PPL Corporation Reports First-Quarter 2019 Earnings

- Announces first-quarter reported earnings of $0.64 per share and earnings from ongoing operations of $0.70 per share.

Published

ALLENTOWN, Pa., May 2, 2019 /PRNewswire/ -- PPL Corporation (NYSE: PPL) on Thursday (5/2) announced first-quarter 2019 reported earnings (GAAP) of $466 million, or $0.64 per share, compared with first-quarter 2018 reported earnings of $452 million, or $0.65 per share.

Adjusting for special items, first-quarter 2019 earnings from ongoing operations (non-GAAP) were $508 million, or $0.70 per share, compared to $517 million, or $0.74 per share, a year ago. The decrease in ongoing earnings per share was driven by lower earnings at PPL's U.S. segments, partially offset by higher earnings in the U.K.

"We remain on track to deliver on our 2019 earnings forecast, as well as our 2019 plan to invest $3.3 billion in infrastructure that benefits both customers and shareowners," said William H. Spence, PPL's chairman, president and chief executive officer.

Reflecting special items recorded through the first quarter, PPL estimates 2019 reported earnings per share would be $2.24 to $2.44 per share.

PPL's forecast range for earnings from ongoing operations, reaffirmed today, is $2.30 to $2.50 per share, with a midpoint of $2.40 per share.

PPL continues to expect 5 to 6 percent compound annual earnings growth per share through 2020 based on the company's original 2018 earnings forecast midpoint of $2.30 per share. The company also reaffirmed its 2021 earnings forecast range of $2.50 to $2.80 per share.          

First-Quarter 2019 Earnings Details

As discussed in this news release, reported earnings are calculated in accordance with U.S. Generally Accepted Accounting Principles (GAAP). "Earnings from ongoing operations" is a non-GAAP financial measure that is adjusted for special items. See the tables at the end of this news release for a reconciliation of reported earnings to earnings from ongoing operations, including an itemization of special items.

(Dollars in millions, except for per-share amounts) 1st Quarter
2019 2018 Change
Reported earnings $ 466 $ 452 3%
Reported earnings per share $ 0.64 $ 0.65 (2)%
1st Quarter
2019 2018 Change
Earnings from ongoing operations $ 508 $ 517 (2)%
Earnings from ongoing operations per share $ 0.70 $ 0.74 (5)%

 

 

First-Quarter 2019 Earnings by Segment

(Dollars in millions, except for per-share amounts) 1st Quarter 1st Quarter
2019 2018 Change Per share 2019 2018
Reported earnings $ 466 $ 452 3% Reported earnings
Reported earnings per share $ 0.64 $ 0.65 (2)% U.K. Regulated $ 0.36 $ 0.28
Kentucky Regulated 0.16 0.19
1st Quarter Pennsylvania Regulated 0.17 0.21
2019 2018 Change Corporate and Other (0.05) (0.03)
Earnings from ongoing operations $ 508 $ 517 (2)%     Total $ 0.64 $ 0.65
Earnings from ongoing operations per share $ 0.70 $ 0.74 (5)%
1st Quarter
2019 2018
Special items (expense) benefit
U.K. Regulated $ (0.06) $ (0.09)
Kentucky Regulated
Pennsylvania Regulated
Corporate and Other
Total $ (0.06) $ (0.09)
1st Quarter
2019 2018
Earnings from ongoing operations
U.K. Regulated $ 0.42 $ 0.37
Kentucky Regulated 0.16 0.19
Pennsylvania Regulated 0.17 0.21
Corporate and Other (0.05) (0.03)
    Total $ 0.70 $ 0.74

 

Key Factors Impacting Earnings

In addition to the segment drivers outlined below, PPL's reported earnings for the first quarter of 2019 included net special-item after-tax charges of $42 million, or $0.06 per share, primarily from foreign currency economic hedges. Reported earnings for the first quarter of 2018 included net special-item after-tax charges of $65 million, or $0.09 per share, from foreign currency economic hedges.

U.K. Regulated Segment

PPL's U.K. Regulated segment consists of the regulated electricity delivery operations of Western Power Distribution (WPD), which serves Southwest and Central England and South Wales.

Reported earnings in the first quarter of 2019 increased by $0.08 per share compared with a year ago. Earnings from ongoing operations in the first quarter of 2019 increased by $0.05 per share compared with a year ago. Factors impacting U.K. Regulated segment earnings results included $0.02 per share from the effect of dilution. Excluding dilution, factors driving earnings results included higher prices, higher pension income and higher foreign currency exchange rates, partially offset by lower sales volumes.                                  

Kentucky Regulated Segment

PPL's Kentucky Regulated segment primarily consists of the regulated electricity and natural gas operations of Louisville Gas and Electric Company and the regulated electricity operations of Kentucky Utilities Company.

Reported earnings and earnings from ongoing operations in the first quarter of 2019 decreased by $0.03 per share compared with a year ago, driven primarily by higher operation and maintenance expense, lower sales volumes due to weather and higher depreciation expense.          

Pennsylvania Regulated Segment

PPL's Pennsylvania Regulated segment consists of the regulated electricity delivery operations of PPL Electric Utilities.

Reported earnings and earnings from ongoing operations in the first quarter of 2019 decreased by $0.04 per share compared with a year ago. Factors impacting Pennsylvania Regulated segment earnings results included $0.01 per share from the effect of dilution. Excluding dilution, factors driving earnings results included the impact of reduced income taxes in rates due to U.S. tax reform, higher operation and maintenance expense and higher depreciation expense, partially offset by returns on additional capital investments in transmission.          

Corporate and Other

PPL's Corporate and Other category primarily includes unallocated corporate-level financing and other costs.

Reported earnings and earnings from ongoing operations in the first quarter of 2019 decreased by $0.02 per share compared with a year ago. Factors impacting Corporate and Other included higher income taxes and higher operation and maintenance expense.             

2019 Earnings Forecast

PPL reaffirmed its 2019 earnings from ongoing operations forecast of $2.30 to $2.50 per share with a midpoint of $2.40 per share. A breakdown by segment is provided in the table below.         

 

(Dollars in millions, except for per-share amounts) 1st Quarter 1st Quarter 2019 forecast midpoint 2018 actual
2019 2018 Change Per share 2019 2018 Per share
Reported earnings $ 466 $ 452 3% Reported earnings U.K. Regulated $ 1.40 $ 1.36
Reported earnings per share $ 0.64 $ 0.65 (2)% U.K. Regulated $ 0.36 $ 0.28 Kentucky Regulated 0.55 0.59
Kentucky Regulated 0.16 0.19 Pennsylvania Regulated 0.59 0.62
1st Quarter Pennsylvania Regulated 0.17 0.21 Corporate and Other (0.14) (0.17)
2019 2018 Change Corporate and Other (0.05) (0.03)     Total $ 2.40 $ 2.40
Earnings from ongoing operations $ 508 $ 517 (2)%     Total $ 0.64 $ 0.65
Earnings from ongoing operations per share $ 0.70 $ 0.74 (5)%
1st Quarter
2019 2018
Special items (expense) benefit
U.K. Regulated $ (0.06) $ (0.09)
Kentucky Regulated
Pennsylvania Regulated
Corporate and Other
Total $ (0.06) $ (0.09)
1st Quarter
2019 2018
Earnings from ongoing operations
U.K. Regulated $ 0.42 $ 0.37
Kentucky Regulated 0.16 0.19
Pennsylvania Regulated 0.17 0.21
Corporate and Other (0.05) (0.03)
    Total $ 0.70 $ 0.74

 

Earnings from ongoing operations is a non-GAAP measure that could differ from reported earnings due to special items that are, in management's view, non-recurring or otherwise not reflective of the company's ongoing operations. PPL management is not able to forecast if any of these factors will occur or whether any amounts will be reported for future periods. Therefore, PPL is not able to provide an equivalent GAAP measure for earnings guidance.

Reflecting special items recorded through the first quarter, estimated 2019 reported earnings per share would be $2.24 to $2.44 per share. See the tables at the end of this news release for a complete reconciliation of reported earnings to earnings from ongoing operations, including an itemization of all special items.

PPL projects comparable earnings per share in 2019 compared to last year due primarily to $0.13 of share dilution and an assumed return to normal weather. Absent these factors, PPL projects earnings per share would be higher in 2019. The expected dilution in 2019 is primarily due to the projected settlement of the remaining 43.25 million shares of common stock under two forward sale agreements completed in May 2018 to address the impacts of U.S. tax reform.

Headquartered in Allentown, Pa., PPL Corporation (NYSE: PPL) is one of the largest companies in the U.S. utility sector. PPL's seven high-performing, award-winning utilities serve more than 10 million customers in the U.S. and United Kingdom. With more than 12,000 employees, the company is dedicated to providing exceptional customer service and reliability and delivering superior value for shareowners. To learn more, visit www.pplweb.com.

(Note: All references to earnings per share in the text and tables of this news release are stated in terms of diluted earnings per share unless otherwise noted.)

Conference Call and Webcast

PPL invites interested parties to listen to a live Internet webcast of management's teleconference with financial analysts about first-quarter 2019 financial results at 10 a.m. Eastern time on Thursday, May 2. The call will be webcast live, in audio format, together with slides of the presentation. 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. Interested individuals can 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 to join the conference: 7314670. Callers can access the webcast link at www.pplweb.com/investors under "Events."

Management utilizes "Earnings from Ongoing Operations" as a non-GAAP financial measure that should not be considered as an alternative to reported earnings, or net income, an indicator of operating performance determined in accordance with GAAP. PPL believes that Earnings from Ongoing Operations is useful and meaningful to investors because it provides management's view of PPL's earnings performance as another criterion in making investment decisions. In addition, PPL's management uses Earnings from Ongoing Operations in measuring achievement of certain corporate performance goals, including targets for certain executive incentive compensation. Other companies may use different measures to present financial performance.

Earnings from Ongoing Operations is adjusted for the impact of special items. Special items are presented in the financial tables on an after-tax basis with the related income taxes on special items separately disclosed. Income taxes on special items, when applicable, are calculated based on the effective tax rate of the entity where the activity is recorded. Special items may include items such as:

  • Unrealized gains or losses on foreign currency economic hedges (as discussed below).
  • Gains and losses on sales of assets not in the ordinary course of business.
  • Impairment charges.
  • Significant workforce reduction and other restructuring effects.
  • Acquisition and divestiture-related adjustments.
  • Other charges or credits that are, in management's view, non-recurring or otherwise not reflective of the company's ongoing operations.

Unrealized gains or losses on foreign currency economic hedges include the changes in fair value of foreign currency contracts used to hedge British-pound-sterling-denominated anticipated earnings. The changes in fair value of these contracts are recognized immediately within GAAP earnings. Management believes that excluding these amounts from Earnings from Ongoing Operations until settlement of the contracts provides a better matching of the financial impacts of those contracts with the economic value of PPL's underlying hedged earnings.

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. The following are among the important factors that could cause actual results to differ materially from the forward-looking statements: market demand for energy in our U.S. service territories; weather conditions affecting customer energy usage and operating costs; the effect of any business or industry restructuring; the profitability and liquidity of PPL Corporation and its subsidiaries; new accounting requirements or new interpretations or applications of existing requirements; operating performance of our facilities; the length of scheduled and unscheduled outages at our generating plants; environmental conditions and requirements and the related costs of compliance; system conditions and operating costs; development of new projects, markets and technologies; performance of new ventures; asset or business acquisitions and dispositions; any impact of severe weather on our business; receipt of necessary government permits, approvals, rate relief and regulatory cost recovery; capital market conditions and decisions regarding capital structure; the impact of state, federal or foreign investigations applicable to PPL Corporation and its subsidiaries; the outcome of litigation against PPL Corporation and its subsidiaries; stock price performance; the market prices of equity securities and the impact on pension income and resultant cash funding requirements for defined benefit pension plans; the securities and credit ratings of PPL Corporation and its subsidiaries; political, regulatory or economic conditions in states, regions or countries where PPL Corporation or its subsidiaries conduct business, including any potential effects of threatened or actual cyberattack, terrorism, or war or other hostilities; British pound sterling to U.S. dollar exchange rates; new state, federal or foreign legislation, including new tax legislation; and the commitments and liabilities of PPL Corporation and its subsidiaries. Any such forward-looking statements should be considered in light of such important factors and in conjunction with factors and other matters discussed in PPL Corporation's 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 and background about PPL Corporation.


 

(Dollars in millions, except for per-share amounts) 1st Quarter 1st Quarter 2019 forecast midpoint 2018 actual PPL CORPORATION AND SUBSIDIARIES
2019 2018 Change Per share 2019 2018 Per share CONDENSED CONSOLIDATED FINANCIAL INFORMATION (1)
Reported earnings $ 466 $ 452 3% Reported earnings U.K. Regulated $ 1.40 $ 1.36 Condensed Consolidated Balance Sheets (Unaudited)
Reported earnings per share $ 0.64 $ 0.65 (2)% U.K. Regulated $ 0.36 $ 0.28 Kentucky Regulated 0.55 0.59 (Millions of Dollars)
Kentucky Regulated 0.16 0.19 Pennsylvania Regulated 0.59 0.62
1st Quarter Pennsylvania Regulated 0.17 0.21 Corporate and Other (0.14) (0.17) March 31, December 31,
2019 2018 Change Corporate and Other (0.05) (0.03)     Total $ 2.40 $ 2.40 2019 2018
Earnings from ongoing operations $ 508 $ 517 (2)%     Total $ 0.64 $ 0.65 Assets
Earnings from ongoing operations per share $ 0.70 $ 0.74 (5)% Cash and cash equivalents $ 518 $ 621
1st Quarter Accounts receivable   853 770
2019 2018 Unbilled revenues 456 496
Special items (expense) benefit Fuel, materials and supplies 274 303
U.K. Regulated $ (0.06) $ (0.09) Current price risk management assets 109 109
Kentucky Regulated Other current assets 219 133
Pennsylvania Regulated Property, Plant and Equipment
Corporate and Other Regulated utility plant 40,752 39,734
Total $ (0.06) $ (0.09) Less: Accumulated depreciation - regulated utility plant 7,532 7,310
Regulated utility plant, net 33,220 32,424
1st Quarter Non-regulated property, plant and equipment 357 355
2019 2018 Less: Accumulated depreciation - non-regulated property, plant and equipment 104 101
Earnings from ongoing operations Non-regulated property, plant and equipment, net 253 254
U.K. Regulated $ 0.42 $ 0.37 Construction work in progress 1,834 1,780
Kentucky Regulated 0.16 0.19 Property, Plant and Equipment, net 35,307 34,458
Pennsylvania Regulated 0.17 0.21 Noncurrent regulatory assets 1,666 1,673
Corporate and Other (0.05) (0.03) Goodwill and other intangibles 3,988 3,878
    Total $ 0.70 $ 0.74 Pension benefit asset 715 535
Noncurrent price risk management assets 172 228
Other noncurrent assets 290 192
Total Assets $ 44,567 $ 43,396
Liabilities and Equity
Short-term debt $ 1,428 $ 1,430
Long-term debt due within one year 202 530
Accounts payable 823 989
Other current liabilities 1,608 1,614
Long-term debt 21,114 20,069
Deferred income taxes and investment tax credits 3,066 2,922
Accrued pension obligations 718 771
Asset retirement obligations 267 264
Noncurrent regulatory liabilities 2,700 2,714
Other noncurrent liabilities 469 436
Common stock and additional paid-in capital 11,058 11,028
Earnings reinvested 4,761 4,593
Accumulated other comprehensive loss (3,647) (3,964)
Total Liabilities and Equity $ 44,567 $ 43,396

(Dollars in millions, except for per-share amounts) 1st Quarter 1st Quarter 2019 forecast midpoint 2018 actual PPL CORPORATION AND SUBSIDIARIES
2019 2018 Change Per share 2019 2018 Per share CONDENSED CONSOLIDATED FINANCIAL INFORMATION (1) (1) The Financial Statements in this news release have been condensed and summarized for purposes of this presentation.  Please refer to PPL Corporation's periodic filings with the Securities and Exchange Commission for full financial statements, including note disclosure.
Reported earnings $ 466 $ 452 3% Reported earnings U.K. Regulated $ 1.40 $ 1.36 Condensed Consolidated Balance Sheets (Unaudited)
Reported earnings per share $ 0.64 $ 0.65 (2)% U.K. Regulated $ 0.36 $ 0.28 Kentucky Regulated 0.55 0.59 (Millions of Dollars)
Kentucky Regulated 0.16 0.19 Pennsylvania Regulated 0.59 0.62
1st Quarter Pennsylvania Regulated 0.17 0.21 Corporate and Other (0.14) (0.17) March 31, December 31,
2019 2018 Change Corporate and Other (0.05) (0.03)     Total $ 2.40 $ 2.40 2019 2018
Earnings from ongoing operations $ 508 $ 517 (2)%     Total $ 0.64 $ 0.65 Assets
Earnings from ongoing operations per share $ 0.70 $ 0.74 (5)% Cash and cash equivalents $ 518 $ 621
1st Quarter Accounts receivable   853 770
2019 2018 Unbilled revenues 456 496
Special items (expense) benefit Fuel, materials and supplies 274 303
U.K. Regulated $ (0.06) $ (0.09) Current price risk management assets 109 109
Kentucky Regulated Other current assets 219 133
Pennsylvania Regulated Property, Plant and Equipment
Corporate and Other Regulated utility plant 40,752 39,734
Total $ (0.06) $ (0.09) Less: Accumulated depreciation - regulated utility plant 7,532 7,310
Regulated utility plant, net 33,220 32,424
1st Quarter Non-regulated property, plant and equipment 357 355
2019 2018 Less: Accumulated depreciation - non-regulated property, plant and equipment 104 101
Earnings from ongoing operations Non-regulated property, plant and equipment, net 253 254
U.K. Regulated $ 0.42 $ 0.37 Construction work in progress 1,834 1,780
Kentucky Regulated 0.16 0.19 Property, Plant and Equipment, net 35,307 34,458
Pennsylvania Regulated 0.17 0.21 Noncurrent regulatory assets 1,666 1,673
Corporate and Other (0.05) (0.03) Goodwill and other intangibles 3,988 3,878
    Total $ 0.70 $ 0.74 Pension benefit asset 715 535
Noncurrent price risk management assets 172 228
Other noncurrent assets 290 192
Total Assets $ 44,567 $ 43,396
Liabilities and Equity
Short-term debt $ 1,428 $ 1,430
Long-term debt due within one year 202 530
Accounts payable 823 989
Other current liabilities 1,608 1,614
Long-term debt 21,114 20,069
Deferred income taxes and investment tax credits 3,066 2,922
Accrued pension obligations 718 771
Asset retirement obligations 267 264
Noncurrent regulatory liabilities 2,700 2,714
Other noncurrent liabilities 469 436
Common stock and additional paid-in capital 11,058 11,028
Earnings reinvested 4,761 4,593
Accumulated other comprehensive loss (3,647) (3,964)
Total Liabilities and Equity $ 44,567 $ 43,396

(Dollars in millions, except for per-share amounts) 1st Quarter 1st Quarter 2019 forecast midpoint 2018 actual PPL CORPORATION AND SUBSIDIARIES       PPL CORPORATION AND SUBSIDIARIES
2019 2018 Change Per share 2019 2018 Per share CONDENSED CONSOLIDATED FINANCIAL INFORMATION (1) (1) The Financial Statements in this news release have been condensed and summarized for purposes of this presentation.  Please refer to PPL Corporation's periodic filings with the Securities and Exchange Commission for full financial statements, including note disclosure.  Condensed Consolidated Statements of Income (Unaudited)
Reported earnings $ 466 $ 452 3% Reported earnings U.K. Regulated $ 1.40 $ 1.36 Condensed Consolidated Balance Sheets (Unaudited) (Millions of Dollars, except share data)
Reported earnings per share $ 0.64 $ 0.65 (2)% U.K. Regulated $ 0.36 $ 0.28 Kentucky Regulated 0.55 0.59 (Millions of Dollars)
Kentucky Regulated 0.16 0.19 Pennsylvania Regulated 0.59 0.62 Three Months Ended March 31,
1st Quarter Pennsylvania Regulated 0.17 0.21 Corporate and Other (0.14) (0.17) March 31, December 31, 2019 2018
2019 2018 Change Corporate and Other (0.05) (0.03)     Total $ 2.40 $ 2.40 2019 2018 Operating Revenues $ 2,079 $ 2,126
Earnings from ongoing operations $ 508 $ 517 (2)%     Total $ 0.64 $ 0.65 Assets
Earnings from ongoing operations per share $ 0.70 $ 0.74 (5)% Cash and cash equivalents $ 518 $ 621 Operating Expenses
1st Quarter Accounts receivable   853 770 Operation
2019 2018 Unbilled revenues 456 496 Fuel 194 214
Special items (expense) benefit Fuel, materials and supplies 274 303 Energy purchases 250 241
U.K. Regulated $ (0.06) $ (0.09) Current price risk management assets 109 109 Other operation and maintenance 490 468
Kentucky Regulated Other current assets 219 133 Depreciation 284 269
Pennsylvania Regulated Property, Plant and Equipment Taxes, other than income 80 83
Corporate and Other Regulated utility plant 40,752 39,734 Total Operating Expenses 1,298 1,275
Total $ (0.06) $ (0.09) Less: Accumulated depreciation - regulated utility plant 7,532 7,310
Regulated utility plant, net 33,220 32,424 Operating Income 781 851
1st Quarter Non-regulated property, plant and equipment 357 355
2019 2018 Less: Accumulated depreciation - non-regulated property, plant and equipment 104 101 Other Income (Expense) - net 52 (43)
Earnings from ongoing operations Non-regulated property, plant and equipment, net 253 254
U.K. Regulated $ 0.42 $ 0.37 Construction work in progress 1,834 1,780 Interest Expense 241 239
Kentucky Regulated 0.16 0.19 Property, Plant and Equipment, net 35,307 34,458
Pennsylvania Regulated 0.17 0.21 Noncurrent regulatory assets 1,666 1,673 Income Before Income Taxes 592 569
Corporate and Other (0.05) (0.03) Goodwill and other intangibles 3,988 3,878
    Total $ 0.70 $ 0.74 Pension benefit asset 715 535 Income Taxes 126 117
Noncurrent price risk management assets 172 228
Other noncurrent assets 290 192 Net Income $ 466 $ 452
Total Assets $ 44,567 $ 43,396
Earnings Per Share of Common Stock:
Liabilities and Equity Net Income Available to PPL Common Shareowners:
Short-term debt $ 1,428 $ 1,430 Basic $ 0.65 $ 0.65
Long-term debt due within one year 202 530 Diluted $ 0.64 $ 0.65
Accounts payable 823 989
Other current liabilities 1,608 1,614 Weighted-Average Shares of Common Stock Outstanding (in thousands)
Long-term debt 21,114 20,069 Basic 721,023 694,514
Deferred income taxes and investment tax credits 3,066 2,922 Diluted 729,953 695,322
Accrued pension obligations 718 771
Asset retirement obligations 267 264
Noncurrent regulatory liabilities 2,700 2,714
Other noncurrent liabilities 469 436
Common stock and additional paid-in capital 11,058 11,028
Earnings reinvested 4,761 4,593
Accumulated other comprehensive loss (3,647) (3,964)
Total Liabilities and Equity $ 44,567 $ 43,396

 

 


(Dollars in millions, except for per-share amounts) 1st Quarter 1st Quarter 2019 forecast midpoint 2018 actual PPL CORPORATION AND SUBSIDIARIES       PPL CORPORATION AND SUBSIDIARIES  PPL CORPORATION AND SUBSIDIARIES
2019 2018 Change Per share 2019 2018 Per share CONDENSED CONSOLIDATED FINANCIAL INFORMATION (1) (1) The Financial Statements in this news release have been condensed and summarized for purposes of this presentation.  Please refer to PPL Corporation's periodic filings with the Securities and Exchange Commission for full financial statements, including note disclosure.  Condensed Consolidated Statements of Income (Unaudited) Condensed Consolidated Statements of Cash Flows (Unaudited)
Reported earnings $ 466 $ 452 3% Reported earnings U.K. Regulated $ 1.40 $ 1.36 Condensed Consolidated Balance Sheets (Unaudited) (Millions of Dollars, except share data) (Millions of Dollars)
Reported earnings per share $ 0.64 $ 0.65 (2)% U.K. Regulated $ 0.36 $ 0.28 Kentucky Regulated 0.55 0.59 (Millions of Dollars)
Kentucky Regulated 0.16 0.19 Pennsylvania Regulated 0.59 0.62 Three Months Ended March 31, Three Months Ended March 31,
1st Quarter Pennsylvania Regulated 0.17 0.21 Corporate and Other (0.14) (0.17) March 31, December 31, 2019 2018 2019 2018
2019 2018 Change Corporate and Other (0.05) (0.03)     Total $ 2.40 $ 2.40 2019 2018 Operating Revenues $ 2,079 $ 2,126 Cash Flows from Operating Activities
Earnings from ongoing operations $ 508 $ 517 (2)%     Total $ 0.64 $ 0.65 Assets Net income $ 466 $ 452
Earnings from ongoing operations per share $ 0.70 $ 0.74 (5)% Cash and cash equivalents $ 518 $ 621 Operating Expenses Adjustments to reconcile net income to net cash provided by operating activities
1st Quarter Accounts receivable   853 770 Operation Depreciation 284 269
2019 2018 Unbilled revenues 456 496 Fuel 194 214 Amortization 22 21
Special items (expense) benefit Fuel, materials and supplies 274 303 Energy purchases 250 241 Defined benefit plans - (income) (66) (50)
U.K. Regulated $ (0.06) $ (0.09) Current price risk management assets 109 109 Other operation and maintenance 490 468 Deferred income taxes and investment tax credits 89 59
Kentucky Regulated Other current assets 219 133 Depreciation 284 269 Unrealized losses on derivatives, and other hedging activities 53 85
Pennsylvania Regulated Property, Plant and Equipment Taxes, other than income 80 83 Other 11 12
Corporate and Other Regulated utility plant 40,752 39,734 Total Operating Expenses 1,298 1,275 Change in current assets and current liabilities
Total $ (0.06) $ (0.09) Less: Accumulated depreciation - regulated utility plant 7,532 7,310 Accounts receivable (57) (71)
Regulated utility plant, net 33,220 32,424 Operating Income 781 851 Accounts payable (94) (36)
1st Quarter Non-regulated property, plant and equipment 357 355 Prepayments (86) (73)
2019 2018 Less: Accumulated depreciation - non-regulated property, plant and equipment 104 101 Other Income (Expense) - net 52 (43) Accrued interest 48 39
Earnings from ongoing operations Non-regulated property, plant and equipment, net 253 254 Unbilled revenues 48 58
U.K. Regulated $ 0.42 $ 0.37 Construction work in progress 1,834 1,780 Interest Expense 241 239 Other (87) (7)
Kentucky Regulated 0.16 0.19 Property, Plant and Equipment, net 35,307 34,458 Other operating activities
Pennsylvania Regulated 0.17 0.21 Noncurrent regulatory assets 1,666 1,673 Income Before Income Taxes 592 569 Defined benefit plans - funding (127) (150)
Corporate and Other (0.05) (0.03) Goodwill and other intangibles 3,988 3,878 Other (30) (42)
    Total $ 0.70 $ 0.74 Pension benefit asset 715 535 Income Taxes 126 117 Net cash provided by operating activities 474 566
Noncurrent price risk management assets 172 228 Cash Flows from Investing Activities
Other noncurrent assets 290 192 Net Income $ 466 $ 452 Expenditures for property, plant and equipment (729) (750)
Total Assets $ 44,567 $ 43,396 Purchase of investments (55)
Earnings Per Share of Common Stock: Proceeds from the sale of investments 57
Liabilities and Equity Net Income Available to PPL Common Shareowners: Other investing activities 5 (3)
Short-term debt $ 1,428 $ 1,430 Basic $ 0.65 $ 0.65 Net cash used in investing activities (722) (753)
Long-term debt due within one year 202 530 Diluted $ 0.64 $ 0.65 Cash Flows from Financing Activities
Accounts payable 823 989 Issuance of long-term debt 144
Other current liabilities 1,608 1,614 Weighted-Average Shares of Common Stock Outstanding (in thousands) Issuance of common stock 22 100
Long-term debt 21,114 20,069 Basic 721,023 694,514 Payment of common stock dividends (296) (273)
Deferred income taxes and investment tax credits 3,066 2,922 Diluted 729,953 695,322 Net increase in short-term debt 424 369
Accrued pension obligations 718 771 Other financing activities (8) (9)
Asset retirement obligations 267 264 Net cash provided by financing activities 142 331
Noncurrent regulatory liabilities 2,700 2,714 Effect of Exchange Rates on Cash, Cash Equivalents and Restricted Cash 3 (2)
Other noncurrent liabilities 469 436 Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash (103) 142
Common stock and additional paid-in capital 11,058 11,028 Cash, Cash Equivalents and Restricted Cash at Beginning of Period 643 511
Earnings reinvested 4,761 4,593 Cash, Cash Equivalents and Restricted Cash at End of Period $ 540 $ 653
Accumulated other comprehensive loss (3,647) (3,964)
Total Liabilities and Equity $ 44,567 $ 43,396 Supplemental Disclosures of Cash Flow Information
Significant non-cash transactions:
Accrued expenditures for property, plant and equipment at March 31, $ 322 $ 313
Accrued expenditures for intangible assets at March 31, $ 64 $ 65

 

 


(Dollars in millions, except for per-share amounts) 1st Quarter 1st Quarter 2019 forecast midpoint 2018 actual PPL CORPORATION AND SUBSIDIARIES       PPL CORPORATION AND SUBSIDIARIES  PPL CORPORATION AND SUBSIDIARIES Key Indicators (Unaudited)
2019 2018 Change Per share 2019 2018 Per share CONDENSED CONSOLIDATED FINANCIAL INFORMATION (1) (1) The Financial Statements in this news release have been condensed and summarized for purposes of this presentation.  Please refer to PPL Corporation's periodic filings with the Securities and Exchange Commission for full financial statements, including note disclosure.  Condensed Consolidated Statements of Income (Unaudited) Condensed Consolidated Statements of Cash Flows (Unaudited)
Reported earnings $ 466 $ 452 3% Reported earnings U.K. Regulated $ 1.40 $ 1.36 Condensed Consolidated Balance Sheets (Unaudited) (Millions of Dollars, except share data) (Millions of Dollars) 12 Months Ended
Reported earnings per share $ 0.64 $ 0.65 (2)% U.K. Regulated $ 0.36 $ 0.28 Kentucky Regulated 0.55 0.59 (Millions of Dollars) March 31
Kentucky Regulated 0.16 0.19 Pennsylvania Regulated 0.59 0.62 Three Months Ended March 31, Three Months Ended March 31, Financial 2019 2018
1st Quarter Pennsylvania Regulated 0.17 0.21 Corporate and Other (0.14) (0.17) March 31, December 31, 2019 2018 2019 2018
2019 2018 Change Corporate and Other (0.05) (0.03)     Total $ 2.40 $ 2.40 2019 2018 Operating Revenues $ 2,079 $ 2,126 Cash Flows from Operating Activities Dividends declared per share of common stock $ 1.6425 $ 1.595
Earnings from ongoing operations $ 508 $ 517 (2)%     Total $ 0.64 $ 0.65 Assets Net income $ 466 $ 452 Book value per share (1)(2) $ 16.87 $ 16.03
Earnings from ongoing operations per share $ 0.70 $ 0.74 (5)% Cash and cash equivalents $ 518 $ 621 Operating Expenses Adjustments to reconcile net income to net cash provided by operating activities Market price per share (1) $ 31.74 $ 28.29
1st Quarter Accounts receivable   853 770 Operation Depreciation 284 269 Dividend yield 5.2% 5.6%
2019 2018 Unbilled revenues 456 496 Fuel 194 214 Amortization 22 21 Dividend payout ratio (3) 64.2% 93.8%
Special items (expense) benefit Fuel, materials and supplies 274 303 Energy purchases 250 241 Defined benefit plans - (income) (66) (50) Dividend payout ratio - earnings from ongoing operations (3)(4) 69.6% 67.0%
U.K. Regulated $ (0.06) $ (0.09) Current price risk management assets 109 109 Other operation and maintenance 490 468 Deferred income taxes and investment tax credits 89 59 Return on common equity 15.9% 11.0%
Kentucky Regulated Other current assets 219 133 Depreciation 284 269 Unrealized losses on derivatives, and other hedging activities 53 85 Return on common equity - earnings from ongoing operations (4) 14.6% 15.4%
Pennsylvania Regulated Property, Plant and Equipment Taxes, other than income 80 83 Other 11 12 Spot rate of U.S. dollar per British pound sterling for Balance Sheet translation (5) $ 1.33 $ 1.28
Corporate and Other Regulated utility plant 40,752 39,734 Total Operating Expenses 1,298 1,275 Change in current assets and current liabilities Average rate of U.S. dollar per British pound sterling for Statement of Income translation (6) $ 1.34 $ 1.26
Total $ (0.06) $ (0.09) Less: Accumulated depreciation - regulated utility plant 7,532 7,310 Accounts receivable (57) (71)
Regulated utility plant, net 33,220 32,424 Operating Income 781 851 Accounts payable (94) (36)
1st Quarter Non-regulated property, plant and equipment 357 355 Prepayments (86) (73)
2019 2018 Less: Accumulated depreciation - non-regulated property, plant and equipment 104 101 Other Income (Expense) - net 52 (43) Accrued interest 48 39
Earnings from ongoing operations Non-regulated property, plant and equipment, net 253 254 Unbilled revenues 48 58
U.K. Regulated $ 0.42 $ 0.37 Construction work in progress 1,834 1,780 Interest Expense 241 239 Other (87) (7)
Kentucky Regulated 0.16 0.19 Property, Plant and Equipment, net 35,307 34,458 Other operating activities
Pennsylvania Regulated 0.17 0.21 Noncurrent regulatory assets 1,666 1,673 Income Before Income Taxes 592 569 Defined benefit plans - funding (127) (150)
Corporate and Other (0.05) (0.03) Goodwill and other intangibles 3,988 3,878 Other (30) (42)
    Total $ 0.70 $ 0.74 Pension benefit asset 715 535 Income Taxes 126 117 Net cash provided by operating activities 474 566
Noncurrent price risk management assets 172 228 Cash Flows from Investing Activities
Other noncurrent assets 290 192 Net Income $ 466 $ 452 Expenditures for property, plant and equipment (729) (750)
Total Assets $ 44,567 $ 43,396 Purchase of investments (55)
Earnings Per Share of Common Stock: Proceeds from the sale of investments 57
Liabilities and Equity Net Income Available to PPL Common Shareowners: Other investing activities 5 (3)
Short-term debt $ 1,428 $ 1,430 Basic $ 0.65 $ 0.65 Net cash used in investing activities (722) (753)
Long-term debt due within one year 202 530 Diluted $ 0.64 $ 0.65 Cash Flows from Financing Activities
Accounts payable 823 989 Issuance of long-term debt 144
Other current liabilities 1,608 1,614 Weighted-Average Shares of Common Stock Outstanding (in thousands) Issuance of common stock 22 100
Long-term debt 21,114 20,069 Basic 721,023 694,514 Payment of common stock dividends (296) (273)
Deferred income taxes and investment tax credits 3,066 2,922 Diluted 729,953 695,322 Net increase in short-term debt 424 369
Accrued pension obligations 718 771 Other financing activities (8) (9)
Asset retirement obligations 267 264 Net cash provided by financing activities 142 331
Noncurrent regulatory liabilities 2,700 2,714 Effect of Exchange Rates on Cash, Cash Equivalents and Restricted Cash 3 (2)
Other noncurrent liabilities 469 436 Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash (103) 142
Common stock and additional paid-in capital 11,058 11,028 Cash, Cash Equivalents and Restricted Cash at Beginning of Period 643 511
Earnings reinvested 4,761 4,593 Cash, Cash Equivalents and Restricted Cash at End of Period $ 540 $ 653
Accumulated other comprehensive loss (3,647) (3,964)
Total Liabilities and Equity $ 44,567 $ 43,396 Supplemental Disclosures of Cash Flow Information
Significant non-cash transactions:
Accrued expenditures for property, plant and equipment at March 31, $ 322 $ 313
Accrued expenditures for intangible assets at March 31, $ 64 $ 65

(Dollars in millions, except for per-share amounts) 1st Quarter 1st Quarter 2019 forecast midpoint 2018 actual PPL CORPORATION AND SUBSIDIARIES       PPL CORPORATION AND SUBSIDIARIES  PPL CORPORATION AND SUBSIDIARIES Key Indicators (Unaudited)
2019 2018 Change Per share 2019 2018 Per share CONDENSED CONSOLIDATED FINANCIAL INFORMATION (1) (1) The Financial Statements in this news release have been condensed and summarized for purposes of this presentation.  Please refer to PPL Corporation's periodic filings with the Securities and Exchange Commission for full financial statements, including note disclosure.  Condensed Consolidated Statements of Income (Unaudited) Condensed Consolidated Statements of Cash Flows (Unaudited) (1) End of period.
Reported earnings $ 466 $ 452 3% Reported earnings U.K. Regulated $ 1.40 $ 1.36 Condensed Consolidated Balance Sheets (Unaudited) (Millions of Dollars, except share data) (Millions of Dollars) 12 Months Ended (2) Based on 721,371 and 697,383 shares of common stock outstanding (in thousands) at March 31, 2019 and March 31, 2018.
Reported earnings per share $ 0.64 $ 0.65 (2)% U.K. Regulated $ 0.36 $ 0.28 Kentucky Regulated 0.55 0.59 (Millions of Dollars) March 31 (3) Based on diluted earnings per share.
Kentucky Regulated 0.16 0.19 Pennsylvania Regulated 0.59 0.62 Three Months Ended March 31, Three Months Ended March 31, Financial 2019 2018 (4) Calculated using earnings from ongoing operations, which is a non-GAAP financial measure that includes adjustments described in the text and tables of this news release.
1st Quarter Pennsylvania Regulated 0.17 0.21 Corporate and Other (0.14) (0.17) March 31, December 31, 2019 2018 2019 2018 (5) As of February 28, 2019 and November 30, 2018 as WPD is consolidated on a one-month lag.
2019 2018 Change Corporate and Other (0.05) (0.03)     Total $ 2.40 $ 2.40 2019 2018 Operating Revenues $ 2,079 $ 2,126 Cash Flows from Operating Activities Dividends declared per share of common stock $ 1.6425 $ 1.595 (6) Represents a year-to-date average and includes the impact of foreign exchange hedges.
Earnings from ongoing operations $ 508 $ 517 (2)%     Total $ 0.64 $ 0.65 Assets Net income $ 466 $ 452 Book value per share (1)(2) $ 16.87 $ 16.03
Earnings from ongoing operations per share $ 0.70 $ 0.74 (5)% Cash and cash equivalents $ 518 $ 621 Operating Expenses Adjustments to reconcile net income to net cash provided by operating activities Market price per share (1) $ 31.74 $ 28.29
1st Quarter Accounts receivable   853 770 Operation Depreciation 284 269 Dividend yield 5.2% 5.6%
2019 2018 Unbilled revenues 456 496 Fuel 194 214 Amortization 22 21 Dividend payout ratio (3) 64.2% 93.8%
Special items (expense) benefit Fuel, materials and supplies 274 303 Energy purchases 250 241 Defined benefit plans - (income) (66) (50) Dividend payout ratio - earnings from ongoing operations (3)(4) 69.6% 67.0%
U.K. Regulated $ (0.06) $ (0.09) Current price risk management assets 109 109 Other operation and maintenance 490 468 Deferred income taxes and investment tax credits 89 59 Return on common equity 15.9% 11.0%
Kentucky Regulated Other current assets 219 133 Depreciation 284 269 Unrealized losses on derivatives, and other hedging activities 53 85 Return on common equity - earnings from ongoing operations (4) 14.6% 15.4%
Pennsylvania Regulated Property, Plant and Equipment Taxes, other than income 80 83 Other 11 12 Spot rate of U.S. dollar per British pound sterling for Balance Sheet translation (5) $ 1.33 $ 1.28
Corporate and Other Regulated utility plant 40,752 39,734 Total Operating Expenses 1,298 1,275 Change in current assets and current liabilities Average rate of U.S. dollar per British pound sterling for Statement of Income translation (6) $ 1.34 $ 1.26
Total $ (0.06) $ (0.09) Less: Accumulated depreciation - regulated utility plant 7,532 7,310 Accounts receivable (57) (71)
Regulated utility plant, net 33,220 32,424 Operating Income 781 851 Accounts payable (94) (36)
1st Quarter Non-regulated property, plant and equipment 357 355 Prepayments (86) (73)
2019 2018 Less: Accumulated depreciation - non-regulated property, plant and equipment 104 101 Other Income (Expense) - net 52 (43) Accrued interest 48 39
Earnings from ongoing operations Non-regulated property, plant and equipment, net 253 254 Unbilled revenues 48 58
U.K. Regulated $ 0.42 $ 0.37 Construction work in progress 1,834 1,780 Interest Expense 241 239 Other (87) (7)
Kentucky Regulated 0.16 0.19 Property, Plant and Equipment, net 35,307 34,458 Other operating activities
Pennsylvania Regulated 0.17 0.21 Noncurrent regulatory assets 1,666 1,673 Income Before Income Taxes 592 569 Defined benefit plans - funding (127) (150)
Corporate and Other (0.05) (0.03) Goodwill and other intangibles 3,988 3,878 Other (30) (42)
    Total $ 0.70 $ 0.74 Pension benefit asset 715 535 Income Taxes 126 117 Net cash provided by operating activities 474 566
Noncurrent price risk management assets 172 228 Cash Flows from Investing Activities
Other noncurrent assets 290 192 Net Income $ 466 $ 452 Expenditures for property, plant and equipment (729) (750)
Total Assets $ 44,567 $ 43,396 Purchase of investments (55)
Earnings Per Share of Common Stock: Proceeds from the sale of investments 57
Liabilities and Equity Net Income Available to PPL Common Shareowners: Other investing activities 5 (3)
Short-term debt $ 1,428 $ 1,430 Basic $ 0.65 $ 0.65 Net cash used in investing activities (722) (753)
Long-term debt due within one year 202 530 Diluted $ 0.64 $ 0.65 Cash Flows from Financing Activities
Accounts payable 823 989 Issuance of long-term debt 144
Other current liabilities 1,608 1,614 Weighted-Average Shares of Common Stock Outstanding (in thousands) Issuance of common stock 22 100
Long-term debt 21,114 20,069 Basic 721,023 694,514 Payment of common stock dividends (296) (273)
Deferred income taxes and investment tax credits 3,066 2,922 Diluted 729,953 695,322 Net increase in short-term debt 424 369
Accrued pension obligations 718 771 Other financing activities (8) (9)
Asset retirement obligations 267 264 Net cash provided by financing activities 142 331
Noncurrent regulatory liabilities 2,700 2,714 Effect of Exchange Rates on Cash, Cash Equivalents and Restricted Cash 3 (2)
Other noncurrent liabilities 469 436 Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash (103) 142
Common stock and additional paid-in capital 11,058 11,028 Cash, Cash Equivalents and Restricted Cash at Beginning of Period 643 511
Earnings reinvested 4,761 4,593 Cash, Cash Equivalents and Restricted Cash at End of Period $ 540 $ 653
Accumulated other comprehensive loss (3,647) (3,964)
Total Liabilities and Equity $ 44,567 $ 43,396 Supplemental Disclosures of Cash Flow Information
Significant non-cash transactions:
Accrued expenditures for property, plant and equipment at March 31, $ 322 $ 313
Accrued expenditures for intangible assets at March 31, $ 64 $ 65

 


(Dollars in millions, except for per-share amounts) 1st Quarter 1st Quarter 2019 forecast midpoint 2018 actual PPL CORPORATION AND SUBSIDIARIES       PPL CORPORATION AND SUBSIDIARIES  PPL CORPORATION AND SUBSIDIARIES Key Indicators (Unaudited) Operating - Domestic & International Electricity Sales (Unaudited)
2019 2018 Change Per share 2019 2018 Per share CONDENSED CONSOLIDATED FINANCIAL INFORMATION (1) (1) The Financial Statements in this news release have been condensed and summarized for purposes of this presentation.  Please refer to PPL Corporation's periodic filings with the Securities and Exchange Commission for full financial statements, including note disclosure.  Condensed Consolidated Statements of Income (Unaudited) Condensed Consolidated Statements of Cash Flows (Unaudited) (1) End of period.
Reported earnings $ 466 $ 452 3% Reported earnings U.K. Regulated $ 1.40 $ 1.36 Condensed Consolidated Balance Sheets (Unaudited) (Millions of Dollars, except share data) (Millions of Dollars) 12 Months Ended (2) Based on 721,371 and 697,383 shares of common stock outstanding (in thousands) at March 31, 2019 and March 31, 2018. Three Months Ended March 31,
Reported earnings per share $ 0.64 $ 0.65 (2)% U.K. Regulated $ 0.36 $ 0.28 Kentucky Regulated 0.55 0.59 (Millions of Dollars) March 31 (3) Based on diluted earnings per share. Percent
Kentucky Regulated 0.16 0.19 Pennsylvania Regulated 0.59 0.62 Three Months Ended March 31, Three Months Ended March 31, Financial 2019 2018 (4) Calculated using earnings from ongoing operations, which is a non-GAAP financial measure that includes adjustments described in the text and tables of this news release. (GWh) 2019 2018 Change
1st Quarter Pennsylvania Regulated 0.17 0.21 Corporate and Other (0.14) (0.17) March 31, December 31, 2019 2018 2019 2018 (5) As of February 28, 2019 and November 30, 2018 as WPD is consolidated on a one-month lag.
2019 2018 Change Corporate and Other (0.05) (0.03)     Total $ 2.40 $ 2.40 2019 2018 Operating Revenues $ 2,079 $ 2,126 Cash Flows from Operating Activities Dividends declared per share of common stock $ 1.6425 $ 1.595 (6) Represents a year-to-date average and includes the impact of foreign exchange hedges. PA Regulated Segment
Earnings from ongoing operations $ 508 $ 517 (2)%     Total $ 0.64 $ 0.65 Assets Net income $ 466 $ 452 Book value per share (1)(2) $ 16.87 $ 16.03 Retail Delivered 10,118 10,040 0.8%
Earnings from ongoing operations per share $ 0.70 $ 0.74 (5)% Cash and cash equivalents $ 518 $ 621 Operating Expenses Adjustments to reconcile net income to net cash provided by operating activities Market price per share (1) $ 31.74 $ 28.29
1st Quarter Accounts receivable   853 770 Operation Depreciation 284 269 Dividend yield 5.2% 5.6% KY Regulated Segment
2019 2018 Unbilled revenues 456 496 Fuel 194 214 Amortization 22 21 Dividend payout ratio (3) 64.2% 93.8% Retail Delivered 7,611 7,808 (2.5)%
Special items (expense) benefit Fuel, materials and supplies 274 303 Energy purchases 250 241 Defined benefit plans - (income) (66) (50) Dividend payout ratio - earnings from ongoing operations (3)(4) 69.6% 67.0% Wholesale (1) 542 706 (23.2)%
U.K. Regulated $ (0.06) $ (0.09) Current price risk management assets 109 109 Other operation and maintenance 490 468 Deferred income taxes and investment tax credits 89 59 Return on common equity 15.9% 11.0% Total 8,153 8,514 (4.2)%
Kentucky Regulated Other current assets 219 133 Depreciation 284 269 Unrealized losses on derivatives, and other hedging activities 53 85 Return on common equity - earnings from ongoing operations (4) 14.6% 15.4%
Pennsylvania Regulated Property, Plant and Equipment Taxes, other than income 80 83 Other 11 12 Spot rate of U.S. dollar per British pound sterling for Balance Sheet translation (5) $ 1.33 $ 1.28 Total U.S. 18,271 18,554 (1.5)%
Corporate and Other Regulated utility plant 40,752 39,734 Total Operating Expenses 1,298 1,275 Change in current assets and current liabilities Average rate of U.S. dollar per British pound sterling for Statement of Income translation (6) $ 1.34 $ 1.26
Total $ (0.06) $ (0.09) Less: Accumulated depreciation - regulated utility plant 7,532 7,310 Accounts receivable (57) (71) U.K. Regulated Segment
Regulated utility plant, net 33,220 32,424 Operating Income 781 851 Accounts payable (94) (36) Delivered 19,982 20,310 (1.6)%
1st Quarter Non-regulated property, plant and equipment 357 355 Prepayments (86) (73)
2019 2018 Less: Accumulated depreciation - non-regulated property, plant and equipment 104 101 Other Income (Expense) - net 52 (43) Accrued interest 48 39
Earnings from ongoing operations Non-regulated property, plant and equipment, net 253 254 Unbilled revenues 48 58
U.K. Regulated $ 0.42 $ 0.37 Construction work in progress 1,834 1,780 Interest Expense 241 239 Other (87) (7)
Kentucky Regulated 0.16 0.19 Property, Plant and Equipment, net 35,307 34,458 Other operating activities
Pennsylvania Regulated 0.17 0.21 Noncurrent regulatory assets 1,666 1,673 Income Before Income Taxes 592 569 Defined benefit plans - funding (127) (150)
Corporate and Other (0.05) (0.03) Goodwill and other intangibles 3,988 3,878 Other (30) (42)
    Total $ 0.70 $ 0.74 Pension benefit asset 715 535 Income Taxes 126 117 Net cash provided by operating activities 474 566
Noncurrent price risk management assets 172 228 Cash Flows from Investing Activities
Other noncurrent assets 290 192 Net Income $ 466 $ 452 Expenditures for property, plant and equipment (729) (750)
Total Assets $ 44,567 $ 43,396 Purchase of investments (55)
Earnings Per Share of Common Stock: Proceeds from the sale of investments 57
Liabilities and Equity Net Income Available to PPL Common Shareowners: Other investing activities 5 (3)
Short-term debt $ 1,428 $ 1,430 Basic $ 0.65 $ 0.65 Net cash used in investing activities (722) (753)
Long-term debt due within one year 202 530 Diluted $ 0.64 $ 0.65 Cash Flows from Financing Activities
Accounts payable 823 989 Issuance of long-term debt 144
Other current liabilities 1,608 1,614 Weighted-Average Shares of Common Stock Outstanding (in thousands) Issuance of common stock 22 100
Long-term debt 21,114 20,069 Basic 721,023 694,514 Payment of common stock dividends (296) (273)
Deferred income taxes and investment tax credits 3,066 2,922 Diluted 729,953 695,322 Net increase in short-term debt 424 369
Accrued pension obligations 718 771 Other financing activities (8) (9)
Asset retirement obligations 267 264 Net cash provided by financing activities 142 331
Noncurrent regulatory liabilities 2,700 2,714 Effect of Exchange Rates on Cash, Cash Equivalents and Restricted Cash 3 (2)
Other noncurrent liabilities 469 436 Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash (103) 142
Common stock and additional paid-in capital 11,058 11,028 Cash, Cash Equivalents and Restricted Cash at Beginning of Period 643 511
Earnings reinvested 4,761 4,593 Cash, Cash Equivalents and Restricted Cash at End of Period $ 540 $ 653
Accumulated other comprehensive loss (3,647) (3,964)
Total Liabilities and Equity $ 44,567 $ 43,396 Supplemental Disclosures of Cash Flow Information
Significant non-cash transactions:
Accrued expenditures for property, plant and equipment at March 31, $ 322 $ 313
Accrued expenditures for intangible assets at March 31, $ 64 $ 65

(Dollars in millions, except for per-share amounts) 1st Quarter 1st Quarter 2019 forecast midpoint 2018 actual PPL CORPORATION AND SUBSIDIARIES       PPL CORPORATION AND SUBSIDIARIES  PPL CORPORATION AND SUBSIDIARIES Key Indicators (Unaudited) Operating - Domestic & International Electricity Sales (Unaudited)
2019 2018 Change Per share 2019 2018 Per share CONDENSED CONSOLIDATED FINANCIAL INFORMATION (1) (1) The Financial Statements in this news release have been condensed and summarized for purposes of this presentation.  Please refer to PPL Corporation's periodic filings with the Securities and Exchange Commission for full financial statements, including note disclosure.  Condensed Consolidated Statements of Income (Unaudited) Condensed Consolidated Statements of Cash Flows (Unaudited) (1) End of period. (1)  Represents FERC-regulated municipal and unregulated off-system sales.
Reported earnings $ 466 $ 452 3% Reported earnings U.K. Regulated $ 1.40 $ 1.36 Condensed Consolidated Balance Sheets (Unaudited) (Millions of Dollars, except share data) (Millions of Dollars) 12 Months Ended (2) Based on 721,371 and 697,383 shares of common stock outstanding (in thousands) at March 31, 2019 and March 31, 2018. Three Months Ended March 31,
Reported earnings per share $ 0.64 $ 0.65 (2)% U.K. Regulated $ 0.36 $ 0.28 Kentucky Regulated 0.55 0.59 (Millions of Dollars) March 31 (3) Based on diluted earnings per share. Percent
Kentucky Regulated 0.16 0.19 Pennsylvania Regulated 0.59 0.62 Three Months Ended March 31, Three Months Ended March 31, Financial 2019 2018 (4) Calculated using earnings from ongoing operations, which is a non-GAAP financial measure that includes adjustments described in the text and tables of this news release. (GWh) 2019 2018 Change
1st Quarter Pennsylvania Regulated 0.17 0.21 Corporate and Other (0.14) (0.17) March 31, December 31, 2019 2018 2019 2018 (5) As of February 28, 2019 and November 30, 2018 as WPD is consolidated on a one-month lag.
2019 2018 Change Corporate and Other (0.05) (0.03)     Total $ 2.40 $ 2.40 2019 2018 Operating Revenues $ 2,079 $ 2,126 Cash Flows from Operating Activities Dividends declared per share of common stock $ 1.6425 $ 1.595 (6) Represents a year-to-date average and includes the impact of foreign exchange hedges. PA Regulated Segment
Earnings from ongoing operations $ 508 $ 517 (2)%     Total $ 0.64 $ 0.65 Assets Net income $ 466 $ 452 Book value per share (1)(2) $ 16.87 $ 16.03 Retail Delivered 10,118 10,040 0.8%
Earnings from ongoing operations per share $ 0.70 $ 0.74 (5)% Cash and cash equivalents $ 518 $ 621 Operating Expenses Adjustments to reconcile net income to net cash provided by operating activities Market price per share (1) $ 31.74 $ 28.29
1st Quarter Accounts receivable   853 770 Operation Depreciation 284 269 Dividend yield 5.2% 5.6% KY Regulated Segment
2019 2018 Unbilled revenues 456 496 Fuel 194 214 Amortization 22 21 Dividend payout ratio (3) 64.2% 93.8% Retail Delivered 7,611 7,808 (2.5)%
Special items (expense) benefit Fuel, materials and supplies 274 303 Energy purchases 250 241 Defined benefit plans - (income) (66) (50) Dividend payout ratio - earnings from ongoing operations (3)(4) 69.6% 67.0% Wholesale (1) 542 706 (23.2)%
U.K. Regulated $ (0.06) $ (0.09) Current price risk management assets 109 109 Other operation and maintenance 490 468 Deferred income taxes and investment tax credits 89 59 Return on common equity 15.9% 11.0% Total 8,153 8,514 (4.2)%
Kentucky Regulated Other current assets 219 133 Depreciation 284 269 Unrealized losses on derivatives, and other hedging activities 53 85 Return on common equity - earnings from ongoing operations (4) 14.6% 15.4%
Pennsylvania Regulated Property, Plant and Equipment Taxes, other than income 80 83 Other 11 12 Spot rate of U.S. dollar per British pound sterling for Balance Sheet translation (5) $ 1.33 $ 1.28 Total U.S. 18,271 18,554 (1.5)%
Corporate and Other Regulated utility plant 40,752 39,734 Total Operating Expenses 1,298 1,275 Change in current assets and current liabilities Average rate of U.S. dollar per British pound sterling for Statement of Income translation (6) $ 1.34 $ 1.26
Total $ (0.06) $ (0.09) Less: Accumulated depreciation - regulated utility plant 7,532 7,310 Accounts receivable (57) (71) U.K. Regulated Segment
Regulated utility plant, net 33,220 32,424 Operating Income 781 851 Accounts payable (94) (36) Delivered 19,982 20,310 (1.6)%
1st Quarter Non-regulated property, plant and equipment 357 355 Prepayments (86) (73)
2019 2018 Less: Accumulated depreciation - non-regulated property, plant and equipment 104 101 Other Income (Expense) - net 52 (43) Accrued interest 48 39
Earnings from ongoing operations Non-regulated property, plant and equipment, net 253 254 Unbilled revenues 48 58
U.K. Regulated $ 0.42 $ 0.37 Construction work in progress 1,834 1,780 Interest Expense 241 239 Other (87) (7)
Kentucky Regulated 0.16 0.19 Property, Plant and Equipment, net 35,307 34,458 Other operating activities
Pennsylvania Regulated 0.17 0.21 Noncurrent regulatory assets 1,666 1,673 Income Before Income Taxes 592 569 Defined benefit plans - funding (127) (150)
Corporate and Other (0.05) (0.03) Goodwill and other intangibles 3,988 3,878 Other (30) (42)
    Total $ 0.70 $ 0.74 Pension benefit asset 715 535 Income Taxes 126 117 Net cash provided by operating activities 474 566
Noncurrent price risk management assets 172 228 Cash Flows from Investing Activities
Other noncurrent assets 290 192 Net Income $ 466 $ 452 Expenditures for property, plant and equipment (729) (750)
Total Assets $ 44,567 $ 43,396 Purchase of investments (55)
Earnings Per Share of Common Stock: Proceeds from the sale of investments 57
Liabilities and Equity Net Income Available to PPL Common Shareowners: Other investing activities 5 (3)
Short-term debt $ 1,428 $ 1,430 Basic $ 0.65 $ 0.65 Net cash used in investing activities (722) (753)
Long-term debt due within one year 202 530 Diluted $ 0.64 $ 0.65 Cash Flows from Financing Activities
Accounts payable 823 989 Issuance of long-term debt 144
Other current liabilities 1,608 1,614 Weighted-Average Shares of Common Stock Outstanding (in thousands) Issuance of common stock 22 100
Long-term debt 21,114 20,069 Basic 721,023 694,514 Payment of common stock dividends (296) (273)
Deferred income taxes and investment tax credits 3,066 2,922 Diluted 729,953 695,322 Net increase in short-term debt 424 369
Accrued pension obligations 718 771 Other financing activities (8) (9)
Asset retirement obligations 267 264 Net cash provided by financing activities 142 331
Noncurrent regulatory liabilities 2,700 2,714 Effect of Exchange Rates on Cash, Cash Equivalents and Restricted Cash 3 (2)
Other noncurrent liabilities 469 436 Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash (103) 142
Common stock and additional paid-in capital 11,058 11,028 Cash, Cash Equivalents and Restricted Cash at Beginning of Period 643 511
Earnings reinvested 4,761 4,593 Cash, Cash Equivalents and Restricted Cash at End of Period $ 540 $ 653
Accumulated other comprehensive loss (3,647) (3,964)
Total Liabilities and Equity $ 44,567 $ 43,396 Supplemental Disclosures of Cash Flow Information
Significant non-cash transactions:
Accrued expenditures for property, plant and equipment at March 31, $ 322 $ 313
Accrued expenditures for intangible assets at March 31, $ 64 $ 65

 


(Dollars in millions, except for per-share amounts) 1st Quarter 1st Quarter 2019 forecast midpoint 2018 actual PPL CORPORATION AND SUBSIDIARIES       PPL CORPORATION AND SUBSIDIARIES  PPL CORPORATION AND SUBSIDIARIES Key Indicators (Unaudited) Operating - Domestic & International Electricity Sales (Unaudited) Reconciliation of Segment Reported Earnings to Earnings from Ongoing Operations
2019 2018 Change Per share 2019 2018 Per share CONDENSED CONSOLIDATED FINANCIAL INFORMATION (1) (1) The Financial Statements in this news release have been condensed and summarized for purposes of this presentation.  Please refer to PPL Corporation's periodic filings with the Securities and Exchange Commission for full financial statements, including note disclosure.  Condensed Consolidated Statements of Income (Unaudited) Condensed Consolidated Statements of Cash Flows (Unaudited) (1) End of period. (1)  Represents FERC-regulated municipal and unregulated off-system sales. (After-Tax)
Reported earnings $ 466 $ 452 3% Reported earnings U.K. Regulated $ 1.40 $ 1.36 Condensed Consolidated Balance Sheets (Unaudited) (Millions of Dollars, except share data) (Millions of Dollars) 12 Months Ended (2) Based on 721,371 and 697,383 shares of common stock outstanding (in thousands) at March 31, 2019 and March 31, 2018. Three Months Ended March 31, (Unaudited)
Reported earnings per share $ 0.64 $ 0.65 (2)% U.K. Regulated $ 0.36 $ 0.28 Kentucky Regulated 0.55 0.59 (Millions of Dollars) March 31 (3) Based on diluted earnings per share. Percent
Kentucky Regulated 0.16 0.19 Pennsylvania Regulated 0.59 0.62 Three Months Ended March 31, Three Months Ended March 31, Financial 2019 2018 (4) Calculated using earnings from ongoing operations, which is a non-GAAP financial measure that includes adjustments described in the text and tables of this news release. (GWh) 2019 2018 Change Year-to-Date March 31, 2019 (millions of dollars)
1st Quarter Pennsylvania Regulated 0.17 0.21 Corporate and Other (0.14) (0.17) March 31, December 31, 2019 2018 2019 2018 (5) As of February 28, 2019 and November 30, 2018 as WPD is consolidated on a one-month lag.  U.K.  KY  PA  Corp.
2019 2018 Change Corporate and Other (0.05) (0.03)     Total $ 2.40 $ 2.40 2019 2018 Operating Revenues $ 2,079 $ 2,126 Cash Flows from Operating Activities Dividends declared per share of common stock $ 1.6425 $ 1.595 (6) Represents a year-to-date average and includes the impact of foreign exchange hedges. PA Regulated Segment  Reg.  Reg.  Reg.  & Other  Total
Earnings from ongoing operations $ 508 $ 517 (2)%     Total $ 0.64 $ 0.65 Assets Net income $ 466 $ 452 Book value per share (1)(2) $ 16.87 $ 16.03 Retail Delivered 10,118 10,040 0.8% Reported Earnings $ 264 $ 117 $ 121 $ (36) $ 466
Earnings from ongoing operations per share $ 0.70 $ 0.74 (5)% Cash and cash equivalents $ 518 $ 621 Operating Expenses Adjustments to reconcile net income to net cash provided by operating activities Market price per share (1) $ 31.74 $ 28.29 Less: Special Items (expense) benefit:
1st Quarter Accounts receivable   853 770 Operation Depreciation 284 269 Dividend yield 5.2% 5.6% KY Regulated Segment Foreign currency economic hedges, net of tax of $11 (40) (40)
2019 2018 Unbilled revenues 456 496 Fuel 194 214 Amortization 22 21 Dividend payout ratio (3) 64.2% 93.8% Retail Delivered 7,611 7,808 (2.5)% Talen litigation costs, net of tax of $0 (2) (2)
Special items (expense) benefit Fuel, materials and supplies 274 303 Energy purchases 250 241 Defined benefit plans - (income) (66) (50) Dividend payout ratio - earnings from ongoing operations (3)(4) 69.6% 67.0% Wholesale (1) 542 706 (23.2)% Total Special Items (40) (2) (42)
U.K. Regulated $ (0.06) $ (0.09) Current price risk management assets 109 109 Other operation and maintenance 490 468 Deferred income taxes and investment tax credits 89 59 Return on common equity 15.9% 11.0% Total 8,153 8,514 (4.2)% Earnings from Ongoing Operations $ 304 $ 117 $ 121 $ (34) $ 508
Kentucky Regulated Other current assets 219 133 Depreciation 284 269 Unrealized losses on derivatives, and other hedging activities 53 85 Return on common equity - earnings from ongoing operations (4) 14.6% 15.4%
Pennsylvania Regulated Property, Plant and Equipment Taxes, other than income 80 83 Other 11 12 Spot rate of U.S. dollar per British pound sterling for Balance Sheet translation (5) $ 1.33 $ 1.28 Total U.S. 18,271 18,554 (1.5)%
Corporate and Other Regulated utility plant 40,752 39,734 Total Operating Expenses 1,298 1,275 Change in current assets and current liabilities Average rate of U.S. dollar per British pound sterling for Statement of Income translation (6) $ 1.34 $ 1.26 (per share - diluted)
Total $ (0.06) $ (0.09) Less: Accumulated depreciation - regulated utility plant 7,532 7,310 Accounts receivable (57) (71) U.K. Regulated Segment  U.K.  KY  PA  Corp.
Regulated utility plant, net 33,220 32,424 Operating Income 781 851 Accounts payable (94) (36) Delivered 19,982 20,310 (1.6)%  Reg.  Reg.  Reg.  & Other  Total
1st Quarter Non-regulated property, plant and equipment 357 355 Prepayments (86) (73) Reported Earnings $ 0.36 $ 0.16 $ 0.17 $ (0.05) $ 0.64
2019 2018 Less: Accumulated depreciation - non-regulated property, plant and equipment 104 101 Other Income (Expense) - net 52 (43) Accrued interest 48 39 Less: Special Items (expense) benefit:
Earnings from ongoing operations Non-regulated property, plant and equipment, net 253 254 Unbilled revenues 48 58 Foreign currency economic hedges (0.06) (0.06)
U.K. Regulated $ 0.42 $ 0.37 Construction work in progress 1,834 1,780 Interest Expense 241 239 Other (87) (7) Total Special Items (0.06) (0.06)
Kentucky Regulated 0.16 0.19 Property, Plant and Equipment, net 35,307 34,458 Other operating activities Earnings from Ongoing Operations $ 0.42 $ 0.16 $ 0.17 $ (0.05) $ 0.70
Pennsylvania Regulated 0.17 0.21 Noncurrent regulatory assets 1,666 1,673 Income Before Income Taxes 592 569 Defined benefit plans - funding (127) (150)
Corporate and Other (0.05) (0.03) Goodwill and other intangibles 3,988 3,878 Other (30) (42)
    Total $ 0.70 $ 0.74 Pension benefit asset 715 535 Income Taxes 126 117 Net cash provided by operating activities 474 566
Noncurrent price risk management assets 172 228 Cash Flows from Investing Activities
Other noncurrent assets 290 192 Net Income $ 466 $ 452 Expenditures for property, plant and equipment (729) (750)
Total Assets $ 44,567 $ 43,396 Purchase of investments (55)
Earnings Per Share of Common Stock: Proceeds from the sale of investments 57
Liabilities and Equity Net Income Available to PPL Common Shareowners: Other investing activities 5 (3)
Short-term debt $ 1,428 $ 1,430 Basic $ 0.65 $ 0.65 Net cash used in investing activities (722) (753)
Long-term debt due within one year 202 530 Diluted $ 0.64 $ 0.65 Cash Flows from Financing Activities
Accounts payable 823 989 Issuance of long-term debt 144
Other current liabilities 1,608 1,614 Weighted-Average Shares of Common Stock Outstanding (in thousands) Issuance of common stock 22 100
Long-term debt 21,114 20,069 Basic 721,023 694,514 Payment of common stock dividends (296) (273)
Deferred income taxes and investment tax credits 3,066 2,922 Diluted 729,953 695,322 Net increase in short-term debt 424 369
Accrued pension obligations 718 771 Other financing activities (8) (9)
Asset retirement obligations 267 264 Net cash provided by financing activities 142 331
Noncurrent regulatory liabilities 2,700 2,714 Effect of Exchange Rates on Cash, Cash Equivalents and Restricted Cash 3 (2)
Other noncurrent liabilities 469 436 Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash (103) 142
Common stock and additional paid-in capital 11,058 11,028 Cash, Cash Equivalents and Restricted Cash at Beginning of Period 643 511
Earnings reinvested 4,761 4,593 Cash, Cash Equivalents and Restricted Cash at End of Period $ 540 $ 653
Accumulated other comprehensive loss (3,647) (3,964)
Total Liabilities and Equity $ 44,567 $ 43,396 Supplemental Disclosures of Cash Flow Information
Significant non-cash transactions:
Accrued expenditures for property, plant and equipment at March 31, $ 322 $ 313
Accrued expenditures for intangible assets at March 31, $ 64 $ 65

 


(Dollars in millions, except for per-share amounts) 1st Quarter 1st Quarter 2019 forecast midpoint 2018 actual PPL CORPORATION AND SUBSIDIARIES       PPL CORPORATION AND SUBSIDIARIES  PPL CORPORATION AND SUBSIDIARIES Key Indicators (Unaudited) Operating - Domestic & International Electricity Sales (Unaudited) Reconciliation of Segment Reported Earnings to Earnings from Ongoing Operations Reconciliation of Segment Reported Earnings to Earnings from Ongoing Operations
2019 2018 Change Per share 2019 2018 Per share CONDENSED CONSOLIDATED FINANCIAL INFORMATION (1) (1) The Financial Statements in this news release have been condensed and summarized for purposes of this presentation.  Please refer to PPL Corporation's periodic filings with the Securities and Exchange Commission for full financial statements, including note disclosure.  Condensed Consolidated Statements of Income (Unaudited) Condensed Consolidated Statements of Cash Flows (Unaudited) (1) End of period. (1)  Represents FERC-regulated municipal and unregulated off-system sales. (After-Tax) (After-Tax)
Reported earnings $ 466 $ 452 3% Reported earnings U.K. Regulated $ 1.40 $ 1.36 Condensed Consolidated Balance Sheets (Unaudited) (Millions of Dollars, except share data) (Millions of Dollars) 12 Months Ended (2) Based on 721,371 and 697,383 shares of common stock outstanding (in thousands) at March 31, 2019 and March 31, 2018. Three Months Ended March 31, (Unaudited) (Unaudited)
Reported earnings per share $ 0.64 $ 0.65 (2)% U.K. Regulated $ 0.36 $ 0.28 Kentucky Regulated 0.55 0.59 (Millions of Dollars) March 31 (3) Based on diluted earnings per share. Percent
Kentucky Regulated 0.16 0.19 Pennsylvania Regulated 0.59 0.62 Three Months Ended March 31, Three Months Ended March 31, Financial 2019 2018 (4) Calculated using earnings from ongoing operations, which is a non-GAAP financial measure that includes adjustments described in the text and tables of this news release. (GWh) 2019 2018 Change Year-to-Date March 31, 2019 (millions of dollars) Year-to-Date March 31, 2018 (millions of dollars)
1st Quarter Pennsylvania Regulated 0.17 0.21 Corporate and Other (0.14) (0.17) March 31, December 31, 2019 2018 2019 2018 (5) As of February 28, 2019 and November 30, 2018 as WPD is consolidated on a one-month lag.  U.K.  KY  PA  Corp.  U.K.  KY  PA  Corp.
2019 2018 Change Corporate and Other (0.05) (0.03)     Total $ 2.40 $ 2.40 2019 2018 Operating Revenues $ 2,079 $ 2,126 Cash Flows from Operating Activities Dividends declared per share of common stock $ 1.6425 $ 1.595 (6) Represents a year-to-date average and includes the impact of foreign exchange hedges. PA Regulated Segment  Reg.  Reg.  Reg.  & Other  Total  Reg.  Reg.  Reg.  & Other  Total
Earnings from ongoing operations $ 508 $ 517 (2)%     Total $ 0.64 $ 0.65 Assets Net income $ 466 $ 452 Book value per share (1)(2) $ 16.87 $ 16.03 Retail Delivered 10,118 10,040 0.8% Reported Earnings $ 264 $ 117 $ 121 $ (36) $ 466 Reported Earnings $ 197 $ 133 $ 148 $ (26) $ 452
Earnings from ongoing operations per share $ 0.70 $ 0.74 (5)% Cash and cash equivalents $ 518 $ 621 Operating Expenses Adjustments to reconcile net income to net cash provided by operating activities Market price per share (1) $ 31.74 $ 28.29 Less: Special Items (expense) benefit: Less: Special Items (expense) benefit:
1st Quarter Accounts receivable   853 770 Operation Depreciation 284 269 Dividend yield 5.2% 5.6% KY Regulated Segment Foreign currency economic hedges, net of tax of $11 (40) (40) Foreign currency economic hedges, net of tax of $17 (65) (65)
2019 2018 Unbilled revenues 456 496 Fuel 194 214 Amortization 22 21 Dividend payout ratio (3) 64.2% 93.8% Retail Delivered 7,611 7,808 (2.5)% Talen litigation costs, net of tax of $0 (2) (2) Total Special Items (65) (65)
Special items (expense) benefit Fuel, materials and supplies 274 303 Energy purchases 250 241 Defined benefit plans - (income) (66) (50) Dividend payout ratio - earnings from ongoing operations (3)(4) 69.6% 67.0% Wholesale (1) 542 706 (23.2)% Total Special Items (40) (2) (42) Earnings from Ongoing Operations $ 262 $ 133 $ 148 $ (26) $ 517
U.K. Regulated $ (0.06) $ (0.09) Current price risk management assets 109 109 Other operation and maintenance 490 468 Deferred income taxes and investment tax credits 89 59 Return on common equity 15.9% 11.0% Total 8,153 8,514 (4.2)% Earnings from Ongoing Operations $ 304 $ 117 $ 121 $ (34) $ 508
Kentucky Regulated Other current assets 219 133 Depreciation 284 269 Unrealized losses on derivatives, and other hedging activities 53 85 Return on common equity - earnings from ongoing operations (4) 14.6% 15.4%
Pennsylvania Regulated Property, Plant and Equipment Taxes, other than income 80 83 Other 11 12 Spot rate of U.S. dollar per British pound sterling for Balance Sheet translation (5) $ 1.33 $ 1.28 Total U.S. 18,271 18,554 (1.5)% (per share - diluted)
Corporate and Other Regulated utility plant 40,752 39,734 Total Operating Expenses 1,298 1,275 Change in current assets and current liabilities Average rate of U.S. dollar per British pound sterling for Statement of Income translation (6) $ 1.34 $ 1.26 (per share - diluted)  U.K.  KY  PA  Corp.
Total $ (0.06) $ (0.09) Less: Accumulated depreciation - regulated utility plant 7,532 7,310 Accounts receivable (57) (71) U.K. Regulated Segment  U.K.  KY  PA  Corp.  Reg.  Reg.  Reg.  & Other  Total
Regulated utility plant, net 33,220 32,424 Operating Income 781 851 Accounts payable (94) (36) Delivered 19,982 20,310 (1.6)%  Reg.  Reg.  Reg.  & Other  Total Reported Earnings $ 0.28 $ 0.19 $ 0.21 $ (0.03) $ 0.65
1st Quarter Non-regulated property, plant and equipment 357 355 Prepayments (86) (73) Reported Earnings $ 0.36 $ 0.16 $ 0.17 $ (0.05) $ 0.64 Less: Special Items (expense) benefit:
2019 2018 Less: Accumulated depreciation - non-regulated property, plant and equipment 104 101 Other Income (Expense) - net 52 (43) Accrued interest 48 39 Less: Special Items (expense) benefit: Foreign currency economic hedges (0.09) (0.09)
Earnings from ongoing operations Non-regulated property, plant and equipment, net 253 254 Unbilled revenues 48 58 Foreign currency economic hedges (0.06) (0.06) Total Special Items (0.09) (0.09)
U.K. Regulated $ 0.42 $ 0.37 Construction work in progress 1,834 1,780 Interest Expense 241 239 Other (87) (7) Total Special Items (0.06) (0.06) Earnings from Ongoing Operations $ 0.37 $ 0.19 $ 0.21 $ (0.03) $ 0.74
Kentucky Regulated 0.16 0.19 Property, Plant and Equipment, net 35,307 34,458 Other operating activities Earnings from Ongoing Operations $ 0.42 $ 0.16 $ 0.17 $ (0.05) $ 0.70
Pennsylvania Regulated 0.17 0.21 Noncurrent regulatory assets 1,666 1,673 Income Before Income Taxes 592 569 Defined benefit plans - funding (127) (150)
Corporate and Other (0.05) (0.03) Goodwill and other intangibles 3,988 3,878 Other (30) (42)
    Total $ 0.70 $ 0.74 Pension benefit asset 715 535 Income Taxes 126 117 Net cash provided by operating activities 474 566
Noncurrent price risk management assets 172 228 Cash Flows from Investing Activities
Other noncurrent assets 290 192 Net Income $ 466 $ 452 Expenditures for property, plant and equipment (729) (750)
Total Assets $ 44,567 $ 43,396 Purchase of investments (55)
Earnings Per Share of Common Stock: Proceeds from the sale of investments 57
Liabilities and Equity Net Income Available to PPL Common Shareowners: Other investing activities 5 (3)
Short-term debt $ 1,428 $ 1,430 Basic $ 0.65 $ 0.65 Net cash used in investing activities (722) (753)
Long-term debt due within one year 202 530 Diluted $ 0.64 $ 0.65 Cash Flows from Financing Activities
Accounts payable 823 989 Issuance of long-term debt 144
Other current liabilities 1,608 1,614 Weighted-Average Shares of Common Stock Outstanding (in thousands) Issuance of common stock 22 100
Long-term debt 21,114 20,069 Basic 721,023 694,514 Payment of common stock dividends (296) (273)
Deferred income taxes and investment tax credits 3,066 2,922 Diluted 729,953 695,322 Net increase in short-term debt 424 369
Accrued pension obligations 718 771 Other financing activities (8) (9)
Asset retirement obligations 267 264 Net cash provided by financing activities 142 331
Noncurrent regulatory liabilities 2,700 2,714 Effect of Exchange Rates on Cash, Cash Equivalents and Restricted Cash 3 (2)
Other noncurrent liabilities 469 436 Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash (103) 142
Common stock and additional paid-in capital 11,058 11,028 Cash, Cash Equivalents and Restricted Cash at Beginning of Period 643 511
Earnings reinvested 4,761 4,593 Cash, Cash Equivalents and Restricted Cash at End of Period $ 540 $ 653
Accumulated other comprehensive loss (3,647) (3,964)
Total Liabilities and Equity $ 44,567 $ 43,396 Supplemental Disclosures of Cash Flow Information
Significant non-cash transactions:
Accrued expenditures for property, plant and equipment at March 31, $ 322 $ 313
Accrued expenditures for intangible assets at March 31, $ 64 $ 65

 

 


(Dollars in millions, except for per-share amounts) 1st Quarter 1st Quarter 2019 forecast midpoint 2018 actual PPL CORPORATION AND SUBSIDIARIES       PPL CORPORATION AND SUBSIDIARIES  PPL CORPORATION AND SUBSIDIARIES Key Indicators (Unaudited) Operating - Domestic & International Electricity Sales (Unaudited) Reconciliation of Segment Reported Earnings to Earnings from Ongoing Operations Reconciliation of Segment Reported Earnings to Earnings from Ongoing Operations Reconciliation of Segment Reported Earnings to Earnings from Ongoing Operations
2019 2018 Change Per share 2019 2018 Per share CONDENSED CONSOLIDATED FINANCIAL INFORMATION (1) (1) The Financial Statements in this news release have been condensed and summarized for purposes of this presentation.  Please refer to PPL Corporation's periodic filings with the Securities and Exchange Commission for full financial statements, including note disclosure.  Condensed Consolidated Statements of Income (Unaudited) Condensed Consolidated Statements of Cash Flows (Unaudited) (1) End of period. (1)  Represents FERC-regulated municipal and unregulated off-system sales. (After-Tax) (After-Tax) (After-Tax)
Reported earnings $ 466 $ 452 3% Reported earnings U.K. Regulated $ 1.40 $ 1.36 Condensed Consolidated Balance Sheets (Unaudited) (Millions of Dollars, except share data) (Millions of Dollars) 12 Months Ended (2) Based on 721,371 and 697,383 shares of common stock outstanding (in thousands) at March 31, 2019 and March 31, 2018. Three Months Ended March 31, (Unaudited) (Unaudited) (Unaudited)
Reported earnings per share $ 0.64 $ 0.65 (2)% U.K. Regulated $ 0.36 $ 0.28 Kentucky Regulated 0.55 0.59 (Millions of Dollars) March 31 (3) Based on diluted earnings per share. Percent
Kentucky Regulated 0.16 0.19 Pennsylvania Regulated 0.59 0.62 Three Months Ended March 31, Three Months Ended March 31, Financial 2019 2018 (4) Calculated using earnings from ongoing operations, which is a non-GAAP financial measure that includes adjustments described in the text and tables of this news release. (GWh) 2019 2018 Change Year-to-Date March 31, 2019 (millions of dollars) Year-to-Date March 31, 2018 (millions of dollars) Year-to-Date December 31, 2018 (millions of dollars)
1st Quarter Pennsylvania Regulated 0.17 0.21 Corporate and Other (0.14) (0.17) March 31, December 31, 2019 2018 2019 2018 (5) As of February 28, 2019 and November 30, 2018 as WPD is consolidated on a one-month lag.  U.K.  KY  PA  Corp.  U.K.  KY  PA  Corp.  U.K.  KY  PA  Corp.
2019 2018 Change Corporate and Other (0.05) (0.03)     Total $ 2.40 $ 2.40 2019 2018 Operating Revenues $ 2,079 $ 2,126 Cash Flows from Operating Activities Dividends declared per share of common stock $ 1.6425 $ 1.595 (6) Represents a year-to-date average and includes the impact of foreign exchange hedges. PA Regulated Segment  Reg.  Reg.  Reg.  & Other  Total  Reg.  Reg.  Reg.  & Other  Total  Reg.  Reg.  Reg.  & Other  Total
Earnings from ongoing operations $ 508 $ 517 (2)%     Total $ 0.64 $ 0.65 Assets Net income $ 466 $ 452 Book value per share (1)(2) $ 16.87 $ 16.03 Retail Delivered 10,118 10,040 0.8% Reported Earnings $ 264 $ 117 $ 121 $ (36) $ 466 Reported Earnings $ 197 $ 133 $ 148 $ (26) $ 452 Reported Earnings $ 1,114 $ 411 $ 431 $ (129) $ 1,827
Earnings from ongoing operations per share $ 0.70 $ 0.74 (5)% Cash and cash equivalents $ 518 $ 621 Operating Expenses Adjustments to reconcile net income to net cash provided by operating activities Market price per share (1) $ 31.74 $ 28.29 Less: Special Items (expense) benefit: Less: Special Items (expense) benefit: Less: Special Items (expense) benefit:
1st Quarter Accounts receivable   853 770 Operation Depreciation 284 269 Dividend yield 5.2% 5.6% KY Regulated Segment Foreign currency economic hedges, net of tax of $11 (40) (40) Foreign currency economic hedges, net of tax of $17 (65) (65) Foreign currency economic hedges, net of tax of ($39) 148 148
2019 2018 Unbilled revenues 456 496 Fuel 194 214 Amortization 22 21 Dividend payout ratio (3) 64.2% 93.8% Retail Delivered 7,611 7,808 (2.5)% Talen litigation costs, net of tax of $0 (2) (2) Total Special Items (65) (65) U.S. tax reform 3 2 (5)
Special items (expense) benefit Fuel, materials and supplies 274 303 Energy purchases 250 241 Defined benefit plans - (income) (66) (50) Dividend payout ratio - earnings from ongoing operations (3)(4) 69.6% 67.0% Wholesale (1) 542 706 (23.2)% Total Special Items (40) (2) (42) Earnings from Ongoing Operations $ 262 $ 133 $ 148 $ (26) $ 517 Kentucky state tax reform (9) (9)
U.K. Regulated $ (0.06) $ (0.09) Current price risk management assets 109 109 Other operation and maintenance 490 468 Deferred income taxes and investment tax credits 89 59 Return on common equity 15.9% 11.0% Total 8,153 8,514 (4.2)% Earnings from Ongoing Operations $ 304 $ 117 $ 121 $ (34) $ 508 IT transformation, net of tax of $2 (5) (5)
Kentucky Regulated Other current assets 219 133 Depreciation 284 269 Unrealized losses on derivatives, and other hedging activities 53 85 Return on common equity - earnings from ongoing operations (4) 14.6% 15.4% Talen litigation costs, net of tax of $2 (7) (7)
Pennsylvania Regulated Property, Plant and Equipment Taxes, other than income 80 83 Other 11 12 Spot rate of U.S. dollar per British pound sterling for Balance Sheet translation (5) $ 1.33 $ 1.28 Total U.S. 18,271 18,554 (1.5)% (per share - diluted) Death benefit, net of tax of $1 (5) (5)
Corporate and Other Regulated utility plant 40,752 39,734 Total Operating Expenses 1,298 1,275 Change in current assets and current liabilities Average rate of U.S. dollar per British pound sterling for Statement of Income translation (6) $ 1.34 $ 1.26 (per share - diluted)  U.K.  KY  PA  Corp. Total Special Items 146 (7) (5) (12) 122
Total $ (0.06) $ (0.09) Less: Accumulated depreciation - regulated utility plant 7,532 7,310 Accounts receivable (57) (71) U.K. Regulated Segment  U.K.  KY  PA  Corp.  Reg.  Reg.  Reg.  & Other  Total Earnings from Ongoing Operations $ 968 $ 418 $ 436 $ (117) $ 1,705
Regulated utility plant, net 33,220 32,424 Operating Income 781 851 Accounts payable (94) (36) Delivered 19,982 20,310 (1.6)%  Reg.  Reg.  Reg.  & Other  Total Reported Earnings $ 0.28 $ 0.19 $ 0.21 $ (0.03) $ 0.65
1st Quarter Non-regulated property, plant and equipment 357 355 Prepayments (86) (73) Reported Earnings $ 0.36 $ 0.16 $ 0.17 $ (0.05) $ 0.64 Less: Special Items (expense) benefit:
2019 2018 Less: Accumulated depreciation - non-regulated property, plant and equipment 104 101 Other Income (Expense) - net 52 (43) Accrued interest 48 39 Less: Special Items (expense) benefit: Foreign currency economic hedges (0.09) (0.09)
Earnings from ongoing operations Non-regulated property, plant and equipment, net 253 254 Unbilled revenues 48 58 Foreign currency economic hedges (0.06) (0.06) Total Special Items (0.09) (0.09) (per share - diluted)
U.K. Regulated $ 0.42 $ 0.37 Construction work in progress 1,834 1,780 Interest Expense 241 239 Other (87) (7) Total Special Items (0.06) (0.06) Earnings from Ongoing Operations $ 0.37 $ 0.19 $ 0.21 $ (0.03) $ 0.74  U.K.  KY  PA  Corp.
Kentucky Regulated 0.16 0.19 Property, Plant and Equipment, net 35,307 34,458 Other operating activities Earnings from Ongoing Operations $ 0.42 $ 0.16 $ 0.17 $ (0.05) $ 0.70  Reg.  Reg.  Reg.  & Other  Total
Pennsylvania Regulated 0.17 0.21 Noncurrent regulatory assets 1,666 1,673 Income Before Income Taxes 592 569 Defined benefit plans - funding (127) (150) Reported Earnings $ 1.57 $ 0.58 $ 0.61 $ (0.18) $ 2.58
Corporate and Other (0.05) (0.03) Goodwill and other intangibles 3,988 3,878 Other (30) (42) Less: Special Items (expense) benefit:
    Total $ 0.70 $ 0.74 Pension benefit asset 715 535 Income Taxes 126 117 Net cash provided by operating activities 474 566 Foreign currency economic hedges 0.21 0.21
Noncurrent price risk management assets 172 228 Cash Flows from Investing Activities U.S. tax reform 0.01 0.01
Other noncurrent assets 290 192 Net Income $ 466 $ 452 Expenditures for property, plant and equipment (729) (750) Kentucky state tax reform (0.01) (0.01)
Total Assets $ 44,567 $ 43,396 Purchase of investments (55) IT transformation (0.01) (0.01)
Earnings Per Share of Common Stock: Proceeds from the sale of investments 57 Talen litigation costs (0.01) (0.01)
Liabilities and Equity Net Income Available to PPL Common Shareowners: Other investing activities 5 (3) Death benefit (0.01) (0.01)
Short-term debt $ 1,428 $ 1,430 Basic $ 0.65 $ 0.65 Net cash used in investing activities (722) (753) Total Special Items 0.21 (0.01) (0.01) (0.01) 0.18
Long-term debt due within one year 202 530 Diluted $ 0.64 $ 0.65 Cash Flows from Financing Activities Earnings from Ongoing Operations $ 1.36 $ 0.59 $ 0.62 $ (0.17) $ 2.40
Accounts payable 823 989 Issuance of long-term debt 144
Other current liabilities 1,608 1,614 Weighted-Average Shares of Common Stock Outstanding (in thousands) Issuance of common stock 22 100
Long-term debt 21,114 20,069 Basic 721,023 694,514 Payment of common stock dividends (296) (273)
Deferred income taxes and investment tax credits 3,066 2,922 Diluted 729,953 695,322 Net increase in short-term debt 424 369
Accrued pension obligations 718 771 Other financing activities (8) (9)
Asset retirement obligations 267 264 Net cash provided by financing activities 142 331
Noncurrent regulatory liabilities 2,700 2,714 Effect of Exchange Rates on Cash, Cash Equivalents and Restricted Cash 3 (2)
Other noncurrent liabilities 469 436 Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash (103) 142
Common stock and additional paid-in capital 11,058 11,028 Cash, Cash Equivalents and Restricted Cash at Beginning of Period 643 511
Earnings reinvested 4,761 4,593 Cash, Cash Equivalents and Restricted Cash at End of Period $ 540 $ 653
Accumulated other comprehensive loss (3,647) (3,964)
Total Liabilities and Equity $ 44,567 $ 43,396 Supplemental Disclosures of Cash Flow Information
Significant non-cash transactions:
Accrued expenditures for property, plant and equipment at March 31, $ 322 $ 313
Accrued expenditures for intangible assets at March 31, $ 64 $ 65

 

 


(Dollars in millions, except for per-share amounts) 1st Quarter 1st Quarter 2019 forecast midpoint 2018 actual PPL CORPORATION AND SUBSIDIARIES       PPL CORPORATION AND SUBSIDIARIES  PPL CORPORATION AND SUBSIDIARIES Key Indicators (Unaudited) Operating - Domestic & International Electricity Sales (Unaudited) Reconciliation of Segment Reported Earnings to Earnings from Ongoing Operations Reconciliation of Segment Reported Earnings to Earnings from Ongoing Operations Reconciliation of Segment Reported Earnings to Earnings from Ongoing Operations Reconciliation of PPL's Forecast of Reported Earnings to Earnings from Ongoing Operations
2019 2018 Change Per share 2019 2018 Per share CONDENSED CONSOLIDATED FINANCIAL INFORMATION (1) (1) The Financial Statements in this news release have been condensed and summarized for purposes of this presentation.  Please refer to PPL Corporation's periodic filings with the Securities and Exchange Commission for full financial statements, including note disclosure.  Condensed Consolidated Statements of Income (Unaudited) Condensed Consolidated Statements of Cash Flows (Unaudited) (1) End of period. (1)  Represents FERC-regulated municipal and unregulated off-system sales. (After-Tax) (After-Tax) (After-Tax) (After-Tax)
Reported earnings $ 466 $ 452 3% Reported earnings U.K. Regulated $ 1.40 $ 1.36 Condensed Consolidated Balance Sheets (Unaudited) (Millions of Dollars, except share data) (Millions of Dollars) 12 Months Ended (2) Based on 721,371 and 697,383 shares of common stock outstanding (in thousands) at March 31, 2019 and March 31, 2018. Three Months Ended March 31, (Unaudited) (Unaudited) (Unaudited) (Unaudited)
Reported earnings per share $ 0.64 $ 0.65 (2)% U.K. Regulated $ 0.36 $ 0.28 Kentucky Regulated 0.55 0.59 (Millions of Dollars) March 31 (3) Based on diluted earnings per share. Percent
Kentucky Regulated 0.16 0.19 Pennsylvania Regulated 0.59 0.62 Three Months Ended March 31, Three Months Ended March 31, Financial 2019 2018 (4) Calculated using earnings from ongoing operations, which is a non-GAAP financial measure that includes adjustments described in the text and tables of this news release. (GWh) 2019 2018 Change Year-to-Date March 31, 2019 (millions of dollars) Year-to-Date March 31, 2018 (millions of dollars) Year-to-Date December 31, 2018 (millions of dollars) Forecast (per-share - diluted)
1st Quarter Pennsylvania Regulated 0.17 0.21 Corporate and Other (0.14) (0.17) March 31, December 31, 2019 2018 2019 2018 (5) As of February 28, 2019 and November 30, 2018 as WPD is consolidated on a one-month lag.  U.K.  KY  PA  Corp.  U.K.  KY  PA  Corp.  U.K.  KY  PA  Corp. 2019 Midpoint
2019 2018 Change Corporate and Other (0.05) (0.03)     Total $ 2.40 $ 2.40 2019 2018 Operating Revenues $ 2,079 $ 2,126 Cash Flows from Operating Activities Dividends declared per share of common stock $ 1.6425 $ 1.595 (6) Represents a year-to-date average and includes the impact of foreign exchange hedges. PA Regulated Segment  Reg.  Reg.  Reg.  & Other  Total  Reg.  Reg.  Reg.  & Other  Total  Reg.  Reg.  Reg.  & Other  Total U.K. KY PA Corp. High Low
Earnings from ongoing operations $ 508 $ 517 (2)%     Total $ 0.64 $ 0.65 Assets Net income $ 466 $ 452 Book value per share (1)(2) $ 16.87 $ 16.03 Retail Delivered 10,118 10,040 0.8% Reported Earnings $ 264 $ 117 $ 121 $ (36) $ 466 Reported Earnings $ 197 $ 133 $ 148 $ (26) $ 452 Reported Earnings $ 1,114 $ 411 $ 431 $ (129) $ 1,827 Reg. Reg. Reg. & Other Total 2019 2019
Earnings from ongoing operations per share $ 0.70 $ 0.74 (5)% Cash and cash equivalents $ 518 $ 621 Operating Expenses Adjustments to reconcile net income to net cash provided by operating activities Market price per share (1) $ 31.74 $ 28.29 Less: Special Items (expense) benefit: Less: Special Items (expense) benefit: Less: Special Items (expense) benefit: Reported Earnings $ 1.34 $ 0.55 $ 0.59 $ (0.14) $ 2.34 $ 2.44 $ 2.24
1st Quarter Accounts receivable   853 770 Operation Depreciation 284 269 Dividend yield 5.2% 5.6% KY Regulated Segment Foreign currency economic hedges, net of tax of $11 (40) (40) Foreign currency economic hedges, net of tax of $17 (65) (65) Foreign currency economic hedges, net of tax of ($39) 148 148 Less: Special Items (expense) benefit:(1)
2019 2018 Unbilled revenues 456 496 Fuel 194 214 Amortization 22 21 Dividend payout ratio (3) 64.2% 93.8% Retail Delivered 7,611 7,808 (2.5)% Talen litigation costs, net of tax of $0 (2) (2) Total Special Items (65) (65) U.S. tax reform 3 2 (5) Foreign currency economic hedges (0.06) (0.06) (0.06) (0.06)
Special items (expense) benefit Fuel, materials and supplies 274 303 Energy purchases 250 241 Defined benefit plans - (income) (66) (50) Dividend payout ratio - earnings from ongoing operations (3)(4) 69.6% 67.0% Wholesale (1) 542 706 (23.2)% Total Special Items (40) (2) (42) Earnings from Ongoing Operations $ 262 $ 133 $ 148 $ (26) $ 517 Kentucky state tax reform (9) (9) Total Special Items (0.06) (0.06) (0.06) (0.06)
U.K. Regulated $ (0.06) $ (0.09) Current price risk management assets 109 109 Other operation and maintenance 490 468 Deferred income taxes and investment tax credits 89 59 Return on common equity 15.9% 11.0% Total 8,153 8,514 (4.2)% Earnings from Ongoing Operations $ 304 $ 117 $ 121 $ (34) $ 508 IT transformation, net of tax of $2 (5) (5) Earnings from Ongoing Operations $ 1.40 $ 0.55 $ 0.59 $ (0.14) $ 2.40 $ 2.50 $ 2.30
Kentucky Regulated Other current assets 219 133 Depreciation 284 269 Unrealized losses on derivatives, and other hedging activities 53 85 Return on common equity - earnings from ongoing operations (4) 14.6% 15.4% Talen litigation costs, net of tax of $2 (7) (7)
Pennsylvania Regulated Property, Plant and Equipment Taxes, other than income 80 83 Other 11 12 Spot rate of U.S. dollar per British pound sterling for Balance Sheet translation (5) $ 1.33 $ 1.28 Total U.S. 18,271 18,554 (1.5)% (per share - diluted) Death benefit, net of tax of $1 (5) (5)
Corporate and Other Regulated utility plant 40,752 39,734 Total Operating Expenses 1,298 1,275 Change in current assets and current liabilities Average rate of U.S. dollar per British pound sterling for Statement of Income translation (6) $ 1.34 $ 1.26 (per share - diluted)  U.K.  KY  PA  Corp. Total Special Items 146 (7) (5) (12) 122
Total $ (0.06) $ (0.09) Less: Accumulated depreciation - regulated utility plant 7,532 7,310 Accounts receivable (57) (71) U.K. Regulated Segment  U.K.  KY  PA  Corp.  Reg.  Reg.  Reg.  & Other  Total Earnings from Ongoing Operations $ 968 $ 418 $ 436 $ (117) $ 1,705
Regulated utility plant, net 33,220 32,424 Operating Income 781 851 Accounts payable (94) (36) Delivered 19,982 20,310 (1.6)%  Reg.  Reg.  Reg.  & Other  Total Reported Earnings $ 0.28 $ 0.19 $ 0.21 $ (0.03) $ 0.65
1st Quarter Non-regulated property, plant and equipment 357 355 Prepayments (86) (73) Reported Earnings $ 0.36 $ 0.16 $ 0.17 $ (0.05) $ 0.64 Less: Special Items (expense) benefit: