PPL Confirms Outlook For FY23 Earnings, FY26 Growth - Update

(RTTNews) - Energy company PPL Corp. (PPL), while announcing higher profit and revenues in its first quarter, on Thursday 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.

On average, 13 analysts polled by Thomson Reuters expect earnings of $1.59 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 remain confident in delivering our 2023 ongoing earnings forecast despite the mild winter weather in the first quarter. We also remain on track to invest nearly $2.5 billion in infrastructure this year..."

In its first quarter, PPL earnings increased from the same period last year and beat the Street estimates.

The company's earnings totaled $285 million, or $0.39 per share, compared to $273 million, or $0.37 per share a year ago.

Adjusted earnings were $352 million or $0.48 per share for the period. Analysts expected the company to earn $0.46 per share.

The company's revenue for the quarter rose 36.0 percent to $2.42 billion from $1.78 billion last year.

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