PPL Corp. (PPL) reaffirmed its 2023 earnings forecast range of $1.50 to $1.65 per share. The midpoint, $1.58 per share, represents a 7% increase over the per share midpoint of PPL's 2022 pro forma earnings per share range. The company reaffirmed its 6% to 8% annual EPS and dividend growth targets through at least 2026 off the midpoint of the 2023 earnings forecast range.
PPL announced a 7% increase in quarterly common stock dividend, raising the dividend from $0.225 per share to $0.24 per share. The increased dividend will be payable April 3, 2023, to shareowners of record as of March 10, 2023.
PPL also reaffirmed its planned infrastructure investments, targeting $12 billion in improvements from 2023 to 2026 to strengthen grid reliability and resiliency and economically replace aging coal generation with reliable, least-cost and clean energy sources.
Fourth-quarter reported earnings were $190 million, or $0.26 per share, compared with reported earnings of $134 million, or $0.18 per share, prior year. Adjusting for special items, fourth-quarter 2022 earnings from ongoing operations were $209 million, or $0.28 per share, compared with earnings from ongoing operations of $163 million, or $0.22 per share. Analysts on average had expected the company to earn $0.28 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.
Fourth quarter revenue rose 53.7% to $2.29 billion from $1.49 billion last year. Analysts on average had estimated $1.62 billion in revenue.
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