Q2 2024 PPL Corp Earnings Call Transcript
Key Points
- PPL Corp (PPL) reported second-quarter GAAP earnings of $0.26 per share, an increase from $0.15 per share in Q2 2023.
- The company reaffirmed its 2024 ongoing earnings forecast of $1.63 to $1.75 per share and expects to achieve at least the midpoint of this range.
- PPL Corp (PPL) is on track to complete approximately $3.1 billion in infrastructure improvements in 2024, enhancing reliability, resilience, affordability, and cleaner energy.
- The integration of Rhode Island Energy into PPL has been seamless, and the company is on pace to exit remaining transition service agreements with National Grid.
- PPL Corp (PPL) is well-positioned to achieve its projected 6% to 8% annual earnings per share and dividend growth through at least 2027.
- Higher interest expenses due to increased debt balances have partially offset the positive earnings drivers.
- The Pennsylvania PUC denied PPL's request to classify $84 million of planned investments in predictive failure technology as DSIC eligible, impacting potential cost recovery.
- The company faces potential customer bill increases of $10 to $15 per month due to higher capacity prices in the PJM market.
- PPL Corp (PPL) may need to consider equity financing for future capital expenditures, depending on interest rates, inflation, and other factors.
- The construction of new generation facilities, such as combined cycle gas plants, may take several years, potentially delaying the benefits of increased capacity.
Good day and welcome to the PPL corporation second-quarter 2024 earnings call. (Operator Instructions) Please note todayâs event is being recorded.
I would 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 Corporation conference call on second-quarter 2024 financial results. We provided slides for this presentation on the Investors section of our website.
We'll begin today's call with updates from Vince Sorgi, PPL President and CEO; and Joe Bergstein, Chief Financial Officer. And we'll 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.
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