Company Reports

We expect PPL to invest $30 billion in its utilities through 2030, supporting 10% growth in consolidated rate base. These regulated utility growth opportunities support our expectation that the company will earn within the upper range of management's 6%-8% earnings growth target.

PPL reported second-quarter operating earnings per share of $0.33, up from $0.32 in the same-year-ago quarter.

PPL reported first-quarter operating earnings per share of $0.63, up from $0.60 in same year-ago quarter.

We expect PPL to invest $30 billion in its utilities through 2030, supporting 10% growth in consolidated rate base. These regulated utility growth opportunities support our expectation that the company will earn within the upper range of management's 6%-8% earnings growth target.

PPL reported full-year 2025 operating earnings per share of $1.81, up from $1.69 in 2024.

On Jan. 14, PJM released its annual long-term electricity demand forecast, highlighting significant expected growth in demand across the region. On Jan. 16, the Trump administration and numerous governors released a statement of principles proposing changes in the regional electricity market.

PPL reported third-quarter operating earnings per share of $0.48, up from $0.42 in same year-ago quarter.

We expect PPL to invest $25 billion in its utilities through 2029, supporting 10% consolidated rate base growth. These regulated utility growth opportunities support our expectations for 7% average annual earnings growth, in line with management's 6%-8% earnings growth target.

PPL reported second-quarter operating earnings per share of $0.25, down from $0.32 in the same-year-ago quarter. Year-to-date earnings put the company on track to meet our full-year 2025 estimate and management's guidance.

We expect PPL to invest $25 billion in its utilities through 2029, supporting 10% consolidated rate base growth. These regulated utility growth opportunities support our expectations for 7% average annual earnings growth, in line with management's 6%-8% earnings growth target.

PPL reported first-quarter operating earnings per share of $0.60, up from $0.54 in same year-ago quarter. First-quarter earnings put the company on track to meet our full-year 2025 estimates and management's guidance.

Utilities have limited direct exposure to the tariffs announced by the Trump administration, but falling energy demand or regulatory pushback to utilities' investment plans could slow earnings growth if economic conditions deteriorate.

We expect PPL to invest $25 billion at its utilities through 2029. These regulated utility growth opportunities support our expectations for 7% average annual earnings growth, in line with management's 6%-8% earnings growth target.

PPL reported 2024 operating earnings per share of $1.69, up from $1.60 in 2023. This was slightly lower than our estimate and at the midpoint of management's original 2024 guidance. The company will increase the dividend $0.06 per share, or a 6% increase.

We expect PPL to invest $23 billion at its utilities through 2028. These regulated utility growth opportunities support our expectations for 7% average annual earnings growth, in line with management's 6%-8% earnings growth target.

We are maintaining our $31 per share fair value estimate for narrow-moat PPL after the company reported third-quarter operating earnings of $0.42 per share compared with $0.43 in the same year-ago period. Management narrowed its full-year 2024 EPS guidance to $1.67 to $1.73 from the previous range of $1.63 to $1.75. Our full-year estimate is unchanged. Management also reaffirmed its 6% to 8% annual earnings and dividend growth outlook through 2027, consistent with our 7% growth estimate.

We expect PPL to invest more than $17 billion at its utilities through 2028. These regulated utility growth opportunities support our expectations for 7% annual earnings growth, in line with management's 6%-8% earnings growth target.

We are maintaining our $30 per share fair value estimate for narrow-moat PPL after the company reported second-quarter operating earnings of $0.38 per share compared with $0.29 in the same year-ago period.

We are maintaining our $30 per share fair value estimate for PPL after the company reported first-quarter operating earnings of $0.54 per share compared with $0.48 in the same year-ago period.

We expect PPL to invest more than $17 billion at its utilities through 2028. These regulated utility growth opportunities support our expectations for 7% annual earnings growth, in line with management's 6%-8% earnings growth target.