Q1 2024 PPL Corp Earnings Call Transcript
Key Points
- PPL Corp reported a 12.5% increase in ongoing earnings per share from the previous year, driven by returns on capital investments and higher sales volumes.
- The company is on track to complete approximately $3.1 billion in infrastructure improvements in 2024, enhancing grid reliability and advancing a cleaner energy mix.
- PPL Corp is well-positioned to achieve a projected 6% to 8% annual earnings per share and dividend growth through at least 2027.
- The Rhode Island PUC approved $326 million in planned spending for infrastructure, safety, and reliability, which includes significant capital investments.
- PPL Corp has secured positive regulatory outcomes, such as the approval of their infrastructure plans in Rhode Island and the filing of a petition in Pennsylvania to raise the distribution system improvement charge cap.
- The company faces challenges from new EPA regulations which could impact resource adequacy and require significant capital investments or generation replacement in the future.
- Higher interest expenses partially offset the gains from higher sales volumes and returns on capital investments.
- The outcome of the petition to raise the distribution system improvement charge cap in Pennsylvania is still pending, which could affect future financial planning.
- There are ongoing legal and regulatory processes that could affect the implementation and impact of the EPA's new rules on the company's operations.
- The integration and related expenses from the acquisition of Rhode Island Energy impacted earnings, with special items of $0.12 per share recorded in the first quarter.
Good day, and welcome to the PPL Corporation First Quarter 2024 Earnings Conference Call. (Operator Instructions) Please note today's event is being recorded.
I'd now like to turn the conference over to Andy Ludwig, Vice President, Investor Relations. Please go ahead.
Good morning, everyone, and thank you for joining the PPL Conference Call on First Quarter 2024 Financial Results. We have provided slides for this presentation on the Investors section of our website.
Begin today's call with updates from Vince Sorgi, PPL President and CEO; and Joe Bergstein, Chief Financial Officer and conclude with a Q&A session following our prepared remarks.
Before we get started, I'll draw your attention to Slide 2 and a brief cautionary statement. Our presentation today contains forward-looking statements about future operating results or other future events. Actual results may differ materially from these forward-looking statements. Please refer to the appendix of this presentation and PPL's SEC
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