- Announces 2022 first-quarter reported earnings (GAAP) of
$0.37 per share.
- Achieves 2022 first-quarter ongoing earnings per share of
$0.41 vs. $0.28 in 2021.
- Remains confident in the value of Narragansett Electric
acquisition for shareowners and Rhode
Island customers and prepared to close promptly with
National Grid.
ALLENTOWN, Pa., May 5, 2022 /PRNewswire/ -- PPL Corporation
(NYSE: PPL) today announced first-quarter 2022 reported earnings
(GAAP) of $273 million, or
$0.37 per share, compared with a
first-quarter 2021 reported net loss of $1.84 billion, or $2.39 per share.
Adjusting for special items, first-quarter 2022 earnings from
ongoing operations (non-GAAP) were $305
million, or $0.41 per share,
compared with $219 million, or
$0.28 per share, a year ago.
Special items in the first quarter of 2022 primarily included
integration expenses associated with the planned acquisition of The
Narragansett Electric Company. Special items in 2021 included a
non-cash net loss from discontinued operations associated with
PPL's former U.K. utility business.
"We continued to deliver solid financial and operational results
in the first quarter as we remained focused on strategically
repositioning PPL for long-term growth and success and on creating
the utilities of the future – utilities that are customer-first,
people-driven and technology-enabled to drive an affordable,
reliable clean energy transition," said PPL President and Chief
Executive Officer Vincent Sorgi.
"Across PPL, we are investing in smart grid technology that
strengthens reliability. We continue to expand our use of data
analytics to prevent outages, drive efficiency and prioritize
investments. And we are leading the way in incorporating technology
that enables widespread connection of renewable energy while
preserving power quality and reliability."
In addition, Sorgi said PPL continues to work diligently through
the state appeals process in Rhode
Island after receiving all of the necessary regulatory
approvals to acquire Narragansett Electric. The company remains
confident in the value of the transaction for shareowners and
Rhode Island customers and is
prepared to close promptly with National Grid. PPL expects to
provide a strategic update, including annualized dividend and
earnings forecasts, as well as details on its plan to achieve
long-term competitive earnings per share growth, at an investor day
following the conclusion of the Rhode
Island appeals process.
First-Quarter 2022 Earnings
Details
As discussed in this news release, reported earnings are
calculated in accordance with U.S. Generally Accepted Accounting
Principles (GAAP). "Earnings from ongoing operations" is a non-GAAP
financial measure that is adjusted for special items. See the
tables at the end of this news release for a reconciliation of
reported earnings (net income) to earnings from ongoing operations,
including an itemization of special items.
(Dollars in
millions, except for per share amounts)
|
1st
Quarter
|
|
2022
|
|
2021
|
|
Change
|
Reported
earnings
|
$
273
|
|
$
(1,840)
|
|
NM*
|
Reported earnings per
share
|
$
0.37
|
|
$
(2.39)
|
|
NM*
|
|
|
|
|
|
|
|
1st
Quarter
|
|
2022
|
|
2021
|
|
Change
|
Earnings from ongoing
operations
|
$
305
|
|
$
219
|
|
39
%
|
Earnings from ongoing
operations per share
|
$
0.41
|
|
$
0.28
|
|
46
%
|
*NM: Not
meaningful
|
First-Quarter 2022 Earnings by Segment
|
1st
Quarter
|
Per
share
|
2022
|
|
2021
|
Reported
earnings
|
|
|
|
Kentucky
Regulated
|
$
0.24
|
|
$
0.19
|
Pennsylvania
Regulated
|
0.19
|
|
0.14
|
Corporate and
Other
|
(0.06)
|
|
(0.07)
|
Discontinued
Operations
|
—
|
|
(2.65)
|
Total
|
$
0.37
|
|
$
(2.39)
|
|
|
|
|
|
1st
Quarter
|
|
2022
|
|
2021
|
Special items
(expense) benefit
|
|
|
|
Kentucky
Regulated
|
$
(0.01)
|
|
$
0.01
|
Pennsylvania
Regulated
|
—
|
|
(0.02)
|
Corporate and
Other
|
(0.03)
|
|
(0.01)
|
Discontinued
Operations
|
—
|
|
(2.65)
|
Total
|
$
(0.04)
|
|
$
(2.67)
|
|
|
|
|
|
1st
Quarter
|
|
2022
|
|
2021
|
Earnings from
ongoing operations
|
|
|
|
Kentucky
Regulated
|
$
0.25
|
|
$
0.18
|
Pennsylvania
Regulated
|
0.19
|
|
0.16
|
Corporate and
Other
|
(0.03)
|
|
(0.06)
|
Total
|
$
0.41
|
|
$
0.28
|
Key Factors Impacting Earnings
In addition to the segment drivers outlined below, PPL's
reported earnings in the first quarter of 2022 included net
special-item after-tax expenses of $32
million, or $0.04 per share,
primarily attributable to integration expenses associated with the
planned acquisition of Narragansett Electric. Reported earnings for
the first quarter of 2021 included net special-item after-tax
charges of $2.06 billion, or
$2.67 per share, primarily
attributable to discontinued operations associated with the U.K.
utility business.
Kentucky Regulated Segment
PPL's Kentucky Regulated
segment primarily consists of the regulated electricity and natural
gas operations of Louisville Gas and Electric Company and the
regulated electricity operations of Kentucky Utilities Company.
Reported earnings in the first quarter of 2022 increased by
$0.05 compared with a year ago.
Earnings from ongoing operations in the first quarter of 2022
increased $0.07 per share compared
with a year ago. Factors driving earnings results primarily
included higher retail rates effective July
1, 2021, and share accretion, partially offset by higher
depreciation expense.
Pennsylvania Regulated Segment
PPL's Pennsylvania
Regulated segment consists of the regulated electricity delivery
operations of PPL Electric Utilities.
Reported earnings in the first quarter of 2022 increased by
$0.05 compared with a year ago.
Earnings from ongoing operations in the first quarter of 2022
increased $0.03 per share compared
with a year ago. Factors driving earnings results primarily
included higher peak transmission demand, returns on additional
capital investments in transmission, higher sales volumes and share
accretion, partially offset by higher operation and maintenance
expense.
Corporate and Other
PPL's Corporate and Other category
primarily includes unallocated corporate-level financing and other
costs.
Reported earnings in the first quarter of 2022 increased by
$0.01 compared with a year ago.
Earnings from ongoing operations in the first quarter of 2022
increased $0.03 per share compared
with a year ago. Factors driving earnings results primarily
included lower interest expense from less outstanding holding
company debt.
About PPL
PPL Corporation (NYSE:PPL), based in
Allentown, Pennsylvania, is a
leading U.S. energy company focused on providing electricity and
natural gas safely, reliably and affordably to more than 2.5
million customers in the U.S. PPL's high-performing, award-winning
utilities are addressing energy challenges head-on by building
smarter, more resilient and more dynamic power grids and advancing
sustainable energy solutions. For more information, visit
www.pplweb.com.
(Note: All references to earnings per share in the text and
tables of this news release are stated in terms of diluted earnings
per share unless otherwise noted.)
Conference Call and Webcast
PPL invites interested parties to listen to a live Internet
webcast of management's teleconference with financial analysts
about first-quarter 2022 financial results at 11 a.m. Eastern time on Thursday, May 5. The call
will be webcast live, in audio format, together with slides of the
presentation. For those who are unable to listen to the live
webcast, a replay with slides will be accessible at
www.pplweb.com/investors for 90 days after the call. Interested
individuals can access the live conference call via telephone at
1-888-346-8683. International participants should call
1-412-902-4270. Participants will need to enter the following
"Elite Entry" number to join the conference: 8931083. Callers can
access the webcast link at www.pplweb.com/investors under
"Events."
Management utilizes "Earnings from Ongoing Operations" as a
non-GAAP financial measure that should not be considered as an
alternative to reported earnings, or net income, an indicator of
operating performance determined in accordance with GAAP. PPL
believes that Earnings from Ongoing Operations is useful and
meaningful to investors because it provides management's view of
PPL's earnings performance as another criterion in making
investment decisions. In addition, PPL's management uses Earnings
from Ongoing Operations in measuring achievement of certain
corporate performance goals, including targets for certain
executive incentive compensation. Other companies may use different
measures to present financial performance.
Earnings from Ongoing Operations is adjusted for the impact
of special items. Special items are presented in the financial
tables on an after-tax basis with the related income taxes on
special items separately disclosed. Income taxes on special items,
when applicable, are calculated based on the statutory tax rate of
the entity where the activity is recorded. Special items may
include items such as:
- Gains and losses on sales of assets not in the ordinary
course of business.
- Impairment charges.
- Significant workforce reduction and other restructuring
effects.
- Acquisition and divestiture-related adjustments.
- Significant losses on early extinguishment of debt.
- Other charges or credits that are, in management's view,
non-recurring or otherwise not reflective of the company's ongoing
operations.
Statements contained in this news release, including
statements with respect to future earnings, cash flows, dividends,
financing, regulation and corporate strategy, are "forward-looking
statements" within the meaning of the federal securities laws.
Although PPL Corporation believes that the expectations and
assumptions reflected in these forward-looking statements are
reasonable, these statements are subject to a number of risks and
uncertainties, and actual results may differ materially from the
results discussed in the statements. The following are among the
important factors that could cause actual results to differ
materially from the forward-looking statements: asset or business
acquisitions and dispositions; the novel coronavirus pandemic or
other pandemic health events or other catastrophic events and their
effect on financial markets, economic conditions and our
businesses; market demand for energy in our service territories;
weather conditions affecting customer energy usage and operating
costs; the effect of any business or industry restructuring; the
profitability and liquidity of PPL Corporation and its
subsidiaries; new accounting requirements or new interpretations or
applications of existing requirements; operating performance of our
facilities; the length of scheduled and unscheduled outages at our
generating plants; environmental conditions and requirements and
the related costs of compliance; system conditions and operating
costs; development of new projects, markets and technologies;
performance of new ventures; any impact of severe weather on our
business; receipt of necessary government permits, approvals, rate
relief and regulatory cost recovery; capital market conditions and
decisions regarding capital structure; the impact of state, federal
or foreign investigations applicable to PPL Corporation and its
subsidiaries; the outcome of litigation against PPL Corporation and
its subsidiaries; stock price performance; the market prices of
equity securities and the impact on pension income and resultant
cash funding requirements for defined benefit pension plans; the
securities and credit ratings of PPL Corporation and its
subsidiaries; political, regulatory or economic conditions in
jurisdictions where PPL Corporation or its subsidiaries conduct
business, including any potential effects of threatened or actual
cyberattack, terrorism, or war or other hostilities; new state,
federal or foreign legislation, including new tax legislation; and
the commitments and liabilities of PPL Corporation and its
subsidiaries. Any such forward-looking statements should be
considered in light of such important factors and in conjunction
with factors and other matters discussed in PPL Corporation's Form
10-K and other reports on file with the Securities and Exchange
Commission.
Note to Editors: Visit our media website at
www.pplnewsroom.com for additional news and background about PPL
Corporation.
PPL CORPORATION
AND SUBSIDIARIES
|
CONDENSED
CONSOLIDATED FINANCIAL INFORMATION(1)
|
Condensed
Consolidated Balance Sheets (Unaudited)
|
(Millions of
Dollars)
|
|
|
|
|
|
March
31,
|
|
December
31,
|
|
2022
|
|
2021
|
Assets
|
|
|
|
Cash and cash
equivalents
|
$
4,249
|
|
$
3,571
|
Accounts
receivable
|
669
|
|
641
|
Unbilled
revenues
|
279
|
|
307
|
Fuel, materials and
supplies
|
280
|
|
322
|
Other current
assets
|
236
|
|
166
|
Property, Plant and
Equipment
|
|
|
|
Regulated utility
plant
|
30,679
|
|
30,477
|
Less: Accumulated
depreciation - regulated utility plant
|
6,599
|
|
6,488
|
Regulated
utility plant, net
|
24,080
|
|
23,989
|
Non-regulated
property, plant and equipment
|
278
|
|
266
|
Less: Accumulated
depreciation - non-regulated property, plant and
equipment
|
41
|
|
41
|
Non-regulated
property, plant and equipment, net
|
237
|
|
225
|
Construction work in
progress
|
1,328
|
|
1,256
|
Property, Plant and
Equipment, net
|
25,645
|
|
25,470
|
Noncurrent regulatory
assets
|
1,219
|
|
1,236
|
Goodwill and other
intangibles
|
1,056
|
|
1,059
|
Other noncurrent
assets
|
474
|
|
451
|
Total
Assets
|
$
34,107
|
|
$
33,223
|
|
|
|
|
Liabilities and
Equity
|
|
|
|
Short-term
debt
|
$
985
|
|
$
69
|
Long-term debt due
within one year
|
474
|
|
474
|
Accounts
payable
|
686
|
|
679
|
Other current
liabilities
|
888
|
|
1,101
|
Long-term
debt
|
10,668
|
|
10,666
|
Deferred income taxes
and investment tax credits
|
3,335
|
|
3,270
|
Accrued pension
obligations
|
183
|
|
183
|
Asset retirement
obligations
|
151
|
|
157
|
Noncurrent regulatory
liabilities
|
2,417
|
|
2,422
|
Other deferred
credits and noncurrent liabilities
|
455
|
|
479
|
Common stock and
additional paid-in capital
|
12,307
|
|
12,311
|
Treasury
stock
|
(987)
|
|
(1,003)
|
Earnings
reinvested
|
2,697
|
|
2,572
|
Accumulated other
comprehensive loss
|
(152)
|
|
(157)
|
Total Liabilities
and Equity
|
$
34,107
|
|
$
33,223
|
|
|
(1)
|
The Financial
Statements in this news release have been condensed and summarized
for purposes of this presentation. Please refer to PPL
Corporation's periodic filings with the Securities and Exchange
Commission for full financial statements, including note
disclosure.
|
PPL
CORPORATION AND SUBSIDIARIES
|
Condensed
Consolidated Statements of Income (Unaudited)
|
(Millions of
Dollars, except share data)
|
|
|
|
Three Months Ended
March 31,
|
|
2022
|
|
2021
|
Operating
Revenues
|
$
1,782
|
|
$
1,498
|
|
|
|
|
Operating
Expenses
|
|
|
|
Operation
|
|
|
|
Fuel
|
212
|
|
177
|
Energy
purchases
|
352
|
|
220
|
Other operation
and maintenance
|
433
|
|
367
|
Depreciation
|
271
|
|
267
|
Taxes, other than
income
|
60
|
|
52
|
Total Operating
Expenses
|
1,328
|
|
1,083
|
|
|
|
|
Operating
Income
|
454
|
|
415
|
|
|
|
|
Other Income
(Expense) - net
|
—
|
|
—
|
|
|
|
|
Interest
Expense
|
107
|
|
153
|
|
|
|
|
Income from
Continuing Operations Before Income Taxes
|
347
|
|
262
|
|
|
|
|
Income
Taxes
|
74
|
|
59
|
|
|
|
|
Income from
Continuing Operations After Income Taxes
|
273
|
|
203
|
|
|
|
|
Loss from
Discontinued Operations (net of income taxes)
|
—
|
|
(2,043)
|
|
|
|
|
Net Income
(Loss)
|
$
273
|
|
$
(1,840)
|
|
|
|
|
Earnings Per Share
of Common Stock:
|
|
|
|
Basic and
Diluted
|
|
|
|
Income from
Continuing Operations After Income Taxes
|
$
0.37
|
|
$
0.26
|
Loss from
Discontinued Operations (net of income taxes)
|
—
|
|
(2.65)
|
Net Income
(Loss) Available to PPL Common Shareowners
|
$
0.37
|
|
$
(2.39)
|
|
|
|
|
Weighted-Average
Shares of Common Stock Outstanding (in thousands)
|
|
|
|
Basic
|
735,503
|
|
769,159
|
Diluted
|
736,184
|
|
770,710
|
PPL
CORPORATION AND SUBSIDIARIES
|
Condensed
Consolidated Statements of Cash Flows (Unaudited)
|
(Millions of
Dollars)
|
|
|
Three Months Ended
March 31,
|
|
2022
|
|
2021
|
Cash Flows from
Operating Activities
|
|
|
|
Net income
(loss)
|
$
273
|
|
$
(1,840)
|
Loss from discontinued
operations (net of income taxes)
|
—
|
|
2,043
|
Income from continuing
operations (net of income taxes)
|
273
|
|
203
|
Adjustments to
reconcile net income to net cash provided by operating
activities
|
|
|
|
Depreciation
|
271
|
|
267
|
Amortization
|
7
|
|
11
|
Deferred income
taxes and investment tax credits
|
39
|
|
50
|
Stock-based
compensation expense
|
11
|
|
6
|
Other
|
(4)
|
|
(1)
|
Change in current
assets and current liabilities
|
|
|
|
Accounts
receivable
|
(38)
|
|
(60)
|
Accounts
payable
|
4
|
|
(42)
|
Unbilled
revenues
|
28
|
|
76
|
Fuel, materials
and supplies
|
42
|
|
41
|
Prepayments
|
(75)
|
|
(76)
|
Taxes
payable
|
(4)
|
|
(25)
|
Regulatory
assets and liabilities, net
|
(41)
|
|
29
|
Accrued
interest
|
57
|
|
69
|
Other
|
(53)
|
|
(76)
|
Other operating
activities
|
|
|
|
Defined benefit
plans - funding
|
(3)
|
|
(33)
|
Other
|
(12)
|
|
(43)
|
Net cash
provided by operating activities - continuing operations
|
502
|
|
396
|
Net cash
provided by operating activities - discontinued
operations
|
—
|
|
267
|
Net cash
provided by operating activities
|
502
|
|
663
|
Cash Flows from
Investing Activities
|
|
|
|
Expenditures for
property, plant and equipment
|
(427)
|
|
(471)
|
Other investing
activities
|
—
|
|
(1)
|
Net cash
provided by (used in) investing activities - continuing
operations
|
(427)
|
|
(472)
|
Net cash provided by
(used in) investing activities - discontinued operations
|
—
|
|
(263)
|
Net cash
provided by (used in) investing activities
|
(427)
|
|
(735)
|
Cash Flows from
Financing Activities
|
|
|
|
Payment of common
stock dividends
|
(306)
|
|
(320)
|
Retirement of term
loan
|
—
|
|
(300)
|
Retirement of
commercial paper
|
—
|
|
(73)
|
Net increase
(decrease) in short-term debt
|
916
|
|
752
|
Other financing
activities
|
(7)
|
|
(4)
|
Net cash provided by
(used in) financing activities - continuing operations
|
603
|
|
55
|
Net cash provided by
(used in) financing activities - discontinued operations
|
—
|
|
(126)
|
Net cash provided by
(used in) financing activities
|
603
|
|
(71)
|
Effect of Exchange
Rates on Cash, Cash Equivalents and Restricted Cash included in
Discontinued Operations
|
—
|
|
8
|
Net (Increase)
Decrease in Cash, Cash Equivalents and Restricted Cash included in
Discontinued Operations
|
—
|
|
114
|
Net Increase
(Decrease) in Cash, Cash Equivalents and Restricted
Cash
|
678
|
|
(21)
|
Cash, Cash
Equivalents and Restricted Cash at Beginning of Period
|
3,572
|
|
443
|
Cash, Cash
Equivalents and Restricted Cash at End of Period
|
$
4,250
|
|
$
422
|
|
|
|
|
Supplemental
Disclosures of Cash Flow Information
|
|
|
|
Significant non-cash
transactions:
|
|
|
|
Accrued expenditures
for property, plant and equipment at March 31,
|
$
236
|
|
$
229
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating -
Electricity Sales (Unaudited)
|
|
|
|
|
|
|
|
Three Months
Ended
March 31,
|
|
|
|
|
|
|
|
Percent
|
(GWh)
|
2022
|
|
2021
|
|
Change
|
|
|
|
|
|
|
PA Regulated
Segment
|
|
|
|
|
|
Retail
Delivered
|
10,157
|
|
9,861
|
|
3.0 %
|
|
|
|
|
|
|
KY Regulated
Segment
|
|
|
|
|
|
Retail
Delivered
|
7,629
|
|
7,572
|
|
0.8 %
|
Wholesale(1)
|
196
|
|
276
|
|
(29.0) %
|
Total
|
7,825
|
|
7,848
|
|
(0.3) %
|
|
|
|
|
|
|
Total
|
17,982
|
|
17,709
|
|
1.5 %
|
|
|
(1)
|
Represents
FERC-regulated municipal and unregulated off-system
sales.
|
Reconciliation of
Segment Reported Earnings to Earnings from Ongoing
Operations
|
(After-Tax)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
Year-to-Date March
31, 2022
|
(millions of
dollars)
|
|
KY
|
|
PA
|
|
Corp.
|
|
|
|
Reg.
|
|
Reg.
|
|
&
Other
|
|
Total
|
Reported
Earnings(1)
|
$
179
|
|
$
143
|
|
$
(49)
|
|
$
273
|
Less: Special Items
(expense) benefit:
|
|
|
|
|
|
|
|
Talen litigation costs,
net of tax of $1
|
—
|
|
—
|
|
(4)
|
|
(4)
|
Strategic corporate
initiatives, net of tax of $1, $0, $1
|
(4)
|
|
—
|
|
(4)
|
|
(8)
|
Acquisition
integration, net of tax of $6(2)
|
—
|
|
—
|
|
(21)
|
|
(21)
|
Solar panel impairment,
net of tax of $0
|
—
|
|
—
|
|
1
|
|
1
|
Total Special
Items
|
(4)
|
|
—
|
|
(28)
|
|
(32)
|
Earnings from
Ongoing Operations
|
$
183
|
|
$
143
|
|
$
(21)
|
|
$
305
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(per share -
diluted)
|
|
KY
|
|
PA
|
|
Corp.
|
|
|
|
Reg.
|
|
Reg.
|
|
&
Other
|
|
Total
|
Reported
Earnings(1)
|
$
0.24
|
|
$
0.19
|
|
$
(0.06)
|
|
$
0.37
|
Less: Special Items
(expense) benefit:
|
|
|
|
|
|
|
|
Strategic corporate
initiatives
|
(0.01)
|
|
—
|
|
—
|
|
(0.01)
|
Acquisition
integration(2)
|
—
|
|
—
|
|
(0.03)
|
|
(0.03)
|
Total Special
Items
|
(0.01)
|
|
—
|
|
(0.03)
|
|
(0.04)
|
Earnings from
Ongoing Operations
|
$
0.25
|
|
$
0.19
|
|
$
(0.03)
|
|
$
0.41
|
|
|
(1)
|
Reported Earnings
represents Net Income.
|
(2)
|
Costs related to the
integration of Narragansett Electric, including approximately $9
million of IT systems implementation costs and approximately $12
million primarily related to other external consultant costs. PPL
does not expect to recover these costs.
|
Reconciliation of
Segment Reported Earnings to Earnings from Ongoing
Operations
|
(After-Tax)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
Year-to-Date March
31, 2021
|
(millions of
dollars)
|
|
KY
|
|
PA
|
|
Corp.
|
|
Disc.
|
|
|
|
Reg.
|
|
Reg.
|
|
&
Other
|
|
Ops.(2)
|
|
Total
|
Reported
Earnings(1)
|
$
146
|
|
$
113
|
|
$
(56)
|
|
$
(2,043)
|
|
$
(1,840)
|
Less: Special Items
(expense) benefit:
|
|
|
|
|
|
|
|
|
|
Loss from Discontinued
Operations
|
—
|
|
—
|
|
—
|
|
(2,047)
|
|
(2,047)
|
Talen litigation costs,
net of tax of $1
|
—
|
|
—
|
|
(3)
|
|
—
|
|
(3)
|
Valuation allowance
adjustment
|
4
|
|
—
|
|
(4)
|
|
4
|
|
4
|
Transmission formula
rate return on equity reduction, net of tax of $6
|
—
|
|
(13)
|
|
—
|
|
—
|
|
(13)
|
Total Special
Items
|
4
|
|
(13)
|
|
(7)
|
|
(2,043)
|
|
(2,059)
|
Earnings from
Ongoing Operations
|
$
142
|
|
$
126
|
|
$
(49)
|
|
$
—
|
|
$
219
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(per share -
diluted)
|
|
KY
|
|
PA
|
|
Corp.
|
|
Disc.
|
|
|
|
Reg.
|
|
Reg.
|
|
&
Other
|
|
Ops.(2)
|
|
Total
|
Reported
Earnings(1)
|
$
0.19
|
|
$
0.14
|
|
$
(0.07)
|
|
$
(2.65)
|
|
$
(2.39)
|
Less: Special Items
(expense) benefit:
|
|
|
|
|
|
|
|
|
|
Loss from Discontinued
Operations
|
—
|
|
—
|
|
—
|
|
(2.66)
|
|
(2.66)
|
Valuation allowance
adjustment
|
0.01
|
|
—
|
|
(0.01)
|
|
0.01
|
|
0.01
|
Transmission formula
rate return on equity reduction
|
—
|
|
(0.02)
|
|
—
|
|
—
|
|
(0.02)
|
Total Special
Items
|
0.01
|
|
(0.02)
|
|
(0.01)
|
|
(2.65)
|
|
(2.67)
|
Earnings from
Ongoing Operations
|
$
0.18
|
|
$
0.16
|
|
$
(0.06)
|
|
$
—
|
|
$
0.28
|
|
|
(1)
|
Reported Earnings
represents Net Income.
|
(2)
|
PPL sold its U.K.
utility business on June 14, 2021, and its earnings were treated as
a special item.
|
Contacts:
|
For news media: Ryan
Hill, 610-774-4033
|
|
For financial
analysts: Andy Ludwig, 610-774-3389
|
View original content to download
multimedia:https://www.prnewswire.com/news-releases/ppl-corporation-reports-first-quarter-2022-earnings-301540655.html
SOURCE PPL Corporation