PPL Corp. reported first-quarter 2024 adjusted earnings per share of 54 cents on Wednesday, a penny above Wall Street's forecast.
The company also affirmed its forecast for 6% to 8% growth in earnings and dividends through at least 2027.
Chief Executive and President Vincent Sorgi said the Allentown-based utility continues to invest in its "utility of the future" strategy, balancing the needs of customers and shareholders.
First-quarter earnings under Generally Accepted Accounting Principles (GAAP) were $307 million, or 42 cents per share. GAAP net income in the year-ago quarter was $285 million, 39 cents per share.
After adjusting for unusual items, mainly the costs of integrating PPL's Rhode Island Energy unit, the company's first-quarter adjusted earnings were $402 million, or 54 cents per share. The average estimate of industry analysts surveyed by Zacks Investment Research was 53 cents.
Sorgi also affirmed PPL's 2024 financial forecast.
"Backed by our solid first-quarter financial performance and continued confidence in our business plan, today we are reaffirming our ongoing earnings forecast range of $1.63 to $1.75, with a midpoint of $1.69 per share," Sorgi said.
Sorgi and other executives will discuss the results during a conference call with the investment community at 11 a.m.
PPL serves about 3.5 million natural gas and electricity customers in Pennsylvania, Rhode Island and Kentucky.
Shares in the company are traded on the New York Stock Exchange under the ticker symbol PPL. The closing price Tuesday was $27.46, giving the company a market capitalization (share price times number of shares outstanding) of $20.3 billion.
In the last 52 weeks, PPL shares have traded as high as $28.93 and as low as $22.20.
