For the six month periods ended June 30 (unaudited)
Click here for Reconciliations of Segment Reported Earnings (Loss) to Earnings from Ongoing Operations for the three and six months ended June 30, 2016 and 2015.
|Operating revenues (millions)||$3,796||$4,011|
|Net income (millions) (a)||$964||$(110)|
|Earnings from ongoing operations (millions) (b)||$838||$848|
|Total assets (millions)(c)||$39,528||$38,244|
|Earnings per share - Diluted (a)||$1.41||$(0.17)|
|Earnings from ongoing operations per share - Diluted||$1.23||$1.26|
|Dividends declared per share (12 months ended)||$1.515||$1.49|
|Book value per share(c,d)||$15.24||$14.85|
|Market price per share(c)||$37.75||$29.47|
|Market price/book value ratio||248%||198%|
|Dividend payout ratio (12 months ended) (a,e)||58.7%||92.5%|
|Dividend payout ratio - earnings from ongoing operations (12 months ended) (e,f)||69.5%||67.7%|
|Price/earnings ratio (12 months ended) (a,e)||14.6||18.3|
|Price/earnings ratio - earnings from ongoing operations (12 months ended) (e,f)||17.3||13.4|
|Return on common equity (12 months ended) (a)||17.3%||9.1%|
|Return on common equity - earnings from ongoing operations (12 months ended) (f,g)||14.6%||15.4%|
|OPERATING - DOMESTIC ELECTRICITY SALES (GWh)|
|OPERATING - INTERNATIONAL ELECTRICITY SALES (GWh)|
(a) 2015 includes the impact of the $879 million loss on the spinoff of the Supply segment, reflecting the difference between PPL's recorded value for the Supply segment and the estimated fair value determined in accordance with applicable rules under GAAP. 2015 also includes eleven months of Supply segment earnings.
(b) 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-related economic hedges (as discussed below).
- Supply segment discontinued operations.
- Gains and losses on sales of assets not in the ordinary course of business.
- Impairment charges.
- 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.
(c) End of period.
(d) Based on 677,549 and 669,514 shares of common stock outstanding (in thousands) at June 30, 2016 and June 30, 2015.
(e) Based on diluted earnings per share.
(f) Calculated using earnings from ongoing operations, which is a non-GAAP financial measure that includes adjustments described above in footnote (b).
(g) 2015 was adjusted to exclude the equity of PPL Energy Supply, LLC as that business was spun off in 2015.
For financial information related to the operations of PPL Global, LLC, click here.
|earnings release||Dividend Declaration||Ex-Dividend||Dividend Record||Dividend Payment|
|2016||Feb. 4||Feb. 26||Mar. 8||Mar. 10||Apr. 1|
|Apr. 28||May 25||June 8||June 10||July 1|
|Aug. 9||Aug. 26||Sept. 7||Sept. 9||Oct. 3|
|Nov. 1||Nov. 18||Dec. 7||Dec. 9||Jan. 2, 2017|