Yahoo Finance PPL Corporation's (PPL) Q1 Earnings & Sales Surpass Estimates
PPL Corporation PPL reported first-quarter 2023 operating earnings per share (EPS) of 48 cents, which beat the Zacks Consensus Estimate of 44 cents by 9.1%. The bottom line also improved 17.1% from the year-ago figure of 41 cents.
On a GAAP basis, PPL Corporation recorded an EPS of 39 cents compared with 37 cents in the year-ago quarter.
Revenues
In the first quarter, PPL reported total revenues of $2,415 million, which surpassed the Zacks Consensus Estimate of $1,856 million by 30.1%. The top line improved 35.5% from the year-ago figure of $1,782 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 first quarter amounted to $1,917 million, up 44.4% from the year-ago quarter’s $1,328 million. This increase was due to a surge in fuel and energy purchases.
The operating income was $498 million, up 9.7% from the year-ago figure of $454 million.
Interest expenses were $164 million, up 53.3% from the year-ago figure of $107 million.
Segmental Updates
Kentucky Regulated: Adjusted earnings were 22 cents per share, down 15.4% from the year-ago quarter’s figure of 26 cents.
Pennsylvania Regulated: Adjusted earnings were 19 cents per share, on par with the year-ago quarter’s figure.
Rhode Island Regulated: Adjusted earnings for the first quarter were 10 cents per share.
Corporate and Other: The segment incurred a loss of 3 cents per share for the quarter, narrower than the year-ago quarter’s loss of 4 cents per share.
Financial Position
As of Mar 31, 2023, PPL had cash and cash equivalents of $460 million compared with $356 million on Dec 31, 2022.
The long-term debt was $14,481 million as of Mar 31, 2023 compared with $12,889 million as of Dec 31, 2022.
Net cash provided by operating activities in the first quarter of 2023 was $430 million compared with $520 million in first-quarter 2022.
Guidance
PPL reaffirmed its 2023 earnings forecast range of $1.5 to $1.65 per share, with a midpoint of $1.58 per share and the Zacks Consensus Estimate for 2023 earnings of $1.58 per share is on par with the midpoint.
Zacks Rank
PPL Corporation currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Other Releases
NextEra Energy, Inc. NEE released first-quarter 2023 adjusted earnings of 84 cents per share, which beat the Zacks Consensus Estimate of 75 cents by 12%.
The Zacks Consensus Estimate for NEE’s 2023 earnings per share is $3.11, implying year-over-year growth of 7.3%.
Entergy Corporation ETR reported first-quarter 2023 earnings of $1.14 per share, missing the Zacks Consensus Estimate of $1.34 by 14.9%.
The Zacks Consensus Estimate for ETR’s 2023 earnings per share is $6.69, implying a year-over-year increase of 4.2%.
ONE Gas Inc. OGS reported first-quarter 2023 operating earnings of $1.84 per share, which missed the Zacks Consensus Estimate of $1.85 by 0.54%.
The Zacks Consensus Estimate for OGS’s 2023 earnings per share is $4.14, suggesting year-over-year growth of 1.47%
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