** Updates with closing share price **
Nov. 5, 2025
— Jeff Ward, Lehigh Valley News Briefs
PPL Corp.’s third-quarter earnings exceeded Wall Street estimates, with “ongoing” (adjusted) earnings per share of 48 cents.
Wall Street expected 46 cents, the consensus of four estimates compiled by Zacks Investment Research.
“… we remain firmly on track to achieve at least the midpoint of our 2025 earnings forecast,” Vincent Sorgi, PPL president and chief executive officer, said in the statement issued this morning.
He also noted the demand coming from data centers, prodigious users of electricity as they add Artificial Intelligence.
“We need to start building new generation as soon as possible,” Sorgi said during a conference call, forecasting an unprecedented growth in demand.
Shares of PPL (NYSE:PPL) closed at $36.38, up 12 cents.
The company narrowed its 2025 forecast today: “Based on the company’s financial performance year-to-date, PPL today narrowed its earnings forecast range to $1.78 to $1.84 per share from $1.75 to $1.87 per share. The midpoint remains $1.81 per share.”
Under GAAP (Generally Accepted Accounting Principles) 2025 third-quarter earnings were $318 million, or 43 cents per share. Total ongoing earnings were $355 million. GAAP accounting does not allow for adjustments for what the company considers to be one-time or unusual items.
Sorgi noted the company’s rate increase proposed to the Pennsylvania Public Utility Commission in September. That increase could add about $12 to the monthly residential charge. It may take effect July 1, 2026.
“We know that affordability matters to our customers,” Sorgi said. PPL will employ Artificial Intelligence (AI) to reduce costs, he said. “Affordability is not just a talking point,” he added later.
Some customers are concerned about demand from big users, such as Amazon, pushing up prices for all. In the company’s presentation, PPL said it is focused on “Supporting data center growth, while protecting our other customers and ensuring rates remain fair.”
Here is a link to the presentation PPL made at 11 a.m. During the conference call, Sorgi discussed what PPL calls its “utility of the future” strategy, building a safer, smarter and reliable system to deal with severe weather, avoiding outages.
Sorgi forecast $20 billion of capital spending through 2028.
He reiterated the forecast of 6% to 8% growth in earnings per share (toward the top half of that range) and dividends, also through 2028.
Data centers were a recurring theme today.
“PPL continues to support several pathways to enable new generation to serve this massive new
load coming onto the grid,” according to the utility’s presentation. Sorgi said PPL is talking with PJM — the regional power grid — as it prepares for the increased demand.
“These load additions are real. They are coming fast and furious,” Sorgi said during the call.
PPL serves about 3.6 million customers in Pennsylvania, Rhode Island and Kentucky. It provides electricity and natural gas.
— Disclosure: I own shares of PPL.
Here is part of the earnings statement, for the entire report, see this link:
PPL Corporation reports third-quarter 2025 results; narrows earnings forecast and reaffirms growth targets
- Announces 2025 third-quarter reported earnings (GAAP) per share of $0.43.
- Achieves 2025 third-quarter ongoing earnings per share of $0.48 versus $0.42 in 2024.
- Narrows 2025 ongoing earnings forecast range to $1.78 to $1.84 per share, maintaining a midpoint of $1.81 per share.
- Reaffirms 6% to 8% annual EPS and dividend growth targets through at least 2028; expects to achieve EPS growth in the top half of targeted growth range.
ALLENTOWN, Pa., Nov. 5, 2025 /PRNewswire/ — PPL Corporation (NYSE: PPL) today announced third-quarter 2025 reported earnings (GAAP) of $318 million, or $0.43 per share, compared with third-quarter 2024 reported earnings of $214 million, or $0.29 per share.
PPL reported earnings of $915 million, or $1.23 per share, for the first nine months of 2025, compared with the reported earnings of $711 million, or $0.96 per share, for the first nine months of 2024.
Adjusting for special items, third-quarter 2025 earnings from ongoing operations (non-GAAP) were $355 million, or $0.48 per share, compared with $310 million, or $0.42 per share, a year ago.
Earnings from ongoing operations for the first nine months of 2025 were $1.04 billion, or $1.40 per share, compared with $994 million, or $1.34 per share, for the first nine months of 2024.
“Supported by a strong third quarter, disciplined execution, robust capital investment and ongoing operational efficiencies, we remain firmly on track to achieve at least the midpoint of our 2025 earnings forecast,” said Vincent Sorgi, PPL president and chief executive officer. “Our strategy to create the utilities of the future continues to deliver tangible results for our customers and shareowners. Across PPL, we continue to prioritize affordability as we invest in the infrastructure needed to power economic development, including data centers, and secure a more reliable, resilient energy future.”
Based on the company’s financial performance year-to-date, PPL today narrowed its earnings forecast range to $1.78 to $1.84 per share from $1.75 to $1.87 per share. The midpoint remains $1.81 per share.
The company also reaffirmed its projection of 6% to 8% annual earnings per share (EPS) and dividend growth through at least 2028, with EPS growth expected to be in the top half of the targeted range. The company’s projected growth is based off its 2025 forecast midpoint of $1.81 per share.
PPL also highlighted several key regulatory milestones, including a recent Kentucky Public Service Commission (KPSC) decision last month approving additional generation resources for PPL’s subsidiaries in Kentucky. The Oct. 28 KPSC ruling granted Louisville Gas and Electric Company and Kentucky Utilities Company a Certificate of Public Convenience and Necessity (CPCN) to build two new 645-megawatt natural gas combined-cycle units, with the first available in 2030 and the second in 2031, and additional environmental controls at the Ghent 2 power plant. The two new combined-cycle gas plants are in addition to a similar unit currently under construction at the Mill Creek generating station.
“The decision in our Kentucky CPCN proceeding highlights our collaborative approach with all stakeholders in the Commonwealth to secure balanced outcomes for our customers and our shareowners,” said Sorgi. “It balances the urgency of building new generation to reliably support existing and future customers with the importance of maintaining affordability for those we serve.”
PPL’s Kentucky subsidiaries also recently entered into a stipulation agreement with most stakeholders in its latest base rate case proceeding. Hearings on that proceeding began the week of Nov. 3, and a decision by the KPSC is expected by year-end.
Lehigh Valley News Briefs 
Investors sounded their worry. The slides were flipped through. Signalling lack of updates. Earnings were up but stock has dipped in the last quarter.
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