— Jeff Ward, Lehigh Valley News Briefs
PPL Corp. reported third-quarter adjusted earnings of 42 cents per share and tightened its full-year EPS forecast.
The company also today noted “growing interest from data-center developers in PPL’s Pennsylvania and Kentucky service territories.” Data centers support Artificial Intelligence, and the huge computer banks consume enormous amounts of electricity.
The third-quarter result topped the 39-cent average estimate of two analysts surveyed by Zacks Investment Research.
On a GAAP (Generally Accepted Accounting Principles) basis, PPL’s third-quarter earnings per share were 29 cents, down from 31 cents in the year-ago quarter.
Third-quarter total adjusted earnings were $310 million, compared to $317 million in the 2023 quarter.
PPL altered its year forecast for “ongoing earnings” to $1.67 to $1.73 per share from $1.63 to $1.75. While lowering the high end of the forecast, the midpoint increases to $1.70 from $1.69 under the new range.
PPL affirmed its forecast of 6% to 8% annual earnings and dividend growth through at least 2027.
“We are firmly on track to achieve our 2024 priorities,” Chief Executive Vincent Sorgi said in the company statement.
The Allentown-based utility serves about 3.5 million electricity and natural gas customers in Rhode Island, Pennsylvania and Kentucky.
In addition, PPL Electric Utilities, Louisville Gas and Electric and Kentucky Utilities continued their strong support of economic development, including growing interest from data center developers in PPL’s Pennsylvania and Kentucky service territories.
Shares of PPL (NYSE:PPL) traded at $32.84, up 28 cents, at 9:48 a.m. Friday.
Lehigh Valley News Briefs 