PPL Corp. Backs Outlook For FY23 Earnings In Line With Market

(RTTNews) - Energy company PPL Corp. (PPL), while reporting weak profit and higher revenues in its second quarter, on Friday maintained its fiscal 2023 outlook.

For fiscal 2023, the company continues to expect earnings in a range of $1.50 to $1.65 per share, with a midpoint of $1.58 per share.

On average, 13 analysts polled by Thomson Reuters expect earnings of $1.58 per share for the year. Analysts' estimates typically exclude special items.

The company also reaffirmed its 6 percent to 8 percent annual earnings per share and dividend growth targets through at least 2026.

PPL President and Chief Executive Officer Vincent Sorgi, said, "We're solidly on track to achieve our targeted O&M savings of $50 to $60 million in 2023 and continue to project at least $175 million in annual operation and maintenance savings by 2026. In addition, we're on pace to invest nearly $2.5 billion in infrastructure this year and $12 billion through 2026 to strengthen the energy grid, improve reliability as extreme weather threats increase, and advance a cleaner energy mix without compromising on affordability."

In the second quarter, PPL profit decreased from the same period last year and missed the Street estimates.

The company's bottom line totaled $112 million, or $0.15 per share, compared with $119 million, or $0.16 per share, in last year's second quarter.

Adjusted earnings were $215 million or $0.29 per share for the period, compared to $0.30 per share in 2022.

Analysts had expected the company to earn $0.32 per share.

The company's revenue for the quarter rose 7.1 percent to $1.82 billion from $1.70 billion last year.

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