PPL Corporation operates a regulated electric and natural gas utility holding company serving customers in Pennsylvania, Kentucky, Rhode Island and Virginia. Its news commonly covers earnings releases, long-term growth targets, utility rate proceedings, transmission and distribution investments, and capital-market actions tied to funding regulated infrastructure.
Company updates also feature subsidiary activity at PPL Electric Utilities, Louisville Gas and Electric, Kentucky Utilities and Rhode Island Energy. Recurring operating themes include electric delivery and transmission in Pennsylvania, electric generation and gas distribution in Kentucky, Rhode Island electric and gas utility matters, renewable-energy partnerships, grid reliability initiatives and evaluations of long-term energy supply options.
PPL Corporation (NYSE: PPL) reported second-quarter 2020 earnings of $344 million, or $0.45 per share, down from $441 million, or $0.60 per share year-over-year. For the first half of 2020, earnings were $898 million, or $1.17 per share, compared to $907 million, or $1.24 per share in 2019. Adjusted earnings from ongoing operations were $427 million, or $0.55 per share. PPL reaffirmed its 2020 guidance of $2.40 to $2.60 per share, though results are expected to be at the lower end due to COVID-19 impacts. The company is initiating a sale process for its U.K. utility business to enhance shareholder value.
PPL Corporation (NYSE: PPL) announced on August 10, 2020, its decision to initiate the sale of its U.K. utility business, Western Power Distribution (WPD), to focus solely on the U.S. market. This strategic move aims to unlock shareholder value by utilizing proceeds to strengthen the balance sheet and invest in domestic growth opportunities. PPL is working with JP Morgan Securities as its financial advisor for the sale, expected to conclude in the first half of 2021. The company emphasizes WPD's strong performance but believes it is currently undervalued as part of PPL.
PPL Corporation (NYSE: PPL) will announce its consolidated second-quarter 2020 earnings on August 10, 2020. CEO Vincent Sorgi and the executive team will host a conference call at 11 a.m. ET to discuss the earnings and business outlook. The call will be available via live webcast and replay for 90 days at www.pplweb.com/investors. PPL serves 10 million customers across the US and UK with over 12,000 employees, emphasizing reliability and customer service.