PPL Shares Decline as Third Quarter Earnings Fall Short of Expectations

ALLENTOWN, Pa. - PPL Corporation (NYSE:PPL) announced its third-quarter earnings for 2024, which fell below analysts' expectations, leading to a 1.72% drop in the company's shares in early trading.
The energy company reported earnings of $0.29 per share, which was lower than the consensus estimate of $0.43. Revenue came in at $2.07 billion, also falling short of analysts' projections of $2.11 billion.
On a comparable basis, PPL reported earnings of $0.42 per share from continuing operations, compared to $0.43 in the same quarter last year.
Vincent Sorgi, President and CEO of PPL Corporation, stated, "Thanks to our strong financial performance year-to-date and the continued execution of our business plan, we have narrowed our 2024 ongoing earnings forecast range."
The company narrowed its 2024 ongoing earnings guidance to a range of $1.67 to $1.73 per share, down from the previous range of $1.63 to $1.75 per share.
PPL reaffirmed its projection of annual earnings and dividend growth of between 6% and 8% at least through 2027.
Third-quarter revenue was $2.07 billion, representing a year-over-year increase of 1.1%. The company noted that it completed the integration of Rhode Island Energy during the quarter.
Sorgi further commented, "As we work to close out the year, we are making solid progress toward our 2024 priorities. This includes investing over $3 billion in infrastructure improvements to make the grid more resilient against future storms and to advance a safe, reliable, affordable, and cleaner energy future."