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PPL IR new PPL Corporation Reports First - Quarter 2021 Earnings Announces first - quarter reported net loss ( GAAP ) of $ 2.39 per share , reflecting a $ 2.65 per share net loss from discontinued operations associated with the U.K. utility business . - Achieves earnings from ongoing operations of $ 0.28 per share . Continues to advance strategic repositioning of company ; transactions remain on track to close . ALLENTOWN , Pa . , May 6 , 2021 / PRNewswire / -- PPL Corporation ( NYSE : PPL ) on Thursday ( 5/6 ) announced a first quarter 2021 reported net loss ( GAAP ) of $ 1.84 billion , or $ 2.39 per share , compared with first - quarter 2020 reported earnings of $ 554 million , or $ 0.72 per share . Adjusting for special items , first - quarter 2021 earnings from ongoing operations ( non - GAAP ) were $ 219 million , or $ 0.28 per share , compared to $ 206 million , or $ 0.27 per share , a year ago . Special items in the quarter included a non - cash net loss from discontinued operations primarily due to the realization of accumulated other comprehensive losses associated with the U.K. utility business , Western Power Distribution . On March 18 , PPL announced agreements to sell WPD to National Grid for £ 7.8 billion and , in a separate transaction , to acquire The Narragansett Electric Company from another National Grid subsidiary for $ 3.8 billion . " Across PPL , we continue to deliver electricity and gas safely and reliably for our customers as we navigate the pandemic , " said Vincent Sorgi , PPL president and chief executive officer . " At the same time , we continue to make progress on the transformative transactions that will better position PPL for long - term growth and success . " In the U.K. , we are on track to close the WPD sale by the end of July , " said Sorgi . " In the U.S. , we have made all the required regulatory filings to secure approval for the Narragansett Electric acquisition and remain confident in our ability to close the transaction by March of next year . We've also established a Rhode Island transition team that has actively begun planning to ensure a seamless transition for employees and Narragansett Electric customers upon approval and closing of the transaction . " First - Quarter 2021 Earnings Details As discussed in this news release , reported earnings are calculated in accordance with U.S. Generally Accepted Accounting Principles ( GAAP ) . " Earnings from ongoing operations " is a non - GAAP financial measure that is adjusted for special items . See the tables at the end of this news release for a reconciliation of reported earnings ( net income ) to earnings from ongoing operations , including an itemization of special items . ( Dollars in millions , except for per - share amounts ) Reported earnings Reported earnings per share Earnings from ongoing operations Earnings from ongoing operations per share * NM : Not meaningful Per share Reported earnings $ $ 2021 $ $ 2021 ( 1,840 ) ( 2.39 ) First - Quarter 2021 Earnings by Segment 1st Quarter 2021 219 0.28 2020 1st Quarter 2020 $ 554 $ 0.72 1st Quarter 2020 $ 206 0.27 $ Change NM * NM * Change 6 % 4 %