- Announces second-quarter reported earnings of $0.60 per share and earnings from ongoing operations of $0.58 per share.
- Reaffirms 2019 earnings from ongoing operations forecast range of $2.30 to $2.50 per share.
Allentown, Pa. -- PPL Corporation (NYSE: PPL) on Tuesday (8/6) announced second-quarter 2019 reported earnings (GAAP) of $441 million, or $0.60 per share, compared with second-quarter 2018 reported earnings of $515 million, or $0.73 per share.
Reported earnings for the first six months of 2019 were $907 million, or $1.24 per share, a decrease from $967 million, or $1.38 per share, for the first six months of 2018.
Adjusting for special items, second-quarter 2019 earnings from ongoing operations (non-GAAP) were $422 million, or $0.58 per share, compared to $384 million, or $0.55 per share, a year ago.
Earnings from ongoing operations for the first six months of 2019 were $930 million, or $1.27 per share, compared to $901 million, or $1.29 per share, a year ago.
"Our regulated utilities continued to deliver strong operational performance in the second quarter, making planned investments to strengthen grid resiliency, delivering electricity and natural gas reliably, facilitating distributed energy resources, and once again earning recognition for industry-leading customer satisfaction in the regions we serve," said William H. Spence, PPL's chairman and chief executive officer.
"Following our second-quarter performance, we remain confident in our ability to deliver on our 2019 earnings forecast," Spence said.
PPL's forecast range for earnings from ongoing operations, reaffirmed today, is $2.30 to $2.50 per share, with a midpoint of $2.40 per share.
The company also reaffirmed its expectation of 5 to 6 percent compound annual earnings growth per share through 2020 based on its original 2018 earnings forecast midpoint of $2.30 per share. In addition, PPL maintained its 2021 earnings forecast range of $2.50 to $2.80 per share. The company indicated that recent independent forecasts of British pound sterling to U.S. dollar exchange rates remain within the range of assumptions used for the company's earnings projections and that it will continue to monitor fluctuations in the currency exchange rates for potential impacts to its earnings projections given the current political environment in the U.K.