PPL Corp. Q3 FY2023 results: revenue $2.0 billion, down 4.3% on the year

PPL Corp. (PPL) reported revenue of $2.0 billion for Q3 FY2023, the quarter ended 30 September 2023, down 4.3% on the same quarter a year earlier. Net income was $230 million, up 32.2% on the year, and diluted earnings per share $0.31. The figures are the company's own, from the 10-Q it filed with the SEC on 2 November 2023.

Revenue$2.0 billiondown 4.3%

Net income$230 millionup 32.2%

Diluted EPS$0.31

QuarterQ3 FY2023ended 30 September 2023

The quarter, against the one before and a year earlier

Line	Q3 FY2023	Q2 FY2023	A year earlier	Change on the year
Revenue	2,043	1,823	n/a	n/a
Operating income	437	305	n/a	n/a
Operating margin	21.4%	16.7%	n/a
Interest expense	165	165	n/a	n/a
Pre-tax income	288	145	n/a	n/a
Income tax	58.0	33.0	n/a	n/a
Effective tax rate	20.1%	22.8%	n/a
Net income	230	112	n/a	n/a
Net margin	11.3%	6.1%	n/a
Diluted EPS	$0.31	$0.15	n/a	n/a

$ million except per share. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q3 FY2023	Q2 FY2023	A year earlier	Change on the year
Operating cash flow	806	412	n/a	n/a
Capital expenditure	651	591	n/a	n/a
Free cash flow	155	-179	n/a	n/a
Free cash flow margin	7.6%	-9.8%	n/a
Dividends paid	178	177	n/a	n/a
Dividend per share	$0.24	$0.24	n/a	n/a
Diluted shares, weighted	738m	738m	n/a	n/a
Shares outstanding at period end	737m	737m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q3 FY2023	Q2 FY2023	A year earlier	Change on the year
Total assets	38,629	38,296	n/a	n/a
Cash and equivalents	353	326	n/a	n/a
Receivables	1,019	979	n/a	n/a
Inventory	488	474	n/a	n/a
Goodwill	2,247	2,247	n/a	n/a
Long-term debt	14,484	14,481	n/a	n/a
Shareholders' equity	14,012	13,959	n/a	n/a

Quarterly results, the last 12 quarters

	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026
Revenue	1,823	2,043	2,031	2,304	1,881	2,066	2,211	2,504	2,025	2,239	2,274	2,774
Operating income	305	437	390	545	390	428	377	678	406	569	476	745
Operating margin	17%	21%	19%	24%	21%	21%	17%	27%	20%	25%	21%	27%
Interest expense	165	165	172	179	182	188	189	190	199	210	209	224
Pre-tax income	145	288	127	388	240	272	216	516	230	398	328	560
Tax rate	23%	20%	11%	21%	21%	21%	18%	20%	20%	20%	19%	19%
Net income	112	230	113	307	190	214	177	414	183	318	266	452
Net margin	6%	11%	6%	13%	10%	10%	8%	17%	9%	14%	12%	16%
Diluted EPS	$0.15	$0.31	$0.15	$0.42	$0.26	$0.29	$0.23	$0.56	$0.25	$0.43	$0.35	$0.60
Operating cash flow	412	806	110	282	766	781	511	513	602	966	548	557
Capital expenditure	591	651	649	596	670	679	860	793	930	1,145	1,162	1,058
Free cash flow	-179	155	-539	-314	96.0	102	-349	-280	-328	-179	-614	-501
Dividends paid	177	178	178	177	190	190	190	190	202	201	201	202
Shares outstanding	737m	737m	737m	738m	738m	738m	738m	739m	739m	740m	751m	752m
Filing	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 30 September 2023, filed 2 November 2023, accession 0000922224-23-000049: the filing on EDGAR. All of PPL Corp.'s filings: EDGAR company page.

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