PPL Corp. forecast 2019 earnings of $2.30 to $2.50 per share today.
The Allentown, Pennsylvania-based energy company also reported fourth-quarter earnings of $415 million, or 57 cents per share, versus $78 million, or 11 cents per share, in the year-ago quarter, in a statement distributed by PRNewswire.
The 2019 earnings range is below the $2.58 earnings reported under GAAP (Generally Accepted Accounting Principles) today for 2018. PPL said the issuance of shares from two forward sales agreement reached in 2018 will reduce 2019 earnings by about 13 cents per share.
After adjusting for certain items, “ongoing” or non-GAAP earnings were $382 million, or $0.52 per share in the fourth quarter, down from $384 million, or $0.55 per share, in the 2017 fourth quarter.
2018 earnings from ongoing operations were $1.71 billion, or $2.40 per share, according to the statement.
PPL shares were little changed on the news, down 12 cents (less than a half-percent) to $30.78 at 1:10 p.m. Eastern time.