PPL Corporation (PPL) Q4 2022 Earnings Call Transcript

For the period ending December 31, 2022

February 17, 2023 11:00 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Good morning and welcome to the PPL Corporation Fourth Quarter and Year-end 2022 Financial Results Conference Call. All participants will be in listen-only mode. Please note, this event is being recorded.

I would now like to turn the conference over to Andy Ludwig, Vice President of Investor Relations. Please go ahead.

Andy Ludwig - VP, IR

Good morning everyone and thank you for joining the PPL Corporation conference call on fourth quarter and year end 2022 financial results. We provided slides for this presentation on the Investors section of our website.

We'll begin today's call with updates from Vince Sorgi, PPL President and CEO; and Joe Bergstein, Chief Financial Officer. And we'll conclude with a Q&A session following our prepared remarks.

Before we get started, I'll draw your attention to slide two 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 of this presentation and PPL's SEC filings for a discussion of some of the 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.

I'll now turn the call over to Vince.

Vince Sorgi - President & CEO

Thank you, Andy and good morning everyone. Welcome to our fourth quarter and year end investor update. We'll keep our remarks brief this morning given the comprehensive update we shared with you on January 11th. We continue to be extremely excited for PPL's bright future and the value we intend to deliver for our customers and shareowners.

Turning to slide four, 2022 was a remarkable year in PPL's history, one that has completely redefined our company. It marks the beginning of a new era as we are now positioned as a premier pure-play US regulated utility holding company.

Our strategic repositioning began with the sale of our UK business in 2021 and concluded in May of 2022 with the addition of Rhode Island Energy and its almost 800,000 customers. I'm very proud of the execution from our team to close this transaction and complete the transition activities to-date with National Grid.