PPL
Q1 2022 Earnings Call
May 05, 2022, 11:00 a.m. ET
Contents:
- Prepared Remarks
- Questions and Answers
- Call Participants
Prepared Remarks:
Operator
Good morning, everyone, and welcome to the PPL Corporation's first quarter earnings conference call. [Operator instructions] Please also note today's event is being recorded. At this time, I would like to turn the conference call over to Andy Ludwig, vice president of investor relations. Sir, please go ahead.
Andy Ludwig -- Vice President, Investor Relations
Thank you, and good morning, everyone. Welcome to the PPL Corporation conference call on first quarter 2022 financial results. We provided slides for this presentation in our earnings release issued this morning on the investors section of our website. Before we get started, I'll draw your attention to Slide 2 and a brief cautionary statement.
Our presentation today contains forward-looking statements about future operating results or other future events. Actual results may differ materially from these forward-looking statements. Please refer to the appendix 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 non-GAAP measures, including earnings from ongoing operations and adjusted gross margins on this call.
For reconciliations to the comparable GAAP measures, please refer to the appendix. Participating on our call this morning are Vince Sorgi, PPL president and CEO; Joe Bergstein, chief financial officer; and Greg Dudkin, chief operating officer. With that, I'll now turn the call over to Vince.
Vince Sorgi -- President and Chief Executive Officer
Thank you, Andy, and good morning, everyone. We appreciate you joining us for our first quarter investor update. Moving to Slide 3 and the agenda for today's call. I'll begin this morning with highlights of our first quarter performance and an update on the status of our planned acquisition of Narragansett Electric in Rhode Island.
Joe will then provide a detailed review of first quarter financial results. And as always, we'll leave ample time for your questions. Turning to Slide 4. Today, we announced first quarter reported earnings of $0.37 per share.
Adjusting for special items, first quarter earnings from ongoing operations were $0.41 per share, compared with $0.28 per share a year ago. These results were in line with our expectations and provide a strong start to the year as we remain focused on repositioning PPL for long-term growth and success. Moving to Rhode Island, we received approval in late February from the Rhode Island division of Public Utilities and Carriers to acquire Narragansett Electric from National Grid. In its detailed decision, the division found that PPL met the statutory standard for approval.