PPL Corporation announced 2018 reported earnings of $1.83 billion, or $2.58 per share, compared with $1.13 billion, or $1.64 per share, in 2017.

The year-over-year increase in reported earnings reflects special items related to the 2017 impact of U.S. tax reform and unrealized foreign currency economic hedges.

Adjusting for special items, earnings from ongoing operations were $1.71 billion, or $2.40 per share, a per-share increase of about 7 percent from 2017 ongoing earnings of $1.55 billion, or $2.25 per share. The increase was driven by higher earnings at all PPL business segments.

The company delivered at the high end of its earnings from ongoing operations forecast range for the second consecutive year and exceeded the midpoint of its ongoing earnings forecast for the ninth consecutive year.

Looking ahead, Spence said the company remains steadfast in its long-term strategy to deliver best-in-sector operational performance, invest responsibly in a sustainable energy future, maintain a strong financial foundation, and engage and develop its people.

The company announced a 2019 earnings forecast range of $2.30 to $2.50 per share, with a midpoint of $2.40 per share.

The company also reaffirmed its projection of 5 to 6 percent compound annual earnings growth through 2020 off its original 2018 forecast midpoint of $2.30 per share. In addition, the company initiated a 2021 earnings forecast range of $2.50 to $2.80 per share.

PPL provided an update on its planned infrastructure investment, announcing it plans to invest about $15 billion across its U.S. and U.K. businesses from 2019 to 2023 to make the grid smarter and more resilient and support the continued safe, reliable and affordable delivery of electricity and natural gas to more than 10 million customers.

In addition, the company demonstrated its continued commitment to dividend growth, announcing that it is increasing its common stock dividend to 41 cents per share on a quarterly basis. The increased dividend will be payable April 1 to shareowners of record. The increase raises the annualized dividend from $1.64 per share to $1.65 per share. PPL has paid a dividend in every quarter since 1946.

In addition to announcing its year-end earnings results, PPL reported fourth-quarter earnings of $415 million, or $0.57 per share, compared with reported earnings of $78 million, or $0.11 per share, in 2017. The increase in reported earnings primarily reflects special items related to the 2017 unfavorable impact of U.S. tax reform. Adjusting for special items, fourth-quarter earnings from ongoing operations were $382 million, or $0.52 per share, compared with $384 million, or 55 cents per share, in 2017.