024 increased by $0.01 per share compared with a year ago. Factors driving earnings results primarily included lower property taxes.
Reported earnings in the first nine months of 2024 increased by $0.02 per share compared to a year ago. Earnings from ongoing operations in the first nine months of 2024 increased by $0.03 per share compared with a year ago. Factors driving earnings results primarily included higher distribution revenue from capital investments and higher transmission revenue, partially offset by higher interest expense.
Corporate and Other
PPL’s Corporate and Other category primarily includes financing costs incurred at the corporate level, certain non-recoverable costs resulting from commitments made to the Rhode Island Division of Public Utilities and Carriers and the Rhode Island Attorney General’s Office in conjunction with the acquisition of Rhode Island Energy, and certain other unallocated costs.
Reported earnings in the third quarter of 2024 decreased by $0.03 per share compared with a year ago. Earnings from ongoing operations in the third quarter of 2024 decreased by $0.01 per share compared with a year ago. Factors driving earnings results primarily included higher interest expense.
Reported earnings in the first nine months of 2024 decreased by $0.07 per share compared with a year ago. Earnings from ongoing operations in the first nine months of 2024 decreased by $0.05 per share compared with a year ago. Factors driving earnings results primarily included higher interest expense and other factors.
2024 Earnings Forecast
PPL narrowed its 2024 earnings from ongoing operations forecast range to $1.67 to $1.73 per share from a prior forecast range of $1.63 to $1.75 per share, increasing the midpoint to $1.70 per share from $1.69 per share.
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 whether 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.
See the table at the end of this news release for a complete reconciliation of the earnings forecast.
About PPL
PPL Corporation (NYSE: PPL), headquartered in Allentown, Pennsylvania, is a leading U.S. energy company focused on providing electricity and natural gas safely, reliably and affordably to more than 3.5 million customers in the U.S. PPL’s high-performing, award-winning utilities are addressing energy challenges head-on by building smarter, more resilient and more dynamic power grids and advancing sustainable energy solutions. For more information, visit www.pplweb.com.
# # #
(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 third-quarter 2024 financial results at 11 a.m. Eastern time on
Friday, Nov. 1. The call will be webcast live, in audio format, together with slides of the presentation. 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.
Interested individuals can 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 to join the conference: 8737672. Callers can access the webcast link at www.pplweb.com/investors under “Events.”
# # #
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; volatility in or the impact of other changes on financial markets, commodity prices and economic conditions, including inflation; 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; PPL Corporation's 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) | |||||||||||
| September 30, | December 31, | ||||||||||
| 2024 | 2023 | ||||||||||
| Assets | |||||||||||
| Cash and cash equivalents | $ | 542 | $ | 331 | |||||||
| Accounts receivable | 1,000 | 1,221 | |||||||||
| Unbilled revenues | 319 | 428 | |||||||||
| Fuel, materials and supplies | 517 | 505 | |||||||||
| Regulatory assets | 342 | 293 | |||||||||
| Other current assets | 254 | 154 | |||||||||
| Property, Plant and Equipment | |||||||||||
| Regulated utility plant | 40,097 | 38,608 | |||||||||
| Less: Accumulated depreciation - regulated utility plant | 9,647 | 9,156 | |||||||||
| Regulated utility plant, net | 30,450 | 29,452 | |||||||||
| Non-regulated property, plant and equipment | 76 | 72 | |||||||||
| Less: Accumulated depreciation - non-regulated property, plant and equipment | 28 | 23 | |||||||||
| Non-regulated property, plant and equipment, net | 48 | 49 | |||||||||
| Construction work in progress | 2,129 | 1,917 | |||||||||
| Property, Plant and Equipment, net | 32,627 | 31,418 | |||||||||
| Noncurrent regulatory assets | 1,894 | 1,874 | |||||||||
| Goodwill and other intangibles | 2,561 | 2,553 | |||||||||
| Other noncurrent assets | 416 | 459 | |||||||||
| Total Assets | $ | 40,472 | $ | 39,236 | |||||||
| Liabilities and Equity | |||||||||||
| Short-term debt | $ | — | $ | 992 | |||||||
| Long-term debt due within one year | 1 | 1 | |||||||||
| Accounts payable | 920 | 1,104 | |||||||||
| Other current liabilities | 1,385 | 1,243 | |||||||||
| Long-term debt | 16,499 | 14,611 | |||||||||
| Deferred income taxes and investment tax credits | 3,417 | 3,219 | |||||||||
| Accrued pension obligations | 218 | 275 | |||||||||
| Asset retirement obligations | 139 | 133 | |||||||||
| Noncurrent regulatory liabilities | 3,371 | 3,340 | |||||||||
| Other deferred credits and noncurrent liabilities | 430 | 385 | |||||||||
| Common stock and additional paid-in capital | 12,336 | 12,334 | |||||||||
| Treasury stock | (929) | (948) | |||||||||
| Earnings reinvested | 2,848 | 2,710 | |||||||||
| Accumulated other comprehensive loss | (163) | (163) | |||||||||
| Total Liabilities and Equity | $ | 40,472 | $ | 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 September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
| Operating Revenues | $ | 2,066 | $ | 2,043 | $ | 6,251 | $ | 6,281 | |||||||||||||||
| Operating Expenses | |||||||||||||||||||||||
| Operation | |||||||||||||||||||||||
| Fuel | 207 | 199 | 597 | 567 | |||||||||||||||||||
| Energy purchases | 338 | 356 | 1,133 | 1,430 | |||||||||||||||||||
| Other operation and maintenance | 681 | 637 | 1,930 | 1,805 | |||||||||||||||||||
| Depreciation | 322 | 314 | 957 | 940 | |||||||||||||||||||
| Taxes, other than income | 90 | 100 | 271 | 299 | |||||||||||||||||||
| Total Operating Expenses | 1,638 | 1,606 | 4,888 | 5,041 | |||||||||||||||||||
| Operating Income | 428 | 437 | 1,363 | 1,240 | |||||||||||||||||||
| Other Income (Expense) - net | 32 | 16 | 86 | 51 | |||||||||||||||||||
| Interest Expense | 188 | 165 | 549 | 494 | |||||||||||||||||||
| Income Before Income Taxes | 272 | 288 | 900 | 797 | |||||||||||||||||||
| Income Taxes | 58 | 58 | 189 | 170 | |||||||||||||||||||
| Net Income | $ | 214 | $ | 230 | $ | 711 | $ | 627 | |||||||||||||||
| Earnings Per Share of Common Stock: | |||||||||||||||||||||||
| Basic and Diluted | |||||||||||||||||||||||
| Net Income Available to PPL Common Shareowners | $ | 0.29 | $ | 0.31 | $ | 0.96 | $ | 0.85 | |||||||||||||||
| Weighted-Average Shares of Common Stock Outstanding (in thousands) | |||||||||||||||||||||||
| Basic | 737,773 | 737,107 | 737,678 | 737,005 | |||||||||||||||||||
| Diluted | 739,965 | 738,184 | 739,450 | 738,021 | |||||||||||||||||||
| PPL CORPORATION AND SUBSIDIARIES | |||||||||||
| Condensed Consolidated Statements of Cash Flows (Unaudited) | |||||||||||
| (Millions of Dollars) | |||||||||||
| Nine Months Ended September 30, | |||||||||||
| 2024 | 2023 | ||||||||||
| Cash Flows from Operating Activities | |||||||||||
| Net income | $ | 711 | $ | 627 | |||||||
| Adjustments to reconcile net income to net cash provided by operating activities | |||||||||||
| Depreciation | 957 | 940 | |||||||||
| Amortization | 61 | 61 | |||||||||
| Defined benefit plans - income | (52) | (55) | |||||||||
| Deferred income taxes and investment tax credits | 147 | 142 | |||||||||
| Other | 13 | (1) | |||||||||
| Change in current assets and current liabilities | |||||||||||
| Accounts receivable | 259 | (37) | |||||||||
| Accounts payable | (236) | (129) | |||||||||
| Unbilled revenues | 109 | 224 | |||||||||
| Fuel, materials and supplies | (9) | (43) | |||||||||
| Prepayments | (75) | (44) | |||||||||
| Taxes payable | (8) | (15) | |||||||||
| Regulatory assets and liabilities, net | (54) | (27) | |||||||||
| Accrued interest | 104 | 123 | |||||||||
| Other | (78) | (2) | |||||||||
| Other operating activities | |||||||||||
| Defined benefit plans - funding | (10) | (14) | |||||||||
| Other | (10) | (102) | |||||||||
| Net cash provided by operating activities | 1,829 | 1,648 | |||||||||
| Cash Flows from Investing Activities | |||||||||||
| Expenditures for property, plant and equipment | (1,945) | (1,741) | |||||||||
| Other investing activities | 1 | 2 | |||||||||
| Net cash used in investing activities | (1,944) | (1,739) | |||||||||
| Cash Flows from Financing Activities | |||||||||||
| Issuance of long-term debt | 1,894 | 3,127 | |||||||||
| Retirement of long-term debt | — | (1,763) | |||||||||
| Payment of common stock dividends | (557) | (526) | |||||||||
| Net decrease in short-term debt | (992) | (698) | |||||||||
| Other financing activities | (29) | (52) | |||||||||
| Net cash provided by financing activities | 316 | 88 | |||||||||
| Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash | 201 | (3) | |||||||||
| Cash, Cash Equivalents and Restricted Cash at Beginning of Period | 382 | 357 | |||||||||
| Cash, Cash Equivalents and Restricted Cash at End of Period | $ | 583 | $ | 354 | |||||||
| Supplemental Disclosures of Cash Flow Information | |||||||||||
| Significant non-cash transactions: | |||||||||||
Accrued expenditures for property, plant and equipment at September 30, | $ | 281 | $ | 200 | |||||||
Operating - Electricity Sales (Unaudited)(1) | |||||||||||||||||||||||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||
| Percent | Percent | ||||||||||||||||||||||||||||||||||
| (GWh) | 2024 | 2023 | Change | 2024 | 2023 | Change | |||||||||||||||||||||||||||||
| PA Regulated Segment | |||||||||||||||||||||||||||||||||||
| Retail Delivered | 9,468 | 9,363 | 1.1 | % | 27,682 | 26,894 | 2.9 | % | |||||||||||||||||||||||||||
| KY Regulated Segment | |||||||||||||||||||||||||||||||||||
| Retail Delivered | 8,084 | 7,943 | 1.8 | % | 22,696 | 21,539 | 5.4 | % | |||||||||||||||||||||||||||
Wholesale(2) | 186 | 178 | 4.5 | % | 483 | 382 | 26.4 | % | |||||||||||||||||||||||||||
| Total | 8,270 | 8,121 | 1.8 | % | 23,179 | 21,921 | 5.7 | % | |||||||||||||||||||||||||||
| Total | 17,738 | 17,484 | 1.5 | % | 50,861 | 48,815 | 4.2 | % | |||||||||||||||||||||||||||
(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) | |||||||||||||||||||||||||||||
| 3rd Quarter 2024 | (millions of dollars) | ||||||||||||||||||||||||||||
| KY | PA | RI | Corp. | ||||||||||||||||||||||||||
| Reg. | Reg. | Reg. | & Other | Total | |||||||||||||||||||||||||
Reported Earnings(1) | $ | 169 | $ | 142 | $ | 14 | $ | (111) | $ | 214 | |||||||||||||||||||
| Less: Special Items (expense) benefit: | |||||||||||||||||||||||||||||
Talen litigation costs, net of tax of $1(2) | — | — | — | (2) | (2) | ||||||||||||||||||||||||
Strategic corporate initiatives, net of tax of $1(3) | — | — | — | (2) | (2) | ||||||||||||||||||||||||
Acquisition integration, net of tax of $3, $19(4) | — | — | (18) | (71) | (89) | ||||||||||||||||||||||||
FERC transmission credit refund, net of tax of $0(5) | 1 | — | — | — | 1 | ||||||||||||||||||||||||
ECR beneficial reuse transition adjustment, net of tax of $2(6) | (4) | — | — | — | (4) | ||||||||||||||||||||||||
| Total Special Items | (3) | — | (18) | (75) | (96) | ||||||||||||||||||||||||
| Earnings from Ongoing Operations | $ | 172 | $ | 142 | $ | 32 | $ | (36) | $ | 310 | |||||||||||||||||||
| (per share - diluted) | |||||||||||||||||||||||||||||
| KY | PA | RI | Corp. | ||||||||||||||||||||||||||
| Reg. | Reg. | Reg. | & Other | Total | |||||||||||||||||||||||||
Reported Earnings(1) | $ | 0.23 | $ | 0.19 | $ | 0.02 | $ | (0.15) | $ | 0.29 | |||||||||||||||||||
| Less: Special Items (expense) benefit: | |||||||||||||||||||||||||||||
Acquisition integration(4) | — | — | (0.02) | (0.10) | (0.12) | ||||||||||||||||||||||||
ECR beneficial reuse transition adjustment(6) | (0.01) | — | — | — | (0.01) | ||||||||||||||||||||||||
| Total Special Items | (0.01) | — | (0.02) | (0.10) | (0.13) | ||||||||||||||||||||||||
| Earnings from Ongoing Operations | $ | 0.24 | $ | 0.19 | $ | 0.04 | $ | (0.05) | $ | 0.42 | |||||||||||||||||||
(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 corporate centralization and other strategic efforts.
(4) Primarily integration and related costs associated with the acquisition of Rhode Island Energy.
(5) Prior period impact related to a FERC refund order.
(6) Prior period impact of an adjustment related to the Environmental Cost Recovery mechanism revenues.
| Reconciliation of Segment Reported Earnings to Earnings from Ongoing Operations | |||||||||||||||||||||||||||||
| (After-Tax) | |||||||||||||||||||||||||||||
| (Unaudited) | |||||||||||||||||||||||||||||
| Year-to-Date September 30, 2024 | (millions of dollars) | ||||||||||||||||||||||||||||
| KY | PA | RI | Corp. | ||||||||||||||||||||||||||
| Reg. | Reg. | Reg. | & Other | Total | |||||||||||||||||||||||||
Reported Earnings(1) | $ | 493 | $ | 441 | $ | 90 | $ | (313) | $ | 711 | |||||||||||||||||||
| Less: Special Items (expense) benefit: | |||||||||||||||||||||||||||||
Talen litigation costs, net of tax of $1(2) | — | — | — | (2) | (2) | ||||||||||||||||||||||||
Strategic corporate initiatives, net of tax of $0, $2, $2(3) | (1) | (4) | — | (6) | (11) | ||||||||||||||||||||||||
Acquisition integration, net of tax of $12, $55(4) | — | — | (48) | (206) | (254) | ||||||||||||||||||||||||
PPL Electric billing issue, net of tax of $5(5) | — | (13) | — | — | (13) | ||||||||||||||||||||||||
FERC transmission credit refund, net of tax of $0(6) | 1 | — | — | — | 1 | ||||||||||||||||||||||||
ECR beneficial reuse transition adjustment, net of tax of $2(7) | (4) | — | — | — | (4) | ||||||||||||||||||||||||
| Total Special Items | (4) | (17) | (48) | (214) | (283) | ||||||||||||||||||||||||
| Earnings from Ongoing Operations | $ | 497 | $ | 458 | $ | 138 | $ | (99) | $ | 994 | |||||||||||||||||||
| (per share - diluted) | |||||||||||||||||||||||||||||
| KY | PA | RI | Corp. | ||||||||||||||||||||||||||
| Reg. | Reg. | Reg. | & Other | Total | |||||||||||||||||||||||||
Reported Earnings(1) | $ | 0.66 | $ | 0.60 | $ | 0.12 | $ | (0.42) | $ | 0.96 | |||||||||||||||||||
| Less: Special Items (expense) benefit: | |||||||||||||||||||||||||||||
Strategic corporate initiatives(3) | — | — | — | (0.01) | (0.01) | ||||||||||||||||||||||||
Acquisition integration(4) | — | — | (0.07) | (0.27) | (0.34) | ||||||||||||||||||||||||
PPL Electric billing issue(5) | — | (0.02) | — | — | (0.02) | ||||||||||||||||||||||||
ECR beneficial reuse transition adjustment(7) | (0.01) | — | — | — | (0.01) | ||||||||||||||||||||||||
| Total Special Items | (0.01) | (0.02) | (0.07) | (0.28) | (0.38) | ||||||||||||||||||||||||
| Earnings from Ongoing Operations | $ | 0.67 | $ | 0.62 | $ | 0.19 | $ | (0.14) | $ | 1.34 | |||||||||||||||||||
(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 corporate 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 FERC refund order.
(7) Prior period impact of an adjustment related to the Environmental Cost Recovery mechanism revenues.
| Reconciliation of Segment Reported Earnings to Earnings from Ongoing Operations | |||||||||||||||||||||||||||||
| (After-Tax) | |||||||||||||||||||||||||||||
| (Unaudited) | |||||||||||||||||||||||||||||
| 3rd Quarter 2023 | (millions of dollars) | ||||||||||||||||||||||||||||
| KY | PA | RI | Corp. | ||||||||||||||||||||||||||
| Reg. | Reg. | Reg. | & Other | Total | |||||||||||||||||||||||||
Reported Earnings(1) | $ | 175 | $ | 136 | $ | 6 | $ | (87) | $ | 230 | |||||||||||||||||||
| Less: Special Items (expense) benefit: | |||||||||||||||||||||||||||||
Talen litigation costs, net of tax of $1(2) | — | — | — | (3) | (3) | ||||||||||||||||||||||||
Strategic corporate initiatives, net of tax of $0, $1(3) | — | (1) | — | (3) | (4) | ||||||||||||||||||||||||
Acquisition integration, net of tax of $4, $15(4) | — | — | (16) | (55) | (71) | ||||||||||||||||||||||||
Sale of Safari Holdings, net of tax of ($1)(5) | — | — | — | 1 | 1 | ||||||||||||||||||||||||
PPL Electric billing issue, net of tax of $4(6) | — | (8) | — | — | (8) | ||||||||||||||||||||||||
Other non-recurring charges, net of tax of $0(7) | — | — | — | (2) | (2) | ||||||||||||||||||||||||
| Total Special Items | — | (9) | (16) | (62) | (87) | ||||||||||||||||||||||||
| Earnings from Ongoing Operations | $ | 175 | $ | 145 | $ | 22 | $ | (25) | $ | 317 | |||||||||||||||||||
| (per share - diluted) | |||||||||||||||||||||||||||||
| KY | PA | RI | Corp. | ||||||||||||||||||||||||||
| Reg. | Reg. | Reg. | & Other | Total | |||||||||||||||||||||||||
Reported Earnings(1) | $ | 0.24 | $ | 0.18 | $ | 0.01 | $ | (0.12) | $ | 0.31 | |||||||||||||||||||
| Less: Special Items (expense) benefit: | |||||||||||||||||||||||||||||
Acquisition integration(4) | — | — | (0.02) | (0.08) | (0.10) | ||||||||||||||||||||||||
PPL Electric billing issue(6) | — | (0.02) | — | — | (0.02) | ||||||||||||||||||||||||
| Total Special Items | — | (0.02) | (0.02) | (0.08) | (0.12) | ||||||||||||||||||||||||
| Earnings from Ongoing Operations | $ | 0.24 | $ | 0.20 | $ | 0.03 | $ | (0.04) | $ | 0.43 | |||||||||||||||||||
(1) Reported Earnings represents Net Income.
(2) Represents costs related to litigation with Talen Montana, LLC and affiliated entities.
(3) Represents costs primarily related to PPL’s corporate 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) Certain expenses related to distributed energy investments.
| Reconciliation of Segment Reported Earnings to Earnings from Ongoing Operations | |||||||||||||||||||||||||||||
| (After-Tax) | |||||||||||||||||||||||||||||
| (Unaudited) | |||||||||||||||||||||||||||||
| Year-to-Date September 30, 2023 | (millions of dollars) | ||||||||||||||||||||||||||||
| KY | PA | RI | Corp. | ||||||||||||||||||||||||||
| Reg. | Reg. | Reg. | & Other | Total | |||||||||||||||||||||||||
Reported Earnings(1) | $ | 432 | $ | 384 | $ | 70 | $ | (259) | $ | 627 | |||||||||||||||||||
| Less: Special Items (expense) benefit: | |||||||||||||||||||||||||||||
Talen litigation costs, net of tax of $2(2) | — | — | — | (6) | (6) | ||||||||||||||||||||||||
Strategic corporate initiatives, net of tax of $0, $0, $2(3) | (1) | (1) | — | (7) | (9) | ||||||||||||||||||||||||
Acquisition integration, net of tax of $12, $42(4) | — | — | (46) | (159) | (205) | ||||||||||||||||||||||||
PA tax rate change(5) | — | 1 | — | — | 1 | ||||||||||||||||||||||||
Sale of Safari Holdings, net of tax of $1(6) | — | — | — | (3) | (3) | ||||||||||||||||||||||||
PPL Electric billing issue, net of tax of $6(7) | — | (15) | — | — | (15) | ||||||||||||||||||||||||
FERC transmission credit refund, net of tax of $2(8) | (5) | — | — | — | (5) | ||||||||||||||||||||||||
Other non-recurring charges, net of tax of $0(9) | — | — | — | (15) | (15) | ||||||||||||||||||||||||
| Total Special Items | (6) | (15) | (46) | (190) | (257) | ||||||||||||||||||||||||
| Earnings from Ongoing Operations | $ | 438 | $ | 399 | $ | 116 | $ | (69) | $ | 884 | |||||||||||||||||||
| (per share - diluted) | |||||||||||||||||||||||||||||
| KY | PA | RI | Corp. | ||||||||||||||||||||||||||
| Reg. | Reg. | Reg. | & Other | Total | |||||||||||||||||||||||||
Reported Earnings(1) | $ | 0.58 | $ | 0.52 | $ | 0.10 | $ | (0.35) | $ | 0.85 | |||||||||||||||||||
| Less: Special Items (expense) benefit: | |||||||||||||||||||||||||||||
Talen litigation costs(2) | — | — | — | (0.01) | (0.01) | ||||||||||||||||||||||||
Strategic corporate initiatives(3) | — | — | — | (0.01) | (0.01) | ||||||||||||||||||||||||
Acquisition integration(4) | — | — | (0.06) | (0.22) | (0.28) | ||||||||||||||||||||||||
PPL Electric billing issue(7) | — | (0.02) | — | — | (0.02) | ||||||||||||||||||||||||
FERC transmission credit refund(8) | (0.01) | — | — | — | (0.01) | ||||||||||||||||||||||||
Other non-recurring charges(9) | — | — | — | (0.02) | (0.02) | ||||||||||||||||||||||||
| Total Special Items | (0.01) | (0.02) | (0.06) | (0.26) | (0.35) | ||||||||||||||||||||||||
| Earnings from Ongoing Operations | $ | 0.59 | $ | 0.54 | $ | 0.16 | $ | (0.09) | $ | 1.20 | |||||||||||||||||||
(1) Reported Earnings represents Net Income.
(2) Represents costs related to litigation with Talen Montana, LLC and affiliated entities.
(3) Represents costs primarily related to PPL’s corporate centralization and other strategic efforts.
(4) Primarily integration and related costs associated with the acquisition of Rhode Island Energy.
(5) Impact of Pennsylvania state tax reform.
(6) Primarily final closing and other related adjustments for the sale of Safari Holdings, LLC.
(7) Certain expenses related to billing issues.
(8) Prior period impact related to a FERC refund order.
(9) Certain expenses related to distributed energy investments.
Reconciliation of PPL's Earnings Forecast | |||||||||||||||||
| After-Tax (Unaudited) | |||||||||||||||||
| (per share - diluted) | |||||||||||||||||
| 2024 Forecast Range | |||||||||||||||||
| Midpoint | High | Low | |||||||||||||||
| Estimate of Reported Earnings | $ | 1.32 | $ | 1.35 | $ | 1.29 | |||||||||||
Less: Special Items (expense) benefit:(1) | |||||||||||||||||
Strategic corporate initiatives(2) | (0.01) | (0.01) | (0.01) | ||||||||||||||
Acquisition integration(3) | (0.34) | (0.34) | (0.34) | ||||||||||||||
PPL Electric billing issue(4) | (0.02) | (0.02) | (0.02) | ||||||||||||||
ECR beneficial reuse transition adjustment(5) | (0.01) | (0.01) | (0.01) | ||||||||||||||
| Total Special Items | (0.38) | (0.38) | (0.38) | ||||||||||||||
| Forecast of Earnings from Ongoing Operations | $ | 1.70 | $ | 1.73 | $ | 1.67 | |||||||||||
(1) Reflects only special items recorded through September 30, 2024. PPL is not able to forecast special items for future periods.
(2) Represents costs primarily related to PPL’s corporate centralization and other strategic efforts.
(3) Primarily integration and related costs associated with the acquisition of Rhode Island Energy.
(4) Certain expenses related to billing issues.
(5) Prior period impact of an adjustment related to the Environmental Cost Recovery mechanism revenues.