PPL Corporation reports 2024 earnings results; updates business plan and extends growth targets through 2028

Core Points - PPL Corporation reported 2024 earnings of $888 million, or $1.20 per share, a 20% increase from 2023 earnings of $740 million, or $1.00 per share [1] - Adjusted earnings from ongoing operations for 2024 were $1.25 billion, or $1.69 per share, compared to $1.18 billion, or $1.60 per share in 2023, reflecting a 6% increase [1][2] - The company achieved its targeted earnings per share and dividend growth, completing over $3 billion in infrastructure investments [3][5] Financial Performance - Fourth-quarter 2024 reported earnings were $177 million, or $0.24 per share, up 57% from $113 million, or $0.15 per share in the fourth quarter of 2023 [2] - Adjusted fourth-quarter earnings from ongoing operations were $256 million, or $0.34 per share, down from $299 million, or $0.40 per share in the same quarter of 2023 [2][21] - The company achieved cumulative annual O&M savings of $120-$130 million in 2024, building on $75 million in savings from 2023 [6][12] Strategic Initiatives - PPL completed $3.1 billion in planned capital investments in 2024 to enhance grid resilience and advance a cleaner energy mix [5][10] - The company successfully integrated Rhode Island Energy into its operations, completing the transition services established during the acquisition [7] - PPL's updated business plan includes a forecasted earnings range of $1.75 to $1.87 per share for 2025, representing a 7% increase over the 2024 forecast midpoint [8][29] Growth Projections - PPL extended its annual EPS and dividend growth targets of 6% to 8% through at least 2028, with EPS growth expected in the top half of the range [9][11] - Planned infrastructure investments were increased to $20 billion from 2025 to 2028, resulting in an average annual rate base growth of 9.8% [10] - The company anticipates maintaining a strong balance sheet with projected equity needs of $2.5 billion over the plan period [11][12] Segment Performance - The Kentucky Regulated segment reported earnings of $0.83 per share in 2024, up from $0.75 in 2023 [16] - The Pennsylvania Regulated segment also saw an increase in earnings, reporting $0.78 per share in 2024 compared to $0.70 in 2023 [22] - The Rhode Island Regulated segment's earnings increased to $0.15 per share in 2024 from $0.13 in 2023, driven by higher distribution and transmission revenue [24]