Get All Access for FREEMarket News & Research,
Live Transcripts & Audio,
and a whole lot more…
Louisville Gas and Electric Co. and Kentucky Utilities Co., part of $PPL company, said John Crockett III will join as general counsel, chief compliance officer and corporate secretary in early January. Interim general counsel Dorothy O’Brien will stay on until end of February to ensure smooth transition, at which time she will retire.
For 2017, $PPL reaffirmed its guidance with adjusted earnings expected in the range of $2.02 to $2.22 per share, while earnings from ongoing operations expected in the range of $2.05 to $2.25 per share, with a midpoint of $2.15 per share. $PPL also continues to expect 5-6% compound annual earnings growth per share from 2017 through 2020.
$PPL has increased its equity issuances from $100MM to $350MM per year to support the funding of incremental capital spending and to continue to strengthen the balance sheet. This will help maintain strong credit metrics and also lowers future holding company debt balances, said the company.
Utility company $PPL reported 17% rise in its 4Q16 earnings. The company's net income was $465MM, or $0.68 per share, compared to $399MM, or $0.59 per share during 4Q15. Revenue rose $1.83Bil during the quarter. EPS from ongoing operations rose 40% YoverY to $0.60 per share.
$PPL said the actions taken as part of foreign currency hedging strategy has substantially minimized foreign currency risk through 2019 and provide greater assurance to earnings growth targets. The company is confident in achieving competitive earnings growth of 5-6% a year from 2017 through 2020.
$PPL's adjusted EPS for 3Q16 grew by 23% YoverY. This increase was driven largely by an April 1, 2016 price increase in the UK, higher base electricity rates and higher transmission earnings from additional transmission capital investments in Pennsylvania, and higher sales volumes due to favorable weather in Kentucky.
Looking ahead, $PPL remains confident in ability to deliver competitive compound annual earnings growth of 5-6% from 2017 to 2020 and targeted dividend growth of about 4% annually over the same period. This will be driven by investments to advance smarter, cleaner and more reliable energy infrastructure.
$PPL reported a 20% growth in 3Q16 earnings driven by higher revenue as well as lower costs and expenses. Net income rose to $473MM or $0.69 per share from $393MM or $0.58 per share last year. Revenue grew to $1.89Bil from $1.88Bil. EPS from ongoing operations increased to $0.63 from $0.51.