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PPL Q3 Earnings Match Estimates, Revenues Beat the Mark
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PPL Corporation (PPL - Free Report) reported third-quarter 2022 operating earnings per share (EPS) of 41 cents, on par with the Zacks Consensus Estimate. The bottom line also improved by 13.9% from the year-ago earnings of 36 cents per share.
On a GAAP basis, PPL Corporation recorded an EPS of 24 cents compared with 27 cents in the year-ago quarter.
Revenues
Total revenues of $2,134 million surpassed the Zacks Consensus Estimate of $1,661 million by 28.5%. The top line improved by 41.1% from the year-ago figure of $1,512 million.
Total operating expenses for the third quarter amounted to $1,793 million, up 65.9% from the year-ago quarter’s $1,081 million, due to an increase in other operating and maintenance expenses and an increase in fuel and energy purchases.
The operating income was $341 million, down 20.9% from the year-ago figure of $431 million.
Interest expenses were $136 million, down 25.7% from the year-ago figure of $183 million.
Segmental Updates
Kentucky Regulated: Adjusted earnings were 21 cents per share, on par with the year-ago quarter’s figure.
Pennsylvania Regulated: Adjusted earnings were 18 cents per share, up 12.5% from the year-ago quarter’s figure.
Rhode Island Regulated: Adjusted earnings for the third quarter were 4 cents per share.
Corporate and Other: The segment incurred a loss of 2 cents per share for the quarter, wider than the year-ago quarter’s loss of 1 cent per share.
Financial Position
As of Sep 30, 2022, PPL had cash and cash equivalents of $303 million compared with $3,571 million on Dec 31, 2021.
The long-term debt was $12,977 million as of Jun 30, 2022 compared with $10,666 million as of Dec 31, 2021.
Net cash provided by operating activities in the first nine months of 2022 was $1,511 million compared with $1,978 million in the year-ago period.
Guidance
PPL Corporation narrowed its 2022 EPS in the range of $1.35-$1.45 from the earlier range of $1.30-$1.45. The Zacks Consensus Estimate for 2022 earnings of $1.40 per share is on par with the midpoint of the guided range.
PPL Corporation reiterated its long-term earnings per share and dividend per share guidance in the range of 6% to 8% annually through 2026.
Zacks Rank
PPL Corporation currently has a Zacks Rank #2 (Buy).
NextEra Energy, Inc. (NEE - Free Report) reported third-quarter 2022 adjusted earnings of 85 cents per share, beating the Zacks Consensus Estimate of 79 cents by 7.6%.
The Zacks Consensus Estimate for NEE’s fourth-quarter earnings per share is 56 cents, implying growth of 36.6% from the year-ago quarter’s reported number.
FirstEnergy Corporation (FE - Free Report) delivered third-quarter 2022 operating earnings per share (EPS) of 79 cents, beating the Zacks Consensus Estimate of 77 cents by 2.6%.
The Zacks Consensus Estimate for FE’s fourth-quarter earnings per share is 53 cents, indicating growth of 3.92% from the year-ago quarter’s reported figure.
Dominion Energy Inc. (D - Free Report) has reported third-quarter 2022 operating earnings of $1.11 per share, which surpassed the Zacks Consensus Estimate of $1.08 by 2.8%.
The Zacks Consensus Estimate for D’s fourth-quarter earnings per share is $1.08, indicating growth of 20% from the year-ago quarter’s reported figure.
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PPL Q3 Earnings Match Estimates, Revenues Beat the Mark
PPL Corporation (PPL - Free Report) reported third-quarter 2022 operating earnings per share (EPS) of 41 cents, on par with the Zacks Consensus Estimate. The bottom line also improved by 13.9% from the year-ago earnings of 36 cents per share.
On a GAAP basis, PPL Corporation recorded an EPS of 24 cents compared with 27 cents in the year-ago quarter.
Revenues
Total revenues of $2,134 million surpassed the Zacks Consensus Estimate of $1,661 million by 28.5%. The top line improved by 41.1% from the year-ago figure of $1,512 million.
PPL Corporation Price, Consensus and EPS Surprise
PPL Corporation price-consensus-eps-surprise-chart | PPL Corporation Quote
Highlights of the Release
Total operating expenses for the third quarter amounted to $1,793 million, up 65.9% from the year-ago quarter’s $1,081 million, due to an increase in other operating and maintenance expenses and an increase in fuel and energy purchases.
The operating income was $341 million, down 20.9% from the year-ago figure of $431 million.
Interest expenses were $136 million, down 25.7% from the year-ago figure of $183 million.
Segmental Updates
Kentucky Regulated: Adjusted earnings were 21 cents per share, on par with the year-ago quarter’s figure.
Pennsylvania Regulated: Adjusted earnings were 18 cents per share, up 12.5% from the year-ago quarter’s figure.
Rhode Island Regulated: Adjusted earnings for the third quarter were 4 cents per share.
Corporate and Other: The segment incurred a loss of 2 cents per share for the quarter, wider than the year-ago quarter’s loss of 1 cent per share.
Financial Position
As of Sep 30, 2022, PPL had cash and cash equivalents of $303 million compared with $3,571 million on Dec 31, 2021.
The long-term debt was $12,977 million as of Jun 30, 2022 compared with $10,666 million as of Dec 31, 2021.
Net cash provided by operating activities in the first nine months of 2022 was $1,511 million compared with $1,978 million in the year-ago period.
Guidance
PPL Corporation narrowed its 2022 EPS in the range of $1.35-$1.45 from the earlier range of $1.30-$1.45. The Zacks Consensus Estimate for 2022 earnings of $1.40 per share is on par with the midpoint of the guided range.
PPL Corporation reiterated its long-term earnings per share and dividend per share guidance in the range of 6% to 8% annually through 2026.
Zacks Rank
PPL Corporation currently has a Zacks Rank #2 (Buy).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Other Releases
NextEra Energy, Inc. (NEE - Free Report) reported third-quarter 2022 adjusted earnings of 85 cents per share, beating the Zacks Consensus Estimate of 79 cents by 7.6%.
The Zacks Consensus Estimate for NEE’s fourth-quarter earnings per share is 56 cents, implying growth of 36.6% from the year-ago quarter’s reported number.
FirstEnergy Corporation (FE - Free Report) delivered third-quarter 2022 operating earnings per share (EPS) of 79 cents, beating the Zacks Consensus Estimate of 77 cents by 2.6%.
The Zacks Consensus Estimate for FE’s fourth-quarter earnings per share is 53 cents, indicating growth of 3.92% from the year-ago quarter’s reported figure.
Dominion Energy Inc. (D - Free Report) has reported third-quarter 2022 operating earnings of $1.11 per share, which surpassed the Zacks Consensus Estimate of $1.08 by 2.8%.
The Zacks Consensus Estimate for D’s fourth-quarter earnings per share is $1.08, indicating growth of 20% from the year-ago quarter’s reported figure.