PPL's updated business plan drives enhanced value for all … – PR Newswire

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Jan 11, 2023, 08:00 ET
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ALLENTOWN, Pa., Jan. 11, 2023 /PRNewswire/ — PPL Corporation (NYSE: PPL) today announced an updated business plan that is expected to generate top-tier 6% to 8% earnings and dividend growth through at least 2026 with strong growth opportunities beyond.
“We continue to execute on our strategy to create utilities of the future that deliver safe, reliable, affordable, clean energy for our customers and sustainable growth for our shareowners,” said PPL President and Chief Executive Officer Vincent Sorgi. “The business plan enhancements announced today reflect the meaningful progress we are making and the confidence we have in our ability to continue PPL’s growth momentum well into the future.”
Highlights of PPL’s updated business plan include:
2023 earnings outlook and expected dividend increase
PPL announced today that it expects 2023 earnings in the range of $1.50 to $1.65 per share. At the $1.58 midpoint, this represents 13% growth over the 2022 ongoing earnings forecast midpoint of $1.40 per share (reflecting partial year ownership of Rhode Island Energy) and a 7% increase over the $1.48 midpoint of PPL’s 2022 pro forma earnings per share range (reflecting a full year of earnings contributions from Rhode Island Energy).
The company also announced that it expects to increase its next quarterly common stock dividend to $0.24 per share, subject to approval by the Board of Directors. This would represent a 7% increase from the current dividend of $0.225 per share.
Longtime utility veteran Linda G. Sullivan joins PPL Board of Directors
PPL announced that utility industry veteran Linda G. Sullivan has joined its Board of Directors, effective Jan. 10, 2023. She will serve on PPL’s Compensation and Finance committees. With Sullivan’s appointment, PPL’s board comprises 10 directors. In addition to an independent chair, the board includes eight independent directors and PPL’s chief executive officer. Seven of the board’s members are diverse across gender, race, ethnicity and nationality.
“Linda’s deep utility and financial expertise will further strengthen and complement our diverse and experienced board,” said independent Board Chair Craig A. Rogerson. “We welcome her addition and significant experience in driving growth and innovation.”
Sullivan spent nearly three decades in the utility industry, serving as executive vice president and chief financial officer of American Water Works Company, Inc., from 2014 to 2019, and more than 20 years in a variety of leadership roles with Edison International. She has served on the Board of Directors of NorthWestern Energy since April 2017 and AltaGas Ltd. since January 2020.
Conference call and webcast details
As previously announced, PPL’s executive team will host a conference call and webcast today at 11 a.m. Eastern Time. The conference call will be webcast live, in audio format, along with slides of the presentation. Interested individuals can access the webcast link at www.pplweb.com/investors under Events and Presentations or access the live conference call via telephone at 1-888-346-8683. International participants should call 1-412-902-4270. Participants will need to enter the following “Elite Entry” number in order to join the conference: 9324531. For those who are unable to listen to the live webcast, a replay with slides will be accessible at www.pplweb.com/investors for 90 days after the call.
Following the call, PPL’s executive team will be meeting with investors at the annual Evercore ISI utility conference on Jan. 12 and 13 in Palm Beach, Florida.
About PPL Corporation
PPL Corporation (NYSE: PPL), based in Allentown, Pennsylvania, is a leading U.S. energy company focused on providing electricity and natural gas safely, reliably and affordably to 3.5 million customers in the U.S. PPL’s high-performing, award-winning utilities are addressing energy challenges head-on by building smarter, more resilient and more dynamic power grids and advancing sustainable energy solutions. For more information, visit www.pplweb.com.
Statements contained in this news release, including statements with respect to future earnings, cash flows, dividends, financing, regulation and corporate strategy, are “forward-looking statements” within the meaning of the federal securities laws. Although PPL Corporation believes that the expectations and assumptions reflected in these forward-looking statements are reasonable, these statements are subject to a number of risks and uncertainties, and actual results may differ materially from the results discussed in the statements. Any such forward-looking statements should be considered in conjunction with factors and other matters discussed in PPL Corporation’s most recently filed Annual Report on Form 10-K and other reports on file with the Securities and Exchange Commission.
Note to editors: Visit our media website at www.pplnewsroom.com for additional news about PPL Corporation.
For news media: Ryan Hill, 610-774-4033
For financial analysts: Andy Ludwig, 610-774-3389
SOURCE PPL Corporation
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