Core Viewpoint - Analysts and investors are closely monitoring PPL's upcoming earnings disclosure, with projected earnings per share (EPS) of $0.31, indicating a 6.9% increase year-over-year, and quarterly revenue expected to reach $1.91 billion, up 4.73% from the previous year [1] Company Performance - PPL's shares closed at $27.91, reflecting a -0.61% change from the previous day, underperforming compared to the S&P 500's daily gain of 0.77% [5] - Over the past month, PPL's shares have decreased by 5.1%, contrasting with the Utilities sector's loss of 3.86% and the S&P 500's gain of 3.71% [9] Earnings Estimates - For the full year, analysts expect PPL to report earnings of $1.71 per share and revenue of $8.26 billion, representing changes of +6.88% and -0.62% respectively from the previous year [6] - Recent adjustments to analyst estimates for PPL suggest a favorable outlook on the company's business health and profitability [10] Valuation Metrics - PPL's PEG ratio is currently at 2.41, compared to the Utility - Electric Power industry's average PEG ratio of 2.6 [3] - The company is trading at a Forward P/E ratio of 16.42, which is a premium compared to the industry's average Forward P/E of 15 [11] Industry Context - The Utility - Electric Power industry is part of the broader Utilities sector, currently holding a Zacks Industry Rank of 95, placing it in the top 38% of over 250 industries [8]

Market participants will be closely following the financial results of PPL in its upcoming release. It is anticipated that the company will report an EPS of $0.31, marking a 6.9% rise compared to the same quarter of the previous year. Alongside, our most recent consensus estimate is anticipating revenue of $1.88 billion, indicating a 3.14% upward movement from the same quarter last year. Investors should also pay attention to any latest changes in analyst estimates for PPL. These latest adjustments often mi ...

Core Viewpoint - PPL Corporation's strategic investment plans are expected to enhance its infrastructure, focusing on clean generation and domestic growth, making it a strong investment option in the utility sector [1] Growth Projections - The Zacks Consensus Estimate for PPL's 2024 earnings per share (EPS) has risen by 0.6% to $1.71 over the past 30 days [2] - The Zacks Consensus Estimate for 2025 EPS has increased by 0.5% to $1.84 in the same period [2] - PPL's long-term earnings growth rate is projected at 6.82% over three to five years [2] Debt Position - PPL's total debt to capital ratio stands at 53.3%, which is better than the industry average of 59.58% [3] - The time-to-interest earned ratio was 2.4 at the end of Q1 2024, indicating the company's capability to meet future interest obligations [3] Liquidity - PPL's current ratio is 1.28, surpassing the industry's average of 0.88, suggesting sufficient short-term assets to cover liabilities [4] Dividend History - PPL has a strong history of dividend payments and plans to increase its dividend by 6-8%, pending board approval [5] - The current quarterly dividend is 25.75 cents per share, leading to an annualized dividend of $1.03 per share [5] - The expected dividend payout ratio is between 60% and 65%, with a current dividend yield of 3.59%, significantly higher than the Zacks S&P 500 composite's average of 1.27% [5] Systematic Investments - PPL's capital investment plan focuses on infrastructure projects for generation, transmission, and distribution, with a regulated capital investment plan of $14.3 billion from 2024 to 2027 [6] - The capital investment for 2024 is projected to be $3.1 billion [6] Price Performance - Over the past three months, PPL's shares have increased by 8.5%, contrasting with the industry's average decline of 0.9% [7]

Note to Editors: Visit our media website at www.pplnewsroom.com for additional news about PPL Corporation. Contacts:For news media: Ryan Hill, 610-774-4033 For financial analysts: Andy Ludwig, 610-774-3389 SOURCE PPL Corporation ALLENTOWN, Pa., May 15, 2024 /PRNewswire/ -- PPL Corporation (NYSE: PPL) declared a quarterly common stock dividend on Wednesday, May 15, 2024, of $0.2575 per share, payable July 1, 2024, to shareowners of record as of June 10, 2024. About PPL PPL Corporation (NYSE: PPL), headquarte ...

PPL Corporation (NYSE:PPL) Q1 2024 Earnings Conference Call May 1, 2024 11:00 AM ET Company Participants Andy Ludwig – Vice President, Investor Relations Vince Sorgi – President and Chief Executive Officer Joe Bergstein – Chief Financial Officer Conference Call Participants Durgesh Chopra – Evercore ISI Steve Fleishman – Wolfe Research Operator Good day, and welcome to the PPL Corporation First Quarter 2024 Earnings Conference Call. All participants will be in listen-only mode. [Operator Instructions] After ...

Financial Performance - Operating revenues for Q1 2024 were $2,304 million, a decrease of 4.6% compared to $2,415 million in Q1 2023[74]. - Total operating expenses decreased to $1,759 million in Q1 2024 from $1,917 million in Q1 2023, reflecting a reduction of 8.3%[74]. - Operating income increased to $545 million in Q1 2024, up 9.4% from $498 million in Q1 2023[74]. - Net income for Q1 2024 was $307 million, representing an increase of 7.7% compared to $285 million in Q1 2023[74]. - Earnings per share (EPS) for Q1 2024 were $0.42, up from $0.39 in Q1 2023, marking a growth of 7.7%[74]. - Net income for Q1 2024 was $307 million, an increase of 7.7% compared to $285 million in Q1 2023[87]. - Operating revenues decreased to $770 million in Q1 2024, down 13.6% from $891 million in Q1 2023[87]. - Net income for the three months ended March 31, 2024, increased to $149 million, up from $138 million in the same period of 2023, representing an increase of 8%[89]. - Net income for Kentucky Utilities Company was $108 million for the three months ended March 31, 2024, up from $88 million in the same period of 2023, indicating a growth of 22.73%[111]. - Operating revenues for Kentucky Utilities Company increased to $525 million in Q1 2024, compared to $499 million in Q1 2023, reflecting a growth of 5.21%[111]. - Net income for the three months ended March 31, 2024, was $108 million, compared to $88 million for the same period in 2023, reflecting a 22.7% year-over-year growth[119]. - Total revenues for PPL in Q1 2024 were $2,303 million, a decrease of 5.9% compared to $2,447 million in Q1 2023[135]. - The net income attributable to PPL for Q1 2024 was $307 million, compared to $285 million in Q1 2023, reflecting an increase of 7.7%[144]. - Basic and diluted earnings per share (EPS) for Q1 2024 were $0.42, up from $0.39 in Q1 2023, indicating a growth of 7.7%[144]. Cash Flow and Investments - Cash provided by operating activities was $282 million, down 34.4% from $430 million in Q1 2023[77]. - Cash used in investing activities increased to $591 million, compared to $503 million in Q1 2023, reflecting higher expenditures for property, plant, and equipment[77]. - Net cash provided by operating activities for the three months ended March 31, 2024, was $28 million, down from $39 million in the same period of 2023, a decrease of 28%[89]. - Net cash used in investing activities for the three months ended March 31, 2024, was $780 million, compared to $156 million in the same period of 2023, indicating a significant increase in cash outflow[89]. - Expenditures for property, plant, and equipment for the three months ended March 31, 2024, were $229 million, compared to $155 million in the same period of 2023, an increase of 48%[89]. - PPL Electric purchased $419 million of accounts receivable from alternative suppliers during the three months ended March 31, 2024[177]. Assets and Liabilities - Long-term debt increased to $15.753 billion as of March 31, 2024, up from $14.611 billion at the end of 2023[80]. - Total assets rose to $39.631 billion, compared to $39.236 billion at the end of 2023, indicating a growth of 1.0%[78]. - The company reported a decrease in cash and cash equivalents to $276 million from $331 million at the end of 2023[78]. - Total current assets as of March 31, 2024, rose to $1,539 million, compared to $869 million at the end of 2023, indicating a significant increase of 77%[91]. - Long-term debt increased to $5,211 million as of March 31, 2024, compared to $4,567 million at the end of 2023, reflecting a rise of 14%[93]. - Total assets increased to $15,116 million as of March 31, 2024, from $14,294 million at the end of 2023, marking a growth of 6%[93]. - The company reported a total equity of $6,639 million as of March 31, 2024, up from $5,903 million at the end of 2023, an increase of 12%[93]. - Total liabilities increased to $4,621 million as of March 31, 2024, compared to $4,581 million at the end of 2023, representing a rise of approximately 0.87%[105]. - The total assets for the Kentucky Regulated segment were $17,074 million as of March 31, 2024, up from $17,029 million at December 31, 2023, indicating a 0.3% increase[129]. - The total liabilities and equity for Kentucky Utilities Company reached $9,773 million as of March 31, 2024, compared to $9,714 million at December 31, 2023, reflecting a 0.6% increase[117]. Dividends and Shareholder Returns - The company declared dividends of $0.2575 per share for Q1 2024, up from $0.2400 per share in Q1 2023[83]. - Dividends declared for the three months ended March 31, 2024, amounted to $47 million, compared to $35 million for the same period in 2023, representing a 34.3% increase[119]. - PPL declared a quarterly cash dividend of 25.75 cents per share, equivalent to $1.03 per annum, payable on April 1, 2024[188]. Strategic Outlook and Initiatives - The company is focused on strategic acquisitions and market expansion as part of its future outlook[68]. - The company anticipates continued investment in new technologies and projects to enhance operational efficiency and customer service[68]. - RIE plans to seek recovery of regulatory assets related to waived electronic transaction fees in its next base distribution rate case[162]. - The Electric Transportation Initiative aims to facilitate the growth of Electric Vehicle (EV) adoption in Rhode Island[158]. - RIE's FY 2024 Gas ISR Plan approved with a total capital investment of $163 million[164]. - RIE's FY 2025 Gas ISR Plan includes a budget of $185 million, with an additional $11 million contingency for potential regulatory changes[165]. - RIE's FY 2024 Electric ISR Plan approved with a total capital investment of $112 million[166]. - RIE's FY 2025 Electric ISR Plan approved with a total capital investment of $132 million[168]. Regulatory and Compliance - The company is currently reviewing IRS Revenue Procedure 2023-15 to assess its impact on financial statements[152]. - PPL is also evaluating the final regulations related to the transfer of certain credits under the Inflation Reduction Act, effective July 1, 2024[153]. - The Rhode Island Division of Public Utilities and Carriers filed a motion to dismiss RIPUC Docket No. 22-05-EE, stating sufficient evidence exists for an independent summary investigation, including an audit of RIE[200]. - The Division recommended the RIPUC disallow a portion of the performance incentive awarded from 2012 through 2021, and assess financial penalties on the Company[200]. - The KPSC initiated an investigation into LG&E and KU's practices during Winter Storm Elliott affecting approximately 55,000 customers[169]. Environmental and Operational Changes - RIE recorded a liability of $98 million as of March 31, 2024, representing the best estimate of remaining costs for environmental remediation activities, expected to be incurred over approximately 30 years[213]. - RIE recovers approximately $3 million annually for electric operations and $1 million annually for gas operations under a distribution adjustment charge for qualified remediation costs[214]. - LG&E and KU received KPSC approval for a compliance plan for the closure of impoundments at multiple stations, with expected completion within five years[206]. - The EPA released a final rule modifying the 2020 ELG revisions, which could result in significant operational changes and additional controls for LG&E and KU plants[203]. - The Registrants are potentially responsible for investigating and remediating contamination under the federal Superfund program, with ongoing actions at certain sites[208]. Debt and Financing - PPL Capital Funding has a $1.25 billion syndicated credit facility with a borrowing sublimit of $400 million for RIE and $850 million for PPL Capital Funding as of March 31, 2024[180]. - RIE issued $500 million of 5.35% Senior Notes due 2034, with proceeds of $496 million used to repay short-term debt and for general corporate purposes[186]. - PPL Electric issued $650 million of 4.85% First Mortgage Bonds due 2034, receiving proceeds of $644 million for similar purposes[187]. - PPL fully guarantees all debt securities and loan obligations of PPL Capital Funding, enhancing creditworthiness for its subsidiaries[222]. Miscellaneous - The weighted average interest rate for PPL Capital Funding's commercial paper was 5.51% as of March 31, 2024[182]. - Total cash, cash equivalents, and restricted cash decreased from $382 million on December 31, 2023, to $321 million on March 31, 2024, representing a decline of 16%[236]. - Total assets increased from $401 million on December 31, 2023, to $338 million on March 31, 2024, indicating a decrease of 15.7%[236]. - Total price risk management liabilities rose from $67 million on December 31, 2023, to $39 million on March 31, 2024, reflecting a decrease of 41.8%[236].

PPL CORPORATION 1 st Quarter 2024 Investor Update May 1, 2024 Cautionary Statements and Factors That May Affect Future Results Statements made in this presentation about future operating results or other future events are forward-looking statements under the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from the forward-looking statements. A discussion of some of the factors that could cause actual results or events to vary is contained ...

[Financial and Operational Highlights](index=1&type=section&id=Financial%20and%20Operational%20Highlights) PPL Corporation reported strong Q1 2024 results, reaffirming full-year EPS forecast and long-term growth targets, supported by infrastructure investments and O&M savings Q1 2024 Earnings Per Share Summary | Metric | Q1 2024 | Q1 2023 | Change | | :--- | :--- | :--- | :--- | | Reported Earnings (GAAP) per Share | $0.42 | $0.39 | +7.7% | | Earnings from Ongoing Operations (non-GAAP) per Share | $0.54 | $0.48 | +12.5% | - Reaffirmed **2024 ongoing earnings forecast range of $1.63 to $1.75 per share**, with a midpoint of **$1.69 per share**[3](index=3&type=chunk)[7](index=7&type=chunk) - Reaffirmed projection of **6% to 8% annual earnings per share and dividend growth** through at least 2027, without the need for equity issuances[6](index=6&type=chunk)[7](index=7&type=chunk) - The company is on track for over **$3 billion in 2024 infrastructure improvements** as part of a **$14.3 billion plan** through 2027 to modernize and strengthen the grid[4](index=4&type=chunk) - PPL continues to target annual operation and maintenance savings of at least **$175 million by 2026** from its 2021 baseline, with **$120-$130 million expected by the end of 2024**[5](index=5&type=chunk) [Detailed Financial Performance](index=2&type=section&id=Detailed%20Financial%20Performance) First-quarter financial performance was driven by growth across all regulated segments, with special items resulting in a net after-tax charge of $95 million [First-Quarter 2024 Earnings Details](index=2&type=section&id=First-Quarter%202024%20Earnings%20Details) PPL's Q1 2024 reported earnings (GAAP) and ongoing operations earnings (non-GAAP) both increased year-over-year, reaching $307 million and $402 million respectively Q1 Earnings Comparison (2024 vs. 2023) | Metric | Q1 2024 | Q1 2023 | Change | | :--- | :--- | :--- | :--- | | Reported Earnings | $307M | $285M | +8% | | Reported EPS | $0.42 | $0.39 | +8% | | Earnings from Ongoing Operations | $402M | $352M | +14% | | Ongoing Operations EPS | $0.54 | $0.48 | +13% | [First-Quarter 2024 Earnings by Segment](index=3&type=section&id=First-Quarter%202024%20Earnings%20by%20Segment) All regulated segments reported year-over-year growth in Q1 2024 ongoing operations earnings, with Kentucky, Pennsylvania, and Rhode Island segments each contributing to the increase Q1 2024 Earnings from Ongoing Operations per Share by Segment | Segment | Q1 2024 EPS | Q1 2023 EPS | | :--- | :--- | :--- | | Kentucky Regulated | $0.25 | $0.22 | | Pennsylvania Regulated | $0.22 | $0.19 | | Rhode Island Regulated | $0.11 | $0.10 | | Corporate and Other | ($0.04) | ($0.03) | | **Total** | **$0.54** | **$0.48** | - **Kentucky Regulated:** Earnings increased by **$0.03 per share**, primarily due to higher sales volumes compared to mild weather in Q1 2023[16](index=16&type=chunk) - **Pennsylvania Regulated:** Earnings from ongoing operations increased by **$0.03 per share**, driven by higher transmission revenue and lower operating costs[17](index=17&type=chunk) - **Rhode Island Regulated:** Earnings from ongoing operations increased by **$0.01 per share**, attributed to higher distribution revenue from capital investments, higher transmission revenue, and lower operating costs[18](index=18&type=chunk) [2024 Full-Year Forecast](index=4&type=section&id=2024%20Full-Year%20Forecast) PPL Corporation reaffirmed its 2024 full-year ongoing operations earnings forecast of $1.63 to $1.75 per share, without providing a GAAP equivalent due to unpredictable special items - The **2024 earnings from ongoing operations forecast range** is maintained at **$1.63 to $1.75 per share**, with a midpoint of **$1.69 per share**[22](index=22&type=chunk) - PPL management cannot provide an equivalent GAAP measure for its earnings guidance due to the inability to forecast the occurrence or amount of special items, which are non-recurring or not reflective of ongoing operations[23](index=23&type=chunk) [Condensed Consolidated Financial Statements](index=7&type=section&id=Condensed%20Consolidated%20Financial%20Statements) The condensed financial statements for Q1 2024 show total assets of $39.6 billion, with operating income increasing to $545 million despite lower revenues, and operating cash flow at $282 million [Balance Sheet](index=7&type=section&id=Balance%20Sheet) As of March 31, 2024, PPL Corporation's total assets increased slightly to $39.63 billion, with shifts observed in short-term and long-term debt Condensed Balance Sheet Data (in Millions) | Account | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | Total Assets | $39,631 | $39,236 | | Total Liabilities | $26,472 | $26,322 | | Total Equity | $13,159 | $12,914 | [Statement of Income](index=8&type=section&id=Statement%20of%20Income) Q1 2024 operating revenues decreased to $2.30 billion, but reduced operating expenses led to higher operating income of $545 million and net income of $307 million Condensed Statement of Income (in Millions) | Account | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Operating Revenues | $2,304 | $2,415 | | Total Operating Expenses | $1,759 | $1,917 | | Operating Income | $545 | $498 | | Net Income | $307 | $285 | [Statement of Cash Flows](index=9&type=section&id=Statement%20of%20Cash%20Flows) Net cash from operating activities decreased to $282 million in Q1 2024, while net cash used in investing activities increased to $591 million Condensed Statement of Cash Flows (in Millions) | Activity | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Net cash provided by operating activities | $282 | $430 | | Net cash used in investing activities | ($591) | ($503) | | Net cash provided by financing activities | $248 | $177 | [Supplemental Information](index=10&type=section&id=Supplemental%20Information) This section provides supplemental operating data and detailed reconciliations of GAAP to non-GAAP earnings, highlighting increased electricity sales and special item adjustments [Operating Data - Electricity Sales](index=10&type=section&id=Operating%20Data%20-%20Electricity%20Sales) Total electricity sales for Pennsylvania and Kentucky regulated segments increased by **4.4%** year-over-year to **17,248 GWh** in Q1 2024, with Kentucky seeing a **7.6%** rise Electricity Sales (GWh) | Segment | Q1 2024 | Q1 2023 | % Change | | :--- | :--- | :--- | :--- | | PA Regulated (Retail) | 9,627 | 9,442 | +2.0% | | KY Regulated (Total) | 7,621 | 7,085 | +7.6% | | **Total** | **17,248** | **16,527** | **+4.4%** | [Reconciliation of GAAP to Non-GAAP Earnings](index=11&type=section&id=Reconciliation%20of%20GAAP%20to%20Non-GAAP%20Earnings) Detailed reconciliations bridge GAAP to non-GAAP earnings, with Q1 2024 special items totaling a **$95 million** charge, primarily for acquisition integration and a billing issue - For Q1 2024, Reported Earnings of **$307 million** were adjusted by **$95 million** in net special item expenses to arrive at Earnings from Ongoing Operations of **$402 million**[42](index=42&type=chunk) - The primary special items in Q1 2024 were acquisition integration costs related to Rhode Island Energy (**$80 million**) and expenses from a PPL Electric billing issue (**$11 million**)[42](index=42&type=chunk)[43](index=43&type=chunk) - The 2024 forecast reconciliation shows an estimated **$0.12 per share** in special item charges recorded through March 31, 2024, adjusting the midpoint Reported EPS estimate of **$1.57** to the Ongoing Operations EPS forecast of **$1.69**[46](index=46&type=chunk)

Financial Data and Key Metrics Changes - PPL Corporation achieved ongoing earnings of $1.60 per share for 2023, exceeding the midpoint of their forecast by $0.02 and representing over 8% growth from pro forma 2022 [10][45] - Fourth quarter GAAP earnings were $0.15 per share compared to $0.26 per share in Q4 2022, with ongoing operations earnings of $0.40 per share, an increase of $0.12 per share from Q4 2022 [43][44] - The company recorded special items of $0.25 per share in Q4, primarily due to a settlement agreement and integration expenses [43] Business Line Data and Key Metrics Changes - Pennsylvania Regulated segment results increased by $0.04 per share, driven by lower O&M and higher transmission revenue [48] - Kentucky segment results increased by $0.06 per share, primarily due to lower O&M expenses [49] - Rhode Island segment results increased by $0.02 per share, driven by higher rider revenue from capital investments [49] Market Data and Key Metrics Changes - The company plans to execute $3.1 billion in infrastructure investments in 2024 to maintain safe, reliable, and affordable energy [39] - The updated capital plan includes $14.3 billion from 2024 to 2027, with an expected average annual rate base growth of 6.3% [19][62] Company Strategy and Development Direction - PPL Corporation is focused on its "Utilities of the Future Strategy," which includes enhancing grid reliability, advancing a cleaner energy mix, and leveraging technology [26][30] - The company aims to achieve 6% to 8% annual EPS and dividend growth targets through at least 2027 [18][55] - PPL is committed to maintaining affordability while investing in infrastructure and technology to support a net-zero economy [38][64] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving 2024 earnings forecast range of $1.63 to $1.75 per share, with a midpoint of $1.69 per share [17] - The leadership team emphasized the importance of operational efficiency and the ability to adapt to challenges while maintaining reliability for customers [46][76] - The company recognizes the need for significant investments to meet increasing electricity demand and to manage the transition from fossil fuels [30][31] Other Important Information - PPL Corporation announced a quarterly common stock dividend increase of 7.3% to $0.2575 per share, aligning with their commitment to dividend growth [18][65] - The company has no plans for equity issuances through at least 2027, maintaining strong credit metrics throughout the planned period [20][68] Q&A Session Summary Question: Transmission side and RTEP Window 3 awards - About half of the increase in the Pennsylvania plan is driven by recent PJM awards [81] Question: Kentucky spend and CPCN process - The company plans to revisit the CPCN filing for a second CCGT with an in-service date in 2030 [84] Question: Regulatory environment in Pennsylvania - The company filed a petition to modify the LTIP, proposing to increase it from $500 million to $800 million [92] Question: Data center developments and T&D investments - The company is actively working with data center companies and sees potential for load growth without significant investment [105][107] Question: Load growth forecast for 2024 - The company is assuming 50 basis points load growth throughout the planning horizon [117]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 for the fiscal year ended December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 for the transition period from _________ to ___________ | Commission File | Registrant; State of Incorporation; | IRS Employer | | --- | --- | --- | | Number | Address and Telephone Numbe ...