PPL Corporation reported first-quarter 2025 earnings on April 30.

The company posted GAAP earnings of $414 million or $0.56 per share, up from $307 million or $0.42 per share in the same quarter last year. Adjusted ongoing earnings were $444 million or $0.60 per share, compared to $402 million or $0.54 per share in the prior year.

The company reaffirmed its full-year 2025 ongoing earnings guidance of $1.75 to $1.87 per share, with a midpoint of $1.81. It also maintained its target of 6 to 8 percent annual earnings per share and dividend growth through at least 2028, expecting growth toward the upper end of that range.

By segment, the Kentucky Regulated unit contributed $0.30 per share to ongoing earnings, Pennsylvania Regulated added $0.25, Rhode Island Regulated contributed $0.10, and Corporate and Other reduced earnings by $0.05 per share.

Higher sales volumes due to weather conditions and increased transmission revenue were key contributors to performance. Special items reduced reported earnings by $30 million or $0.04 per share, primarily tied to IT transformation, a Rhode Island energy efficiency program settlement, and acquisition-related costs.

Cash from operating activities reached $513 million, up significantly from $282 million a year earlier. Capital expenditures were $793 million in the quarter. Retail electricity deliveries rose 5.4 percent in Pennsylvania and 8.1 percent in Kentucky, with wholesale sales in Kentucky growing sharply.

Management emphasized strong interest from data center developers and continued investment in modernizing its energy networks.