PPL Corporation. (NYSE:PPL) Q3 2023 Earnings Conference Call November 2, 2023 ET

Company Participants

Andy Ludwig - Vice President, Investor Relations

Vince Sorgi - President and Chief Executive Officer

Joe Bergstein - Chief Financial Officer

Conference Call Participants

Nicholas Campanella - Barclays

David Arcaro - Morgan Stanley

Shahriar Pourreza - Guggenheim Partners

Agnieszka Storozynski - Seaport

Paul Zimbardo - Bank of America

Anthony Crowdell - Mizuho

Ryan Levine - Citi

Operator

Good morning, and welcome to the PPL Corporation Third Quarter 2023 Earnings Conference Call. [Operator Instructions] After today’s presentation, there will be an opportunity to ask questions. [Operator Instructions] 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

Good morning, everyone, and thank you for joining the PPL Corporation conference call on third quarter 2023 financial results. We have provided slides for this presentation on the Investors section of our website. Begin today’s call with updates from Vince Sorgi, PPL President and CEO; and Joe Bergstein, Chief Financial Officer and conclude with a Q&A session following our prepared remarks.

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 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 or ongoing earnings 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

Thank you, Andy, and good morning, everyone. Welcome to our third quarter investor update. Let’s start with an overview of our financial results on Slide 4. Today, we announced third quarter reported earnings of $0.31 per share. Adjusting for special items, third quarter earnings from ongoing operations were $0.43 per share compared with $0.41 per share a year ago. These results position us well to deliver our 2023 earnings guidance, despite the significant impact of mild weather and storms in the first half of the year.

As Joe will cover in his financial review, we’ve been successful in overcoming these headwinds through effective regulatory mechanisms, our continued focus on operating efficiently and outperformance in several other areas. The team has done an outstanding job in keeping us on track to deliver our 2023 financial objectives, while providing energy safely and reliably to our customers.