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PPL Q2 Earnings and Revenues Outperform Estimates, Rise Y/Y
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PPL Corporation (PPL - Free Report) reported second-quarter 2022 operating earnings per share (EPS) of 30 cents, which surpassed the Zacks Consensus Estimate of 29 cents by a 3.4%. The bottom line also improved by 57.9% from the year-ago earnings of 19 cents per share.
On a GAAP basis, PPL Corporation recorded an EPS of 16 cents, up 433.3% from the year-ago quarter figure of 3 cents per share.
Revenues
Total revenues of $1,696 million surpassed the Zacks Consensus Estimate of $1,432 million by 18.4%. The top line improved by 31.7% from the year-ago figure of $1,288 million.
Total operating expenses for the second quarter amounted to $1,453 million, up 42.7% from the year-ago quarter’s $1,018 million, due to an increase in other operating and maintenance expenses by 38.6%.
The operating income was $243 million, down 10% from the year-ago figure of $270 million.
Interest expenses were $118 million, down 75.1% from the year-ago figure of $474 million.
Segment Update
Kentucky Regulated: Adjusted earnings were 14 cents per share, up 27.3% from the year-ago quarter’s figure.
Pennsylvania Regulated: Adjusted earnings were 17 cents per share, up 30.8% from the year-ago quarter’s figure.
Rhode Island Regulated: Adjusted earnings for the second quarter were 1 cents per share.
Corporate and Other: The segment incurred a loss of 2 cents per share for the quarter, lower than the year-ago quarter’s loss of 5 cents.
Financial Position
As of Jun 30, 2022, PPL had cash and cash equivalents of $336 million compared with $3,571 million on Dec 31, 2021.
The long-term debt was $12,153 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 six months of 2022 was $979 million compared with $1,521 million in the year-ago period.
Guidance
PPL Corporation reaffirmed 2022 EPS in the range of $1.30-$1.45. The Zacks Consensus Estimate for 2022 earnings of $1.38 per share is on par with the midpoint of the guided range.
Zacks Rank
PPL Corporation currently has a Zacks Rank #4 (Sell).
PNM Resources (PNM - Free Report) is slated to report second-quarter 2022 earnings on Aug 4 before market open. The Zacks Consensus Estimate for the second-quarter EPS is pegged at 55 cents. PNM Resources’ long-term earnings growth is currently pegged at 5%.
Alliant Energy Corp. (LNT - Free Report) is slated to report second-quarter 2022 earnings on Aug 4 after market close. The Zacks Consensus Estimate for the second-quarter EPS is pegged at 58 cents. Alliant Energy’s long-term earnings growth is currently pegged at 5.7%.
Hawaiian Electric Industries (HE - Free Report) is scheduled to announce first-quarter 2022 results on Aug 8 after market close. The Zacks Consensus Estimate for earnings is pegged at 52 cents per share. Hawaiian Electric Industries’ long-term earnings growth is projected at 3.2%.
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PPL Q2 Earnings and Revenues Outperform Estimates, Rise Y/Y
PPL Corporation (PPL - Free Report) reported second-quarter 2022 operating earnings per share (EPS) of 30 cents, which surpassed the Zacks Consensus Estimate of 29 cents by a 3.4%. The bottom line also improved by 57.9% from the year-ago earnings of 19 cents per share.
On a GAAP basis, PPL Corporation recorded an EPS of 16 cents, up 433.3% from the year-ago quarter figure of 3 cents per share.
Revenues
Total revenues of $1,696 million surpassed the Zacks Consensus Estimate of $1,432 million by 18.4%. The top line improved by 31.7% from the year-ago figure of $1,288 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 second quarter amounted to $1,453 million, up 42.7% from the year-ago quarter’s $1,018 million, due to an increase in other operating and maintenance expenses by 38.6%.
The operating income was $243 million, down 10% from the year-ago figure of $270 million.
Interest expenses were $118 million, down 75.1% from the year-ago figure of $474 million.
Segment Update
Kentucky Regulated: Adjusted earnings were 14 cents per share, up 27.3% from the year-ago quarter’s figure.
Pennsylvania Regulated: Adjusted earnings were 17 cents per share, up 30.8% from the year-ago quarter’s figure.
Rhode Island Regulated: Adjusted earnings for the second quarter were 1 cents per share.
Corporate and Other: The segment incurred a loss of 2 cents per share for the quarter, lower than the year-ago quarter’s loss of 5 cents.
Financial Position
As of Jun 30, 2022, PPL had cash and cash equivalents of $336 million compared with $3,571 million on Dec 31, 2021.
The long-term debt was $12,153 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 six months of 2022 was $979 million compared with $1,521 million in the year-ago period.
Guidance
PPL Corporation reaffirmed 2022 EPS in the range of $1.30-$1.45. The Zacks Consensus Estimate for 2022 earnings of $1.38 per share is on par with the midpoint of the guided range.
Zacks Rank
PPL Corporation currently has a Zacks Rank #4 (Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Upcoming Releases
PNM Resources (PNM - Free Report) is slated to report second-quarter 2022 earnings on Aug 4 before market open. The Zacks Consensus Estimate for the second-quarter EPS is pegged at 55 cents. PNM Resources’ long-term earnings growth is currently pegged at 5%.
Alliant Energy Corp. (LNT - Free Report) is slated to report second-quarter 2022 earnings on Aug 4 after market close. The Zacks Consensus Estimate for the second-quarter EPS is pegged at 58 cents. Alliant Energy’s long-term earnings growth is currently pegged at 5.7%.
Hawaiian Electric Industries (HE - Free Report) is scheduled to announce first-quarter 2022 results on Aug 8 after market close. The Zacks Consensus Estimate for earnings is pegged at 52 cents per share. Hawaiian Electric Industries’ long-term earnings growth is projected at 3.2%.