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PPL Reaffirms Outlook

PPL Corp. (PPL) reaffirmed its projection of 5 to 6 percent compound annual earnings growth through 2020 off its original 2018 forecast midpoint of $2.30 per share. In addition, the company initiated a 2021 earnings forecast range of $2.50 to $2.80 per share.

PPL provided an update on its planned infrastructure investment, announcing it plans to invest about $15 billion across its U.S. and U.K. businesses from 2019 to 2023 to make the grid smarter and more resilient and support the continued safe, reliable and affordable delivery of electricity and natural gas to more than 10 million customers.

In addition, the company demonstrated its continued commitment to dividend growth, announcing that it is increasing its common stock dividend to $0.4125 per share on a quarterly basis. The increased dividend will be payable April 1 to shareowners of record as of March 8, 2019. The increase, PPL's 17th in 18 years, raises the annualized dividend from $1.64 per share to $1.65 per share.

PPL has paid a dividend in every quarter since 1946. During 2019, PPL is expected to settle the remaining 43.25 million shares of common stock under two forward sale agreements completed in May 2018. Full settlement of these forward sale agreements will occur no later than November 2019. PPL issued approximately 20 million shares of common stock under the forward sale agreements in September 2018. The shares to be issued in 2019 are expected to result in dilution of $0.13 per share when compared to 2018 earnings per share results.

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