Commission File Number | Registrant; State of Incorporation; Address and Telephone Number | IRS Employer Identification No. |
1-11459 | PPL Corporation (Exact name of Registrant as specified in its charter) (Pennsylvania) Two North Ninth Street Allentown, PA 18101-1179 (610) 774-5151 | 23-2758192 |
[ ] | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
[ ] | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
[ ] | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
[ ] | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
(d) | Exhibits | ||||
99.1 - | Press Release, dated August 3, 2017, announcing PPL's financial results for the quarter ended June 30, 2017, and other business matters. |
PPL CORPORATION | |||
By: | /s/ Stephen K. Breininger | ||
Stephen K. Breininger Vice President and Controller |
news release | ||
www.pplnewsroom.com |
Contacts: | For news media – Ryan Hill, 610-774-5997 |
For financial analysts – Lisa Pammer, 610-774-3316 |
• | Updates reported earnings forecast range to $1.92 to $2.12 per share, reflecting special items recorded through the second quarter. |
• | Reaffirms 2017 ongoing earnings forecast range of $2.05 to $2.25 per share. |
• | Reaffirms projected compound annual earnings per share growth rate of 5 to 6 percent from 2017 through 2020 and targeted dividend growth of about 4 percent a year over the same period. |
(Dollars in millions, except for per-share amounts) | 2nd Quarter | Year To Date | |||||||||||||||||||
2017 | 2016 | % Change | 2017 | 2016 | % Change | ||||||||||||||||
Reported earnings | $ | 292 | $ | 483 | (40 | )% | $ | 695 | $ | 964 | (28 | )% | |||||||||
Reported earnings per share | $ | 0.43 | $ | 0.71 | (39 | )% | $ | 1.01 | $ | 1.41 | (28 | )% | |||||||||
2nd Quarter | Year To Date | ||||||||||||||||||||
2017 | 2016 | % Change | 2017 | 2016 | % Change | ||||||||||||||||
Earnings from ongoing operations | $ | 356 | $ | 380 | (6 | )% | $ | 781 | $ | 838 | (7 | )% | |||||||||
Earnings from ongoing operations per share | $ | 0.52 | $ | 0.56 | (7 | )% | $ | 1.14 | $ | 1.23 | (7 | )% |
2nd Quarter | Year To Date | ||||||||||||||
Per share | 2017 | 2016 | 2017 | 2016 | |||||||||||
Reported earnings | |||||||||||||||
U.K. Regulated | $ | 0.22 | $ | 0.51 | $ | 0.63 | $ | 0.93 | |||||||
Kentucky Regulated | 0.12 | 0.11 | 0.26 | 0.28 | |||||||||||
Pennsylvania Regulated | 0.11 | 0.11 | 0.22 | 0.25 | |||||||||||
Corporate and Other | (0.02 | ) | (0.02 | ) | (0.10 | ) | (0.05 | ) | |||||||
Total | $ | 0.43 | $ | 0.71 | $ | 1.01 | $ | 1.41 |
2nd Quarter | Year To Date | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Special items (expense) benefit | |||||||||||||||
U.K. Regulated | $ | (0.09 | ) | $ | 0.15 | $ | (0.13 | ) | $ | 0.19 | |||||
Kentucky Regulated | — | — | — | — | |||||||||||
Pennsylvania Regulated | — | — | — | — | |||||||||||
Corporate and Other | — | — | — | (0.01 | ) | ||||||||||
Total | $ | (0.09 | ) | $ | 0.15 | $ | (0.13 | ) | $ | 0.18 | |||||
2nd Quarter | Year To Date | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Earnings from ongoing operations | |||||||||||||||
U.K. Regulated | $ | 0.31 | $ | 0.36 | $ | 0.76 | $ | 0.74 | |||||||
Kentucky Regulated | 0.12 | 0.11 | 0.26 | 0.28 | |||||||||||
Pennsylvania Regulated | 0.11 | 0.11 | 0.22 | 0.25 | |||||||||||
Corporate and Other | (0.02 | ) | (0.02 | ) | (0.10 | ) | (0.04 | ) | |||||||
Total | $ | 0.52 | $ | 0.56 | $ | 1.14 | $ | 1.23 |
Reported Earnings | Earnings from Ongoing Operations | ||||||||||||||
2017 forecast midpoint | 2016 actual | 2017 forecast midpoint | 2016 actual | ||||||||||||
Per share | |||||||||||||||
U.K. Regulated | $ | 1.07 | $ | 1.83 | $ | 1.20 | $ | 1.49 | |||||||
Kentucky Regulated | 0.56 | 0.58 | 0.56 | 0.58 | |||||||||||
Pennsylvania Regulated | 0.50 | 0.50 | 0.50 | 0.50 | |||||||||||
Corporate and Other | (0.11 | ) | (0.12 | ) | (0.11 | ) | (0.12 | ) | |||||||
Total | $ | 2.02 | $ | 2.79 | $ | 2.15 | $ | 2.45 |
• | 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. |
PPL CORPORATION AND SUBSIDIARIES | |||||||
CONDENSED CONSOLIDATED FINANCIAL INFORMATION (1) | |||||||
Condensed Consolidated Balance Sheets (Unaudited) | |||||||
(Millions of Dollars) | |||||||
June 30, | December 31, | ||||||
2017 | 2016 | ||||||
Assets | |||||||
Cash and cash equivalents | $ | 467 | $ | 341 | |||
Accounts receivable | 713 | 712 | |||||
Unbilled revenues | 416 | 480 | |||||
Fuel, materials and supplies | 316 | 356 | |||||
Current price risk management assets | 69 | 63 | |||||
Other current assets | 185 | 115 | |||||
Property, Plant and Equipment | |||||||
Regulated utility plant | 36,173 | 34,674 | |||||
Less: Accumulated depreciation - regulated utility plant | 6,446 | 6,013 | |||||
Regulated utility plant, net | 29,727 | 28,661 | |||||
Non-regulated property, plant and equipment | 424 | 413 | |||||
Less: Accumulated depreciation - non-regulated property, plant and equipment | 147 | 134 | |||||
Non-regulated property, plant and equipment, net | 277 | 279 | |||||
Construction work in progress | 1,229 | 1,134 | |||||
Property, Plant and Equipment, net | 31,233 | 30,074 | |||||
Noncurrent regulatory assets | 1,906 | 1,918 | |||||
Goodwill and other intangibles | 3,795 | 3,760 | |||||
Pension benefit asset | 467 | 9 | |||||
Noncurrent price risk management assets | 245 | 336 | |||||
Other noncurrent assets | 152 | 151 | |||||
Total Assets | $ | 39,964 | $ | 38,315 | |||
Liabilities and Equity | |||||||
Short-term debt | $ | 1,497 | $ | 923 | |||
Long-term debt due within one year | 671 | 518 | |||||
Accounts payable | 752 | 820 | |||||
Other current liabilities | 1,430 | 1,576 | |||||
Long-term debt | 18,397 | 17,808 | |||||
Deferred income taxes and investment tax credits | 4,261 | 4,021 | |||||
Accrued pension obligations | 787 | 1,001 | |||||
Asset retirement obligations | 343 | 428 | |||||
Noncurrent regulatory liabilities | 902 | 899 | |||||
Other noncurrent liabilities | 434 | 422 | |||||
Common stock and additional paid-in capital | 10,030 | 9,848 | |||||
Earnings reinvested | 3,983 | 3,829 | |||||
Accumulated other comprehensive loss | (3,523 | ) | (3,778 | ) | |||
Total Liabilities and Equity | $ | 39,964 | $ | 38,315 |
(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. |
PPL CORPORATION AND SUBSIDIARIES | |||||||||||||||
Condensed Consolidated Statements of Income (Unaudited) | |||||||||||||||
(Millions of Dollars, except share data) | |||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Operating Revenues | $ | 1,725 | $ | 1,785 | $ | 3,676 | $ | 3,796 | |||||||
Operating Expenses | |||||||||||||||
Operation | |||||||||||||||
Fuel | 183 | 183 | 374 | 380 | |||||||||||
Energy purchases | 136 | 147 | 351 | 380 | |||||||||||
Other operation and maintenance | 388 | 425 | 820 | 875 | |||||||||||
Depreciation | 246 | 231 | 488 | 460 | |||||||||||
Taxes, other than income | 70 | 74 | 145 | 153 | |||||||||||
Total Operating Expenses | 1,023 | 1,060 | 2,178 | 2,248 | |||||||||||
Operating Income | 702 | 725 | 1,498 | 1,548 | |||||||||||
Other Income (Expense) - net | (112 | ) | 174 | (159 | ) | 235 | |||||||||
Interest Expense | 222 | 224 | 439 | 448 | |||||||||||
Income Before Income Taxes | 368 | 675 | 900 | 1,335 | |||||||||||
Income Taxes | 76 | 192 | 205 | 371 | |||||||||||
Net Income | $ | 292 | $ | 483 | $ | 695 | $ | 964 | |||||||
Earnings Per Share of Common Stock: | |||||||||||||||
Net Income Available to PPL Common Shareowners: | |||||||||||||||
Basic | $ | 0.43 | $ | 0.71 | $ | 1.02 | $ | 1.42 | |||||||
Diluted | $ | 0.43 | $ | 0.71 | $ | 1.01 | $ | 1.41 | |||||||
Weighted-Average Shares of Common Stock Outstanding (in thousands) | |||||||||||||||
Basic | 683,841 | 677,145 | 682,370 | 676,293 | |||||||||||
Diluted | 686,351 | 680,729 | 684,725 | 679,773 |
PPL CORPORATION AND SUBSIDIARIES | |||||||
Condensed Consolidated Statements of Cash Flows (Unaudited) | |||||||
(Millions of Dollars) | |||||||
Six Months Ended June 30, | |||||||
2017 | 2016 | ||||||
Cash Flows from Operating Activities | |||||||
Net income | $ | 695 | $ | 964 | |||
Adjustments to reconcile net income to net cash provided by operating activities | |||||||
Depreciation | 488 | 460 | |||||
Amortization | 45 | 37 | |||||
Defined benefit plans - (income) | (45 | ) | (24 | ) | |||
Deferred income taxes and investment tax credits | 201 | 320 | |||||
Unrealized (gains) losses on derivatives, and other hedging activities | 135 | (192 | ) | ||||
Other | 17 | 7 | |||||
Change in current assets and current liabilities | |||||||
Accounts payable | (92 | ) | (39 | ) | |||
Unbilled revenues | 70 | (2 | ) | ||||
Fuel, materials and supplies | 42 | 21 | |||||
Accrued interest | (77 | ) | (85 | ) | |||
Prepayments | (66 | ) | (66 | ) | |||
Taxes payable | (27 | ) | 22 | ||||
Other | (32 | ) | 24 | ||||
Other operating activities | |||||||
Defined benefit plans - funding | (552 | ) | (224 | ) | |||
Other | (12 | ) | (53 | ) | |||
Net cash provided by operating activities | 790 | 1,170 | |||||
Cash Flows from Investing Activities | |||||||
Expenditures for property, plant and equipment | (1,373 | ) | (1,346 | ) | |||
Expenditures for intangible assets | (15 | ) | (14 | ) | |||
Other investing activities | 6 | 13 | |||||
Net cash used in investing activities | (1,382 | ) | (1,347 | ) | |||
Cash Flows from Financing Activities | |||||||
Issuance of long-term debt | 594 | 1,020 | |||||
Retirement of long-term debt | (60 | ) | (684 | ) | |||
Issuance of common stock | 177 | 76 | |||||
Payment of common stock dividends | (529 | ) | (513 | ) | |||
Net increase (decrease) in short-term debt | 554 | (66 | ) | ||||
Other financing activities | (25 | ) | 15 | ||||
Net cash provided by (used in) financing activities | 711 | (152 | ) | ||||
Effect of Exchange Rates on Cash and Cash Equivalents | 7 | (15 | ) | ||||
Net Increase (Decrease) in Cash and Cash Equivalents | 126 | (344 | ) | ||||
Cash and Cash Equivalents at Beginning of Period | 341 | 836 | |||||
Cash and Cash Equivalents at End of Period | $ | 467 | $ | 492 | |||
Supplemental Disclosures of Cash Flow Information | |||||||
Significant non-cash transactions: | |||||||
Accrued expenditures for property, plant and equipment at June 30, | $ | 284 | $ | 283 | |||
Accrued expenditures for intangible assets at June 30, | $ | 56 | $ | 94 |
Key Indicators (Unaudited) | ||||||||
12 Months Ended | ||||||||
June 30 | ||||||||
Financial | 2017 | 2016 | ||||||
Dividends declared per share of common stock | $ | 1.55 | $ | 1.515 | ||||
Book value per share (1)(2) | $ | 15.30 | $ | 15.24 | ||||
Market price per share (1) | $ | 38.66 | $ | 37.75 | ||||
Dividend yield | 4.0 | % | 4.0 | % | ||||
Dividend payout ratio (3) | 64.9 | % | 58.7 | % | ||||
Dividend payout ratio - earnings from ongoing operations (3)(4) | 65.7 | % | 69.5 | % | ||||
Return on common equity | 15.7 | % | 17.3 | % | ||||
Return on common equity - earnings from ongoing operations (4) | 15.5 | % | 14.6 | % | ||||
Spot rate of U.S. dollar per British pound sterling for Balance Sheet translation (5) | $ | 1.29 | $ | 1.25 | ||||
Average rate of U.S. dollar per British pound sterling for Statement of Income translation (6) | $ | 1.21 | $ | 1.51 |
(1) | End of period. |
(2) | Based on 685,473 and 677,549 shares of common stock outstanding (in thousands) at June 30, 2017 and June 30, 2016. |
(3) | Based on diluted earnings per share. |
(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. |
(5) | As of May 31, 2017 and November 30, 2016 as WPD is consolidated on a one-month lag. |
(6) | Represents a year-to-date average and includes the impact of foreign exchange hedges. |
Operating - Domestic & International Electricity Sales (Unaudited) | |||||||||||||||||
3 Months Ended June 30, | 6 Months Ended June 30, | ||||||||||||||||
Percent | Percent | ||||||||||||||||
(GWh) | 2017 | 2016 | Change | 2017 | 2016 | Change | |||||||||||
Domestic Retail Delivered | |||||||||||||||||
PPL Electric Utilities | 8,211 | 8,422 | (2.5 | )% | 17,757 | 18,102 | (1.9 | )% | |||||||||
LKE | 7,160 | 7,275 | (1.6 | )% | 14,395 | 14,964 | (3.8 | )% | |||||||||
Total | 15,371 | 15,697 | (2.1 | )% | 32,152 | 33,066 | (2.8 | )% | |||||||||
International Delivered | |||||||||||||||||
United Kingdom | 18,322 | 18,859 | (2.8 | )% | 38,980 | 39,151 | (0.4 | )% | |||||||||
Domestic Wholesale | |||||||||||||||||
LKE (1) | 511 | 484 | 5.6 | % | 1,077 | 990 | 8.8 | % |
Reconciliation of Segment Reported Earnings to Earnings from Ongoing Operations | |||||||||||||||||||
(After-Tax) | |||||||||||||||||||
(Unaudited) | |||||||||||||||||||
2nd Quarter 2017 | (millions of dollars) | ||||||||||||||||||
U.K. | KY | PA | Corp. | ||||||||||||||||
Reg. | Reg. | Reg. | & Other | Total | |||||||||||||||
Reported Earnings | $ | 148 | $ | 79 | $ | 77 | $ | (12 | ) | $ | 292 | ||||||||
Less: Special Items (expense) benefit: | |||||||||||||||||||
Foreign currency economic hedges, net of tax of $34 | (64 | ) | — | — | — | (64 | ) | ||||||||||||
Total Special Items | (64 | ) | — | — | — | (64 | ) | ||||||||||||
Earnings from Ongoing Operations | $ | 212 | $ | 79 | $ | 77 | $ | (12 | ) | $ | 356 | ||||||||
(per share - diluted) | |||||||||||||||||||
U.K. | KY | PA | Corp. | ||||||||||||||||
Reg. | Reg. | Reg. | & Other | Total | |||||||||||||||
Reported Earnings | $ | 0.22 | $ | 0.12 | $ | 0.11 | $ | (0.02 | ) | $ | 0.43 | ||||||||
Less: Special Items (expense) benefit: | |||||||||||||||||||
Foreign currency economic hedges | (0.09 | ) | — | — | — | (0.09 | ) | ||||||||||||
Total Special Items | (0.09 | ) | — | — | — | (0.09 | ) | ||||||||||||
Earnings from Ongoing Operations | $ | 0.31 | $ | 0.12 | $ | 0.11 | $ | (0.02 | ) | $ | 0.52 |
Reconciliation of Segment Reported Earnings to Earnings from Ongoing Operations | |||||||||||||||||||
(After-Tax) | |||||||||||||||||||
(Unaudited) | |||||||||||||||||||
Year-to-Date June 30, 2017 | (millions of dollars) | ||||||||||||||||||
U.K. | KY | PA | Corp. | ||||||||||||||||
Reg. | Reg. | Reg. | & Other | Total | |||||||||||||||
Reported Earnings | $ | 434 | $ | 174 | $ | 156 | $ | (69 | ) | $ | 695 | ||||||||
Less: Special Items (expense) benefit: | |||||||||||||||||||
Foreign currency economic hedges, net of tax of $46 | (85 | ) | — | — | — | (85 | ) | ||||||||||||
Adjustment to investment, net of tax of $0 | — | (1 | ) | — | — | (1 | ) | ||||||||||||
Total Special Items | (85 | ) | (1 | ) | — | — | (86 | ) | |||||||||||
Earnings from Ongoing Operations | $ | 519 | $ | 175 | $ | 156 | $ | (69 | ) | $ | 781 | ||||||||
(per share - diluted) | |||||||||||||||||||
U.K. | KY | PA | Corp. | ||||||||||||||||
Reg. | Reg. | Reg. | & Other | Total | |||||||||||||||
Reported Earnings | $ | 0.63 | $ | 0.26 | $ | 0.22 | $ | (0.10 | ) | $ | 1.01 | ||||||||
Less: Special Items (expense) benefit: | |||||||||||||||||||
Foreign currency economic hedges | (0.13 | ) | — | — | — | (0.13 | ) | ||||||||||||
Total Special Items | (0.13 | ) | — | — | — | (0.13 | ) | ||||||||||||
Earnings from Ongoing Operations | $ | 0.76 | $ | 0.26 | $ | 0.22 | $ | (0.10 | ) | $ | 1.14 |
Reconciliation of Segment Reported Earnings to Earnings from Ongoing Operations | |||||||||||||||||||
(After-Tax) | |||||||||||||||||||
(Unaudited) | |||||||||||||||||||
2nd Quarter 2016 | (millions of dollars) | ||||||||||||||||||
U.K. | KY | PA | Corp. | ||||||||||||||||
Reg. | Reg. | Reg. | & Other | Total | |||||||||||||||
Reported Earnings | $ | 345 | $ | 76 | $ | 78 | $ | (16 | ) | $ | 483 | ||||||||
Less: Special Items (expense) benefit: | |||||||||||||||||||
Foreign currency economic hedges, net of tax of ($56) | 104 | — | — | — | 104 | ||||||||||||||
Spinoff of the Supply segment, net of tax of $0 | — | — | — | (1 | ) | (1 | ) | ||||||||||||
Total Special Items | 104 | — | — | (1 | ) | 103 | |||||||||||||
Earnings from Ongoing Operations | $ | 241 | $ | 76 | $ | 78 | $ | (15 | ) | $ | 380 | ||||||||
(per share - diluted) | |||||||||||||||||||
U.K. | KY | PA | Corp. | ||||||||||||||||
Reg. | Reg. | Reg. | & Other | Total | |||||||||||||||
Reported Earnings | $ | 0.51 | $ | 0.11 | $ | 0.11 | $ | (0.02 | ) | $ | 0.71 | ||||||||
Less: Special Items (expense) benefit: | |||||||||||||||||||
Foreign currency economic hedges | 0.15 | — | — | — | 0.15 | ||||||||||||||
Total Special Items | 0.15 | — | — | — | 0.15 | ||||||||||||||
Earnings from Ongoing Operations | $ | 0.36 | $ | 0.11 | $ | 0.11 | $ | (0.02 | ) | $ | 0.56 |
Reconciliation of Segment Reported Earnings to Earnings from Ongoing Operations | |||||||||||||||||||
(After-Tax) | |||||||||||||||||||
(Unaudited) | |||||||||||||||||||
Year-to-Date June 30, 2016 | (millions of dollars) | ||||||||||||||||||
U.K. | KY | PA | Corp. | ||||||||||||||||
Reg. | Reg. | Reg. | & Other | Total | |||||||||||||||
Reported Earnings | $ | 634 | $ | 188 | $ | 172 | $ | (30 | ) | $ | 964 | ||||||||
Less: Special Items (expense) benefit: | |||||||||||||||||||
Foreign currency economic hedges, net of tax of ($69) | 128 | — | — | — | 128 | ||||||||||||||
Spinoff of the Supply segment, net of tax of $1 | — | — | — | (2 | ) | (2 | ) | ||||||||||||
Total Special Items | 128 | — | — | (2 | ) | 126 | |||||||||||||
Earnings from Ongoing Operations | $ | 506 | $ | 188 | $ | 172 | $ | (28 | ) | $ | 838 | ||||||||
(per share - diluted) | |||||||||||||||||||
U.K. | KY | PA | Corp. | ||||||||||||||||
Reg. | Reg. | Reg. | & Other | Total | |||||||||||||||
Reported Earnings | $ | 0.93 | $ | 0.28 | $ | 0.25 | $ | (0.05 | ) | $ | 1.41 | ||||||||
Less: Special Items (expense) benefit: | |||||||||||||||||||
Foreign currency economic hedges | 0.19 | — | — | — | 0.19 | ||||||||||||||
Spinoff of the Supply segment | — | — | — | (0.01 | ) | (0.01 | ) | ||||||||||||
Total Special Items | 0.19 | — | — | (0.01 | ) | 0.18 | |||||||||||||
Earnings from Ongoing Operations | $ | 0.74 | $ | 0.28 | $ | 0.25 | $ | (0.04 | ) | $ | 1.23 |
Reconciliation of Segment Reported Earnings to Earnings from Ongoing Operations | |||||||||||||||||||
(After-Tax) | |||||||||||||||||||
(Unaudited) | |||||||||||||||||||
Year-to-Date December 31, 2016 | (millions of dollars) | ||||||||||||||||||
U.K. | KY | PA | Corp. | ||||||||||||||||
Reg. | Reg. | Reg. | & Other | Total | |||||||||||||||
Reported Earnings | $ | 1,246 | $ | 398 | $ | 338 | $ | (80 | ) | $ | 1,902 | ||||||||
Less: Special Items (expense) benefit: | |||||||||||||||||||
Foreign currency economic hedges, net of tax of $4 | (8 | ) | — | — | — | (8 | ) | ||||||||||||
Spinoff of the Supply segment, net of tax of $2 | — | — | — | (3 | ) | (3 | ) | ||||||||||||
Other: | |||||||||||||||||||
Settlement of foreign currency contracts, net of tax of ($108) | 202 | — | — | — | 202 | ||||||||||||||
Change in U.K. tax rate | 37 | — | — | — | 37 | ||||||||||||||
Total Special Items | 231 | — | — | (3 | ) | 228 | |||||||||||||
Earnings from Ongoing Operations | $ | 1,015 | $ | 398 | $ | 338 | $ | (77 | ) | $ | 1,674 | ||||||||
(per share - diluted) | |||||||||||||||||||
U.K. | KY | PA | Corp. | ||||||||||||||||
Reg. | Reg. | Reg. | & Other | Total | |||||||||||||||
Reported Earnings | $ | 1.83 | $ | 0.58 | $ | 0.50 | $ | (0.12 | ) | $ | 2.79 | ||||||||
Less: Special Items (expense) benefit: | |||||||||||||||||||
Foreign currency economic hedges | (0.01 | ) | — | — | — | (0.01 | ) | ||||||||||||
Other: | |||||||||||||||||||
Settlement of foreign currency contracts | 0.30 | — | — | — | 0.30 | ||||||||||||||
Change in U.K. tax rate | 0.05 | — | — | — | 0.05 | ||||||||||||||
Total Special Items | 0.34 | — | — | — | 0.34 | ||||||||||||||
Earnings from Ongoing Operations | $ | 1.49 | $ | 0.58 | $ | 0.50 | $ | (0.12 | ) | $ | 2.45 |
Reconciliation of PPL's Forecast of Reported Earnings to Earnings from Ongoing Operations | |||||||||||||||||||||||||||
(After-Tax) | |||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||
Forecast (per-share - diluted) | |||||||||||||||||||||||||||
2017 Midpoint | |||||||||||||||||||||||||||
U.K. | KY | PA | Corp. | High | Low | ||||||||||||||||||||||
Reg. | Reg. | Reg. | & Other | Total | 2017 | 2017 | |||||||||||||||||||||
Reported Earnings | $ | 1.07 | $ | 0.56 | $ | 0.50 | $ | (0.11 | ) | $ | 2.02 | $ | 2.12 | $ | 1.92 | ||||||||||||
Less: Special Items (expense) benefit: | |||||||||||||||||||||||||||
Foreign currency economic hedges | (0.13 | ) | — | — | — | (0.13 | ) | (0.13 | ) | (0.13 | ) | ||||||||||||||||
Total Special Items | (0.13 | ) | — | — | — | (0.13 | ) | (0.13 | ) | (0.13 | ) | ||||||||||||||||
Earnings from Ongoing Operations | $ | 1.20 | $ | 0.56 | $ | 0.50 | $ | (0.11 | ) | $ | 2.15 | $ | 2.25 | $ | 2.05 |
]M-TNER?:X1_RR