PPL Corporation Q3 2024 Earnings Report

ALLENTOWN, Pa. – PPL Corporation (NYSE:PPL) reported third-quarter 2024 earnings that fell short of analyst expectations, leading to a 1.72% drop in share prices during early trading.

Earnings Overview

• The utility company posted earnings of $0.29 per share, missing the consensus estimate of $0.43 per share.
• Revenue totaled $2.07 billion, below the projected $2.11 billion.
• On an adjusted basis, PPL reported earnings from ongoing operations of $0.42 per share, down from $0.43 per share in the same quarter last year.

Future Outlook

Vincent Sorgi, president and CEO of PPL Corporation, stated, "Based on our strong year-to-date financial performance and continued execution of our business plan, we've narrowed our 2024 ongoing earnings forecast range."
– The company adjusted its 2024 ongoing earnings guidance to $1.67 to $1.73 per share, updated from the previous forecast of $1.63 to $1.75 per share.
– PPL reaffirmed its expectation of 6% to 8% annual earnings and dividend growth through at least 2027.

Revenue Growth

• The third quarter revenue of $2.07 billion represents a 1.1% year-over-year increase. The company indicated it completed the integration of Rhode Island Energy during this quarter.

Sorgi added, "As we work to close out the year, we are firmly on track to achieve our 2024 priorities. This includes investing more than $3 billion in infrastructure improvements to enhance the grid's resilience against future storms and to promote a safe, reliable, affordable, and cleaner energy future."

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