PPL shares fall as Q3 earnings miss estimates

ALLENTOWN, Pa. - PPL Corporation (NYSE:PPL ) reported third-quarter 2024 earnings that fell short of analyst expectations, sending shares down 1.72% in early trading.

The utility company posted earnings of $0.29 per share, missing the consensus estimate of $0.43 per share. Revenue came in at $2.07 billion, below analyst projections of $2.11 billion.

On an adjusted basis, PPL reported earnings from ongoing operations of $0.42 per share, compared to $0.43 per share in the same quarter last year.

"Based on our strong year-to-date financial performance and continued execution of our business plan, we've narrowed our 2024 ongoing earnings forecast range," said Vincent Sorgi, president and CEO of PPL Corporation.

The company narrowed its 2024 ongoing earnings guidance to $1.67 to $1.73 per share, up from the previous range of $1.63 to $1.75 per share.

PPL reaffirmed its projection of 6% to 8% annual earnings and dividend growth through at least 2027.

Third quarter revenue of $2.07 billion was up 1.1% YoY. The company said it completed the integration of Rhode Island Energy during the quarter.

"As we work to close out the year, we are firmly on track to achieve our 2024 priorities," Sorgi added. "This includes investing more than $3 billion in infrastructure improvements to make the grid more resilient to future storms and advance a safe, reliable, affordable and cleaner energy future."

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Source: Investing.com