PPL reports ongoing operations earnings top 2012 results, 2013 forecast
PPL Corporation on Thursday announced reported earnings for 2013 of $1.13 billion, or $1.76 per share, compared with $1.53 billion, or $2.60 per share in 2012, and an increase in its common stock dividend.
Earnings from ongoing operations were $1.59 billion, or $2.45 per share.
That result exceeded the 2013 forecast range of $2.30 to $2.40 per share, as well as 2012 earnings from ongoing operations of $1.42 billion or $2.42 per share.
Earnings from ongoing operations are adjusted for special items, which for 2013 included an after-tax charge of $413 million, or $0.62 per share, for the termination of the Colstrip power plant lease. The lease termination will facilitate the previously announced sale of PPL Montana's hydroelectric assets.
"We're extremely proud of the results for the year," said William H. Spence, PPL's chairman, president and chief executive officer, in a news release.
"Exceeding the top end of the 2013 forecast required each business segment to demonstrate exceptional performance to produce solid results for shareowners and deliver the highest quality service for our 10 million customers.
"The continued solid performance of our regulated business segments and our expectations for continued growth gives us the confidence to increase our dividend."
The dividend increase to $0.3725 per share on a quarterly basis will be payable April 1 to shareowners of record as of March 10.
With the increase, the new annualized dividend is $1.49 per share. The previous dividend was $1.47 per share. PPL has increased its common stock dividend 12 times in the last 13 years.
For the fourth quarter, PPL had a reported loss of $98 million, or $0.16 per share, compared with reported earnings of $359 million, or $0.60 per share in the fourth quarter of 2012.
Adjusting for special items, fourth quarter earnings from ongoing operations were $394 million, or $0.60 per share, compared with $292 million, or $0.49 per share in the fourth quarter of 2012.
PPL also announced its 2014 earnings forecast range of $2.05 to $2.25 per share, with a midpoint of $2.15 per share.
PPL projects that nearly all of its 2014 earnings will come from its regulated businesses, compared with 86 percent of earnings from ongoing operations in 2013.
The 2014 earnings forecast reflects higher revenues from the three regulated businesses, offset by lower energy margins in the Supply business resulting largely from lower energy and capacity prices.
Copyright 2014 WFMZ. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Police: Eric Frein spotted, explosives found
PA state trooper dies following accidental shooting
Man killed in Northampton Co. motorcycle crash
Gnat invasion bugging many residents
Search for Eric Frein focuses along Rt. 447 in Monroe County
First diagnosed case of Ebola in the US
Reading duo walk off with stolen ATM in trash can
Thieves get $30 in home invasion robbery in Wilson
School bus driver cited for careless driving following crash
Police: Man tried to lure children at park into Lehigh County woods