PPL Corporation (NYSE:PPL) Q3 2019 Earnings Conference Call Transcript
Nov 05, 2019 • 11:00 am ET
Good morning and welcome to the PPL Corporation Third Quarter Earnings Conference Call. [Operator Instructions]. I would now like to turn the conference over to Andy Ludwig, Vice President of Investor Relations, Please go ahead.
Thank you, Chad. Good morning everyone and thank you for joining the PPL conference call on third quarter 2019 financial results.
We provided slides in the presentation. And our earnings release issued this morning on the Investors section of our website . Our presentation and earnings release, which we'll discuss during today's call contain forward-looking statements about future operating results or other future events, actual results may differ materially from forward-looking statements, please refer to the appendix of this presentation and PPL's SEC filings for a discussion of factors that could cause actual results to differ from the forward-looking statements.
We will also refer to earnings from ongoing operations or ongoing earnings a non-GAAP measure on this call for reconciliations to the GAAP measure, You should refer to the appendix of this presentation and our earnings earnings release. I'll now turn the call over to Will Spence PPL Chairman and CEO.
William H. Spence
Thank you Andy, and good morning everyone. We're pleased that you've joined us for our third quarter earnings call. With me today are Vince Sorgi PPL President and Chief Operating Officer, Joe Bergstein Chief Financial Officer, Greg Dudkin and Paul Thompson the heads of our US utility businesses and Philip Swift, Head of our Western Power Distribution business in the UK.
Moving to slide 3, Our agenda this morning begins with highlights of our 2019 Quarter Earnings results and a brief review of operational and regulatory developments, Joe will then providing more detailed review of third-quarter earnings as well as an update on our foreign currency hedging status as always we'll leave ample time to answer your questions.
Turning to slide 4, today we announced third quarter reported earnings of $0.65 per share resulting and in total of a $1.89 per share, Through the first nine months of 2019.
Adjusting for special items primarily related to unrealized gains on our UK earnings hedges third quarter earnings from ongoing operations were $0.61 per share compared with $0.59 per share a year ago.
On a year-to-date basis through September total ongoing earnings were $1.88 per share, which was even with last year on a per share basis and in line with our expectations.
Based on our solid financial results through September, we have narrowed our 2019 guidance range to $2.35 per share to $2.45 per share, maintaining our midpoint midpoint of $2.40.
In addition, we remain on track to invest $3.3 billion and infrastructure improvements during 2019 looking beyond 2019. Today we also reaffirmed our projection of 5% to 6% compound annual earnings growth rate per share through 2020 measured against the midpoint of our original 2018 earnings forecast of $2.30 per share, In addition, we maintained our 2021 earnings forecast of $2.50 to $2.80 per share .
We continue to monitor macroeconomic factors for potential impacts