Financial Highlights

Financial Highlights – Corporate

For the six month periods ended June 30 (unaudited)

Click here for Reconciliations of Segment Reported Earnings to Earnings from Ongoing Operations for the three and six months ended June 30, 2017 and 2016.

FINANCIAL
  2017 2016
Operating revenues (millions) $3,676 $3,796
Net income (millions) $695 $964
Earnings from ongoing operations (millions) (a) $781 $838
Total assets (millions) (b) $39,964 $39,528
Earnings per share - Diluted $1.01 $1.41
Earnings from ongoing operations per share - Diluted $1.14 $1.23
Dividends declared per share (12 months ended) $1.55 $1.515
Book value per share (b,c) $15.30 $15.24
Market price per share (b)   $38.66 $37.75
Market price/book value ratio 253% 248%
Dividend yield 4.0% 4.0%
Dividend payout ratio (12 months ended) (d) 64.9% 58.7%
Dividend payout ratio - earnings from ongoing operations (12 months ended) (d,e) 65.7% 69.5%
Return on common equity (12 months ended) 15.7% 17.3%
Return on common equity - earnings from ongoing operations (12 months ended) (e) 15.5% 14.6%
OPERATING - DOMESTIC ELECTRICITY SALES (GWh)
Retail delivered 32,152 33,066
Wholesale supplied 1,077 990
OPERATING - INTERNATIONAL ELECTRICITY SALES (GWh)
United Kingdom 38,980 39,151

(a) Management utilizes “Earnings from Ongoing Operations” as a non-GAAP financial measure that should not be considered as an alternative to reported earnings, or net income, an indicator of operating performance determined in accordance with GAAP. PPL believes that Earnings from Ongoing Operations is useful and meaningful to investors because it provides management’s view of PPL’s earnings performance as another criterion in making investment decisions. In addition, PPL's management uses Earnings from Ongoing Operations in measuring achievement of certain corporate performance goals, including targets for certain executive incentive compensation. Other companies may use different measures to present financial performance.

Earnings from Ongoing Operations is adjusted for the impact of special items. Special items are presented in the financial tables on an after-tax basis with the related income taxes on special items separately disclosed. Income taxes on special items, when applicable, are calculated based on the effective tax rate of the entity where the activity is recorded. Special items include:

  • 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.

Unrealized gains or losses on foreign currency economic hedges include the changes in fair value of foreign currency contracts used to hedge British-pound-sterling-denominated anticipated earnings.  The changes in fair value of these contracts are recognized immediately within GAAP earnings.  Management believes that excluding these amounts from Earnings from Ongoing Operations until settlement of the contracts provides a better matching of the financial impacts of those contracts with the economic value of PPL’s underlying hedged earnings.

(b) End of period.

(c) Based on 685,473 and 677,549 shares of common stock outstanding (in thousands) at June 30, 2017 and June 30, 2016.

(d) Based on diluted earnings per share.

(e) Calculated using earnings from ongoing operations, which is a non-GAAP financial measure that includes adjustments described above in footnote (a).

Financial Highlights – Global

For financial information related to the operations of PPL Global, LLC, click here.

Key Dates
  Earnings Release Dividend Declaration Ex-Dividend Dividend Record Dividend Payment
2017 Feb. 1 Feb. 24 Mar. 8 Mar. 10 Apr. 3
  May 4 May 17 June 7 June 9 July 3
  Aug. 3 Aug. 25 Sept. 6 Sept. 8 Oct. 2
  Nov. 1 Nov. 17 Dec. 6 Dec. 8 Jan. 2 2018
Quarterly Results

Financial Highlights