Energy company PPL Corporation (NYSE: PPL) Friday announced financial results for the fourth quarter of 2023, reporting a decrease in operating revenues.
- Operating revenues decreased to $2.03 billion in the final three months of 2023 from $2.29 billion a year earlier
- Fourth-quarter net income declined to $113 million or $0.15 per share from $190 million or $0.26 per share in Q4 2022
- At $390 million, Q4 operating income was up 16% year-over-year
- The company increased its capital plan to more than $14 billion through 2027, raising the rate-base growth to 6.3%
- PPL’s board of directors announced a 7.3% increase in quarterly dividend — from $0.24 per share to $0.2575 per share
- Looking ahead, the company expects full-year 2024 earnings to be in the range of $1.63 per share to $1.75 per share
- The management extended its competitive 6-8% annual EPS and dividend growth targets through at least 2027
- The company raised planned infrastructure investments to $14.3 billion from 2024 to 2027, vs. prior projection of $11.9 billion from 2023 to 2026