ATLANTA, Aug. 1, 2024
/PRNewswire/ -- Southern Company today reported second-quarter
earnings of $1.2 billion, or
$1.10 per share, in 2024 compared
with earnings of $838 million, or
77 cents per share, in the second
quarter of 2023. For the six months ended June 30, 2024, Southern Company reported earnings
of $2.3 billion, or $2.13 per share, compared with $1.7 billion, or $1.56 per share, for the same period in 2023.
Excluding the items described under "Net Income – Excluding
Items" in the table below, Southern Company earned $1.2 billion, or $1.10 per share, during the second quarter of
2024, compared with $868 million, or
79 cents per share, during the second
quarter of 2023. For the six months ended June 30, 2024, excluding these items, Southern
Company earned $2.3 billion, or
$2.13 per share, compared with
$1.7 billion, or $1.59 per share, for the same period in 2023.
|
Non-GAAP Financial
Measures
|
Three Months Ended
June
|
|
Year-to-Date
June
|
|
Net Income –
Excluding Items (in millions)
|
2024
|
2023
|
|
2024
|
2023
|
|
Net Income – As
Reported
|
$
1,203
|
$
838
|
|
$
2,332
|
$
1,700
|
|
Less:
|
|
|
|
|
|
|
Estimated Loss on
Plants Under Construction
|
17
|
(3)
|
|
14
|
(4)
|
|
Tax Impact
|
(18)
|
1
|
|
(17)
|
1
|
|
Loss on Extinguishment
of Debt
|
—
|
—
|
|
—
|
(5)
|
|
Tax Impact
|
—
|
—
|
|
—
|
1
|
|
Estimated Loss on
Qualifying Infrastructure Plant
|
—
|
(38)
|
|
—
|
(38)
|
|
Tax Impact
|
—
|
10
|
|
—
|
10
|
|
Net Income –
Excluding Items
|
$
1,204
|
$
868
|
|
$
2,335
|
$
1,735
|
|
Average Shares
Outstanding – (in
millions)
|
1,096
|
1,092
|
|
1,095
|
1,092
|
|
Basic Earnings Per
Share - Excluding Items
|
$
1.10
|
$
0.79
|
|
$
2.13
|
$
1.59
|
|
|
NOTE: For more
information regarding these non-GAAP adjustments, see the footnotes
accompanying the Financial Highlights page of the earnings
package.
|
Adjusted earnings drivers for the second quarter of 2024, as
compared with the same period in 2023, were higher utility
revenues, partially offset by increased interest expense,
depreciation and amortization, and income taxes.
Second-quarter 2024 operating revenues were $6.5 billion, compared with $5.7 billion for the second quarter of 2023, an
increase of 12.4%. For the six months ended June 30, 2024, operating revenues were
$13.1 billion, compared with
$12.2 billion for the corresponding
period in 2023, an increase of 7.2%.
"Southern Company businesses performed well during the second
quarter of 2024," said Chairman, President and CEO Christopher C. Womack. "We are pleased with our
business fundamentals, and the economies in our service
territories, especially those within our Southeastern service
footprint, remain strong with continuing customer growth and robust
economic development."
Southern Company's second-quarter earnings slides with
supplemental financial information are available at
investor.southerncompany.com.
Southern Company's financial analyst call will begin at
1 p.m. Eastern Time today, during
which Womack and Chief Financial Officer Daniel S. Tucker will discuss earnings and
provide a general business update. Investors, media and the public
may listen to a live webcast of the call and view associated slides
at investor.southerncompany.com. A replay of the webcast will be
available on the site for 12 months.
About Southern Company
Southern Company (NYSE: SO) is
a leading energy provider serving 9 million customers across the
Southeast and beyond through its family of companies. Providing
clean, safe, reliable and affordable energy with excellent service
is our mission. The company has electric operating companies in
three states, natural gas distribution companies in four states, a
competitive generation company, a leading distributed energy
company with national capabilities, a fiber optics network and
telecommunications services. Through an industry-leading commitment
to innovation, resilience and sustainability, we are taking action
to meet customers' and communities' needs while advancing our goal
of net zero greenhouse gas emissions by 2050. Our uncompromising
values ensure we put the needs of those we serve at the center of
everything we do and are the key to our sustained success. We are
transforming energy into economic, environmental and social
progress for tomorrow. Our corporate culture and hiring practices
have earned the company national awards and recognition from
numerous organizations, including Forbes, The Military Times,
DiversityInc, Black Enterprise, J.D. Power, Fortune, Human Rights
Campaign and more. To learn more, visit southerncompany.com.
|
|
|
Southern
Company
|
|
Financial
Highlights
|
|
(In Millions
Except Earnings Per Share)
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
June
|
|
Year-To-Date
June
|
|
Net Income – As
Reported
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
Traditional Electric
Operating Companies
|
$
1,192
|
|
$
823
|
|
$
2,012
|
|
$ 1,433
|
|
Southern
Power
|
86
|
|
85
|
|
182
|
|
187
|
|
Southern Company
Gas
|
108
|
|
85
|
|
517
|
|
393
|
|
Total
|
1,386
|
|
993
|
|
2,711
|
|
2,013
|
|
Parent Company and
Other
|
(183)
|
|
(155)
|
|
(379)
|
|
(313)
|
|
Net Income – As
Reported
|
$
1,203
|
|
$
838
|
|
$
2,332
|
|
$ 1,700
|
|
|
|
|
|
|
|
|
|
Basic Earnings Per
Share(1)
|
$
1.10
|
|
$
0.77
|
|
$
2.13
|
|
$
1.56
|
|
Average Shares
Outstanding
|
1,096
|
|
1,092
|
|
1,095
|
|
1,092
|
|
|
|
|
|
|
|
|
|
Non-GAAP Financial
Measures
|
Three Months
Ended
June
|
|
Year-To-Date
June
|
|
Net Income –
Excluding Items
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
Net Income – As
Reported
|
$
1,203
|
|
$
838
|
|
$
2,332
|
|
$ 1,700
|
|
Less:
|
|
|
|
|
|
|
|
|
Estimated Loss on
Plants Under Construction(2)
|
17
|
|
(3)
|
|
14
|
|
(4)
|
|
Tax Impact
|
(18)
|
|
1
|
|
(17)
|
|
1
|
|
Loss on Extinguishment
of Debt(3)
|
—
|
|
—
|
|
—
|
|
(5)
|
|
Tax Impact
|
—
|
|
—
|
|
—
|
|
1
|
|
Estimated Loss on
Qualifying Infrastructure Plant(4)
|
—
|
|
(38)
|
|
—
|
|
(38)
|
|
Tax Impact
|
—
|
|
10
|
|
—
|
|
10
|
|
Net Income –
Excluding Items
|
$
1,204
|
|
$
868
|
|
$
2,335
|
|
$ 1,735
|
|
|
|
|
|
|
|
|
|
Basic Earnings Per
Share – Excluding Items
|
$
1.10
|
|
$
0.79
|
|
$
2.13
|
|
$
1.59
|
|
|
See Notes on the
following page.
|
|
Southern
Company
Financial Highlights
|
|
|
|
Notes
|
|
(1)
|
Dilution is not
material in any period presented. Diluted earnings per share was
$1.09 and $2.12 for the three and six months ended June 30, 2024,
respectively, and $0.76 and $1.55 for the three and six months
ended June 30, 2023, respectively.
|
|
(2)
|
Earnings for the three
and six months ended June 30, 2024 include a pre-tax credit to
income of $21 million ($16 million after tax) related to the
estimated probable loss on Plant Vogtle Units 3 and 4
reflecting a revision to Georgia Power Company's total project
capital cost forecast resulting from a reduction in remaining
expected site demobilization costs and other contractor
obligations. Additionally, earnings for the three and six months
ended June 30, 2024 include a $14 million income tax charge related
to the remeasuring of deferred tax assets associated with the
previously recognized estimated probable loss on Plant Vogtle Units
3 and 4 due to a change in the State of Georgia corporate tax rate.
Further charges and/or credits may occur; however, the amount and
timing are uncertain. Earnings for the three and six months ended
June 30, 2024 and 2023 also include charges (net of salvage
proceeds), associated legal expenses (net of insurance recoveries),
and tax impacts related to Mississippi Power Company's integrated
coal gasification combined cycle facility project in Kemper County,
Mississippi. Mississippi Power Company expects to incur additional
pre-tax period costs to complete dismantlement of the abandoned
gasifier-related assets and site restoration activities, including
related costs for compliance and safety, asset retirement
obligation accretion, and property taxes, net of salvage, totaling
approximately $15 million annually through 2025.
|
|
(3)
|
Earnings for the six
months ended June 30, 2023 include costs associated with the
extinguishment of debt at Southern Company. Similar transaction
costs may occur in the future at Southern Company or one of its
unregulated subsidiaries; however, the amount and timing of any
such costs are uncertain.
|
|
(4)
|
Earnings for the three
and six months ended June 30, 2023 include a pre-tax charge of $38
million ($28 million after tax) for an estimated loss at Southern
Company Gas associated with an Illinois Commerce Commission
disallowance related to its review of the Qualifying Infrastructure
Plant (QIP) capital investments by Nicor Gas for calendar year 2019
under the QIP Rider, or Investing in Illinois program. Further
charges may occur; however, the amount and timing of any such
charges are uncertain.
|
|
Southern
Company
|
|
Significant Factors
Impacting EPS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
June
|
|
Year-To-Date
June
|
|
2024
|
|
2023
|
|
Change
|
|
2024
|
|
2023
|
|
Change
|
|
Earnings Per Share
–
|
|
|
|
|
|
|
|
|
|
|
|
|
As
Reported(1)
|
$
1.10
|
|
$ 0.77
|
|
$
0.33
|
|
$
2.13
|
|
$ 1.56
|
|
$
0.57
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Significant
Factors:
|
|
|
|
|
|
|
|
|
|
|
|
|
Traditional Electric
Operating Companies
|
|
|
|
|
$
0.34
|
|
|
|
|
|
$
0.53
|
|
Southern
Power
|
|
|
|
|
—
|
|
|
|
|
|
(0.01)
|
|
Southern Company
Gas
|
|
|
|
|
0.02
|
|
|
|
|
|
0.11
|
|
Parent Company and
Other
|
|
|
|
|
(0.03)
|
|
|
|
|
|
(0.05)
|
|
Increase in
Shares
|
|
|
|
|
—
|
|
|
|
|
|
(0.01)
|
|
Total – As
Reported
|
|
|
|
|
$
0.33
|
|
|
|
|
|
$
0.57
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
June
|
|
Year-To-Date
June
|
|
Non-GAAP Financial
Measures
|
2024
|
|
2023
|
|
Change
|
|
2024
|
|
2023
|
|
Change
|
|
Earnings Per Share
–
|
|
|
|
|
|
|
|
|
|
|
|
|
Excluding
Items
|
$
1.10
|
|
$ 0.79
|
|
$
0.31
|
|
$
2.13
|
|
$ 1.59
|
|
$
0.54
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total – As
Reported
|
|
|
|
|
$
0.33
|
|
|
|
|
|
$
0.57
|
|
Less:
|
|
|
|
|
|
|
|
|
|
|
|
|
Estimated Loss on
Plants Under Construction(2)
|
|
|
|
|
—
|
|
|
|
|
|
—
|
|
Loss on Extinguishment
of Debt(3)
|
|
|
|
|
—
|
|
|
|
|
|
—
|
|
Estimated Loss on
Qualifying Infrastructure Plant(4)
|
|
|
|
|
0.02
|
|
|
|
|
|
0.03
|
|
Total –
Excluding Items
|
|
|
|
|
$
0.31
|
|
|
|
|
|
$
0.54
|
|
|
See Notes on the
following page.
|
|
Southern
Company
Significant Factors Impacting EPS
|
|
|
|
Notes
|
|
(1)
|
Dilution is not
material in any period presented. Diluted earnings per share was
$1.09 and $2.12 for the three and six months ended June 30, 2024,
respectively, and $0.76 and $1.55 for the three and six months
ended June 30, 2023, respectively.
|
|
(2)
|
Earnings for the three
and six months ended June 30, 2024 include a pre-tax credit to
income of $21 million ($16 million after tax) related to the
estimated probable loss on Plant Vogtle Units 3 and 4 reflecting a
revision to Georgia Power Company's total project capital cost
forecast resulting from a reduction in remaining expected site
demobilization costs and other contractor obligations.
Additionally, earnings for the three and six months ended June 30,
2024 include a $14 million income tax charge related to the
remeasuring of deferred tax assets associated with the previously
recognized estimated probable loss on Plant Vogtle Units 3 and 4
due to a change in the State of Georgia corporate tax rate. Further
charges and/or credits may occur; however, the amount and timing
are uncertain. Earnings for the three and six months ended June 30,
2024 and 2023 also include charges (net of salvage proceeds),
associated legal expenses (net of insurance recoveries), and tax
impacts related to Mississippi Power Company's integrated coal
gasification combined cycle facility project in Kemper County,
Mississippi. Mississippi Power Company expects to incur additional
pre-tax period costs to complete dismantlement of the abandoned
gasifier-related assets and site restoration activities, including
related costs for compliance and safety, asset retirement
obligation accretion, and property taxes, net of salvage, totaling
approximately $15 million annually through 2025.
|
|
(3)
|
Earnings for the six
months ended June 30, 2023 include costs associated with the
extinguishment of debt at Southern Company. Similar transaction
costs may occur in the future at Southern Company or one of its
unregulated subsidiaries; however, the amount and timing of any
such costs are uncertain.
|
|
(4)
|
Earnings for the three
and six months ended June 30, 2023 include a pre-tax charge of $38
million ($28 million after tax) for an estimated loss at Southern
Company Gas associated with an Illinois Commerce Commission
disallowance related to its review of the Qualifying Infrastructure
Plant (QIP) capital investments by Nicor Gas for calendar year 2019
under the QIP Rider, or Investing in Illinois program. Further
charges may occur; however, the amount and timing of any such
charges are uncertain.
|
|
Southern
Company
|
|
EPS Earnings
Analysis
|
|
|
|
|
|
|
Description
|
Three Months
Ended
June
2024 vs.
2023
|
|
Year-To-Date
June
2024 vs.
2023
|
|
|
|
|
|
Retail Sales
|
1¢
|
|
5¢
|
|
|
|
|
|
Retail Revenue
Impacts
|
24
|
|
41
|
|
|
|
|
|
Weather
|
14
|
|
20
|
|
|
|
|
|
Wholesale and Other
Operating Revenues
|
4
|
|
7
|
|
|
|
|
|
Non-Fuel Operations and
Maintenance Expenses(1)
|
(2)
|
|
(2)
|
|
|
|
|
|
Depreciation and
Amortization
|
(4)
|
|
(6)
|
|
|
|
|
|
Interest Expense and
Other
|
—
|
|
(6)
|
|
|
|
|
|
Income Taxes
|
(3)
|
|
(6)
|
|
|
|
|
|
Total Traditional
Electric Operating Companies
|
34¢
|
|
53¢
|
|
|
|
|
|
Southern
Power
|
—
|
|
(1)
|
|
|
|
|
|
Southern Company
Gas
|
—
|
|
9
|
|
|
|
|
|
Parent Company and
Other
|
(3)
|
|
(6)
|
|
|
|
|
|
Increase in
Shares
|
—
|
|
(1)
|
|
|
|
|
|
Total Change in EPS
(Excluding Items)
|
31¢
|
|
54¢
|
|
|
|
|
|
Estimated Loss on
Plants Under Construction(2)
|
—
|
|
—
|
|
|
|
|
|
Loss on Extinguishment
of Debt(3)
|
—
|
|
—
|
|
|
|
|
|
Estimated Loss on
Qualifying Infrastructure Plant(4)
|
2
|
|
3
|
|
|
|
|
|
Total Change in EPS
(As Reported)
|
33¢
|
|
57¢
|
|
|
See Notes on the
following page.
|
|
Southern
Company
EPS Earnings Analysis
|
|
|
|
Notes
|
|
(1)
|
Excludes gains/losses
on asset sales, which are included in "Interest Expense and Other."
Includes non-service cost-related benefits income.
|
|
(2)
|
Earnings for the three
and six months ended June 30, 2024 include a pre-tax credit to
income of $21 million ($16 million after tax) related to the
estimated probable loss on Plant Vogtle Units 3 and 4
reflecting a revision to Georgia Power Company's total project
capital cost forecast resulting from a reduction in remaining
expected site demobilization costs and other contractor
obligations. Additionally, earnings for the three and six months
ended June 30, 2024 include a $14 million income tax charge related
to the remeasuring of deferred tax assets associated with the
previously recognized estimated probable loss on Plant Vogtle Units
3 and 4 due to a change in the State of Georgia corporate tax rate.
Further charges and/or credits may occur; however, the amount and
timing are uncertain. Earnings for the three and six months ended
June 30, 2024 and 2023 also include charges (net of salvage
proceeds), associated legal expenses (net of insurance recoveries),
and tax impacts related to Mississippi Power Company's integrated
coal gasification combined cycle facility project in Kemper County,
Mississippi. Mississippi Power Company expects to incur additional
pre-tax period costs to complete dismantlement of the abandoned
gasifier-related assets and site restoration activities, including
related costs for compliance and safety, asset retirement
obligation accretion, and property taxes, net of salvage, totaling
approximately $15 million annually through 2025.
|
|
(3)
|
Earnings for the six
months ended June 30, 2023 include costs associated with the
extinguishment of debt at Southern Company. Similar transaction
costs may occur in the future at Southern Company or one of its
unregulated subsidiaries; however, the amount and timing of any
such costs are uncertain.
|
|
(4)
|
Earnings for the three
and six months ended June 30, 2023 include a pre-tax charge of $38
million ($28 million after tax) for an estimated loss at Southern
Company Gas associated with an Illinois Commerce Commission
disallowance related to its review of the Qualifying Infrastructure
Plant (QIP) capital investments by Nicor Gas for calendar year 2019
under the QIP Rider, or Investing in Illinois program. Further
charges may occur; however, the amount and timing of any such
charges are uncertain.
|
|
Southern
Company
|
|
Consolidated
Earnings
|
|
As
Reported
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June
|
|
Year-To-Date
June
|
|
2024
|
|
2023
|
|
Change
|
|
2024
|
|
2023
|
|
Change
|
|
(in
millions)
|
|
(in
millions)
|
|
Retail electric
revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
Fuel
|
$
1,061
|
|
$
1,006
|
|
$ 55
|
|
$
2,072
|
|
$
2,056
|
|
$ 16
|
|
Non-fuel
|
3,425
|
|
2,853
|
|
572
|
|
6,355
|
|
5,402
|
|
953
|
|
Wholesale electric
revenues
|
627
|
|
605
|
|
22
|
|
1,198
|
|
1,203
|
|
(5)
|
|
Other electric
revenues
|
210
|
|
209
|
|
1
|
|
409
|
|
399
|
|
10
|
|
Natural gas
revenues
|
831
|
|
852
|
|
(21)
|
|
2,538
|
|
2,728
|
|
(190)
|
|
Other
revenues
|
309
|
|
223
|
|
86
|
|
537
|
|
440
|
|
97
|
|
Total operating
revenues
|
6,463
|
|
5,748
|
|
715
|
|
13,109
|
|
12,228
|
|
881
|
|
Fuel and purchased
power
|
1,254
|
|
1,190
|
|
64
|
|
2,448
|
|
2,482
|
|
(34)
|
|
Cost of natural
gas
|
149
|
|
199
|
|
(50)
|
|
754
|
|
1,097
|
|
(343)
|
|
Cost of other
sales
|
167
|
|
128
|
|
39
|
|
298
|
|
255
|
|
43
|
|
Non-fuel operations and
maintenance
|
1,409
|
|
1,489
|
|
(80)
|
|
2,881
|
|
2,929
|
|
(48)
|
|
Depreciation and
amortization
|
1,182
|
|
1,112
|
|
70
|
|
2,327
|
|
2,222
|
|
105
|
|
Taxes other than income
taxes
|
384
|
|
340
|
|
44
|
|
780
|
|
734
|
|
46
|
|
Estimated loss on Plant
Vogtle Units 3 and 4
|
(21)
|
|
—
|
|
(21)
|
|
(21)
|
|
—
|
|
(21)
|
|
Total operating
expenses
|
4,524
|
|
4,458
|
|
66
|
|
9,467
|
|
9,719
|
|
(252)
|
|
Operating
income
|
1,939
|
|
1,290
|
|
649
|
|
3,642
|
|
2,509
|
|
1,133
|
|
Allowance for equity
funds used during construction
|
51
|
|
70
|
|
(19)
|
|
109
|
|
135
|
|
(26)
|
|
Earnings from equity
method investments
|
31
|
|
29
|
|
2
|
|
77
|
|
78
|
|
(1)
|
|
Interest expense, net
of amounts capitalized
|
694
|
|
610
|
|
84
|
|
1,358
|
|
1,192
|
|
166
|
|
Other income (expense),
net
|
151
|
|
142
|
|
9
|
|
302
|
|
286
|
|
16
|
|
Income taxes
|
290
|
|
98
|
|
192
|
|
513
|
|
194
|
|
319
|
|
Net
income
|
1,188
|
|
823
|
|
365
|
|
2,259
|
|
1,622
|
|
637
|
|
Net loss attributable
to noncontrolling interests
|
(15)
|
|
(15)
|
|
—
|
|
(73)
|
|
(78)
|
|
5
|
|
Net income
attributable to Southern Company
|
$
1,203
|
|
$ 838
|
|
$ 365
|
|
$
2,332
|
|
$
1,700
|
|
$ 632
|
|
|
Certain prior year data
may have been reclassified to conform with current year
presentation.
|
|
Southern
Company
|
|
Kilowatt-Hour Sales
and Customers
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June
|
|
Year-To-Date
June
|
|
2024
|
|
2023
|
|
% Change
|
|
Weather
Adjusted
% Change
|
|
2024
|
|
2023
|
|
% Change
|
|
Weather
Adjusted
% Change
|
|
(in
millions)
|
|
|
|
|
|
(in
millions)
|
|
|
|
|
|
Kilowatt-Hour
Sales
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Sales
|
49,897
|
|
48,003
|
|
3.9 %
|
|
|
|
96,426
|
|
94,729
|
|
1.8 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Retail
Sales
|
37,007
|
|
34,969
|
|
5.8 %
|
|
0.6 %
|
|
72,261
|
|
68,351
|
|
5.7 %
|
|
1.1 %
|
|
Residential
|
11,889
|
|
10,695
|
|
11.2 %
|
|
(1.0) %
|
|
23,765
|
|
21,326
|
|
11.4 %
|
|
0.1 %
|
|
Commercial
|
12,666
|
|
11,826
|
|
7.1 %
|
|
2.8 %
|
|
24,140
|
|
22,708
|
|
6.3 %
|
|
3.3 %
|
|
Industrial
|
12,318
|
|
12,317
|
|
— %
|
|
— %
|
|
24,086
|
|
24,040
|
|
0.2 %
|
|
0.2 %
|
|
Other
|
134
|
|
131
|
|
2.1 %
|
|
1.9 %
|
|
270
|
|
277
|
|
(2.4) %
|
|
(3.0) %
|
|
Total Wholesale
Sales
|
12,890
|
|
13,034
|
|
(1.1) %
|
|
N/A
|
|
24,165
|
|
26,378
|
|
(8.4) %
|
|
N/A
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period Ended
June
|
|
|
|
|
|
|
|
|
|
|
|
2024
|
|
2023
|
|
% Change
|
|
|
|
|
|
|
|
|
|
|
|
(in
thousands)
|
|
|
|
|
|
Regulated Utility
Customers
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Regulated Utility
Customers
|
|
|
|
|
|
8,873
|
|
8,800
|
|
0.8 %
|
|
|
|
Traditional Electric
Operating Companies
|
|
|
|
4,518
|
|
4,463
|
|
1.2 %
|
|
|
|
Southern Company
Gas
|
|
|
|
|
|
4,355
|
|
4,337
|
|
0.4 %
|
|
|
|
|
|
|
|
|
|
|
|
Southern
Company
|
|
Financial
Overview
|
|
As
Reported
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June
|
|
Year-To-Date
June
|
|
2024
|
|
2023
|
|
% Change
|
|
2024
|
|
2023
|
|
% Change
|
|
(in
millions)
|
|
|
|
(in
millions)
|
|
|
|
Southern Company
–
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Revenues
|
$
6,463
|
|
$
5,748
|
|
12.4 %
|
|
$
13,109
|
|
$
12,228
|
|
7.2 %
|
|
Earnings Before Income
Taxes
|
1,478
|
|
921
|
|
60.5 %
|
|
2,772
|
|
1,816
|
|
52.6 %
|
|
Net Income Available to
Common
|
1,203
|
|
838
|
|
43.6 %
|
|
2,332
|
|
1,700
|
|
37.2 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Alabama Power
–
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Revenues
|
$
1,873
|
|
$
1,689
|
|
10.9 %
|
|
$
3,664
|
|
$
3,336
|
|
9.8 %
|
|
Earnings Before Income
Taxes
|
471
|
|
337
|
|
39.8 %
|
|
889
|
|
591
|
|
50.4 %
|
|
Net Income Available to
Common
|
369
|
|
312
|
|
18.3 %
|
|
702
|
|
568
|
|
23.6 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Georgia Power
–
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Revenues
|
$
2,875
|
|
$
2,391
|
|
20.2 %
|
|
$
5,273
|
|
$
4,567
|
|
15.5 %
|
|
Earnings Before Income
Taxes
|
954
|
|
563
|
|
69.4 %
|
|
1,470
|
|
911
|
|
61.4 %
|
|
Net Income Available to
Common
|
762
|
|
471
|
|
61.8 %
|
|
1,199
|
|
767
|
|
56.3 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mississippi Power
–
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Revenues
|
$ 364
|
|
$ 311
|
|
17.0 %
|
|
$ 706
|
|
$ 702
|
|
0.6 %
|
|
Earnings Before Income
Taxes
|
76
|
|
44
|
|
72.7 %
|
|
136
|
|
115
|
|
18.3 %
|
|
Net Income Available to
Common
|
61
|
|
40
|
|
52.5 %
|
|
111
|
|
98
|
|
13.3 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Southern Power
–
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Revenues
|
$ 524
|
|
$ 525
|
|
(0.2) %
|
|
$ 997
|
|
$
1,033
|
|
(3.5) %
|
|
Earnings Before Income
Taxes
|
84
|
|
76
|
|
10.5 %
|
|
108
|
|
108
|
|
— %
|
|
Net Income Available to
Common
|
86
|
|
85
|
|
1.2 %
|
|
182
|
|
187
|
|
(2.7) %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Southern Company Gas
–
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Revenues
|
$ 831
|
|
$ 852
|
|
(2.5) %
|
|
$
2,538
|
|
$
2,728
|
|
(7.0) %
|
|
Earnings Before Income
Taxes
|
144
|
|
114
|
|
26.3 %
|
|
691
|
|
525
|
|
31.6 %
|
|
Net Income Available to
Common
|
108
|
|
85
|
|
27.1 %
|
|
517
|
|
393
|
|
31.6 %
|
|
|
See Financial
Highlights pages for discussion of certain significant items
occurring during the periods.
|
View original content to download
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SOURCE Southern Company