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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Southern Co | NYSE:SO | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.38 | 0.48% | 79.57 | 79.92 | 79.25 | 79.31 | 810,016 | 16:28:31 |
ATLANTA, Feb. 15, 2024 /PRNewswire/ -- Southern Company today reported fourth-quarter earnings of $855 million, or 78 cents per share, in 2023 compared with a loss of $87 million, or 8 cents per share, in the fourth quarter of 2022. Southern Company also reported full-year 2023 earnings of $4.0 billion, or $3.64 per share, compared with $3.5 billion, or $3.28 per share, in 2022.
Excluding the items described under "Net Income – Excluding Items" in the table below, Southern Company earned $700 million, or 64 cents per share, during the fourth quarter of 2023, compared with $285 million, or 26 cents per share, during the fourth quarter of 2022. For the full-year 2023, excluding these items, Southern Company earned $4.0 billion, or $3.65 per share, compared with $3.9 billion, or $3.60 per share, for 2022.
Non-GAAP Financial Measures | Three Months Ended | Year-to-Date December | ||||
Net Income - Excluding Items (in millions) | 2023 | 2022 | 2023 | 2022 | ||
Net Income - As Reported | $855 | $(87) | $3,976 | $3,524 | ||
Less: | ||||||
Estimated Loss on Plants Under Construction | 222 | (205) | 51 | (199) | ||
Tax Impact | (56) | 52 | (13) | 51 | ||
Acquisition and Disposition Impacts | 1 | (134) | (1) | (115) | ||
Tax Impact | 32 | 34 | 33 | 32 | ||
Loss on Extinguishment of Debt | - | - | (5) | - | ||
Tax Impact | - | - | 1 | - | ||
Estimated Loss on Qualifying Infrastructure Plant and Other Capital Investments | (58) | - | (96) | - | ||
Tax Impact | 14 | - | 24 | - | ||
Impairments | - | (119) | - | (119) | ||
Tax Impact | - | - | - | - | ||
Net Income – Excluding Items | $700 | $285 | $3,982 | $3,874 | ||
Average Shares Outstanding – (in millions) | 1,092 | 1,090 | 1,092 | 1,075 | ||
Basic Earnings Per Share – Excluding Items | $0.64 | $0.26 | $3.65 | $3.60 |
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 full year 2023, as compared with 2022, were higher utility revenues, lower non-fuel operations and maintenance costs and income taxes, partially offset by increased depreciation and amortization and interest expense, and milder than normal weather at the company's regulated electric utilities.
Fourth-quarter 2023 operating revenues were $6.0 billion, compared with $7.0 billion for the fourth quarter of 2022, a decrease of 14.2 percent. Operating revenues for the full year 2023 were $25.3 billion, compared with $29.3 billion in 2022, a decrease of 13.8 percent. These decreases were primarily due to lower fuel costs in 2023.
"Last year was an exceptional year for Southern Company," said Chairman, President and CEO Christopher C. Womack. "In 2023, we once again demonstrated that we can accomplish extraordinary things. In addition to delivering strong financial results in the face of unprecedented headwinds, we completed Plant Vogtle Unit 3 – the first newly-constructed nuclear unit in the United States in over three decades."
Southern Company's fourth-quarter and full-year earnings slides with supplemental financial information, including earnings guidance, are available at http://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 http://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 distribution 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 www.southerncompany.com.
Southern Company | |||||||
Financial Highlights | |||||||
(In Millions of Dollars Except Earnings Per Share) | |||||||
Three Months Ended | Year-To-Date December | ||||||
Net Income (Loss)–As Reported (See Notes) | 2023 | 2022 | 2023 | 2022 | |||
Traditional Electric Operating Companies | $ 785 | $ 62 | $ 3,637 | $ 3,318 | |||
Southern Power | 69 | 89 | 357 | 354 | |||
Southern Company Gas | 140 | 56 | 615 | 572 | |||
Total | 994 | 207 | 4,609 | 4,244 | |||
Parent Company and Other | (139) | (294) | (633) | (720) | |||
Net Income (Loss)–As Reported | $ 855 | $ (87) | $ 3,976 | $ 3,524 | |||
Basic Earnings (Loss) Per Share1 | $ 0.78 | $ (0.08) | $ 3.64 | $ 3.28 | |||
Average Shares Outstanding (in millions) | 1,092 | 1,090 | 1,092 | 1,075 | |||
End of Period Shares Outstanding (in millions) | 1,091 | 1,089 | |||||
Non-GAAP Financial Measures | Three Months Ended | Year-To-Date December | |||||
Net Income–Excluding Items (See Notes) | 2023 | 2022 | 2023 | 2022 | |||
Net Income (Loss)–As Reported | $ 855 | $ (87) | $ 3,976 | $ 3,524 | |||
Less: | |||||||
Estimated Loss on Plants Under Construction2 | 222 | (205) | 51 | (199) | |||
Tax Impact | (56) | 52 | (13) | 51 | |||
Acquisition and Disposition Impacts3 | 1 | (134) | (1) | (115) | |||
Tax Impact | 32 | 34 | 33 | 32 | |||
Loss on Extinguishment of Debt4 | — | — | (5) | — | |||
Tax Impact | — | — | 1 | — | |||
Estimated Loss on Qualifying Infrastructure Plant and Other Capital Investments5 | (58) | — | (96) | — | |||
Tax Impact | 14 | — | 24 | — | |||
Impairments6 | — | (119) | — | (119) | |||
Tax Impact | — | — | — | — | |||
Net Income–Excluding Items | $ 700 | $ 285 | $ 3,982 | $ 3,874 | |||
Basic Earnings Per Share–Excluding Items | $ 0.64 | $ 0.26 | $ 3.65 | $ 3.60 | |||
- See Notes on the following page |
Southern Company
Financial Highlights
Notes
Southern Company | |||||||||||
Significant Factors Impacting EPS | |||||||||||
Three Months Ended | Year-To-Date December | ||||||||||
2023 | 2022 | Change | 2023 | 2022 | Change | ||||||
Earnings (Loss) Per Share– | |||||||||||
As Reported1 (See Notes) | $ 0.78 | $(0.08) | $ 0.86 | $ 3.64 | $ 3.28 | $ 0.36 | |||||
Significant Factors: | |||||||||||
Traditional Electric Operating Companies | $ 0.66 | $ 0.30 | |||||||||
Southern Power | (0.02) | — | |||||||||
Southern Company Gas | 0.08 | 0.04 | |||||||||
Parent Company and Other | 0.14 | 0.08 | |||||||||
Increase in Shares | — | (0.06) | |||||||||
Total–As Reported | $ 0.86 | $ 0.36 | |||||||||
Three Months Ended | Year-To-Date December | ||||||||||
Non-GAAP Financial Measures | 2023 | 2022 | Change | 2023 | 2022 | Change | |||||
Earnings Per Share– | |||||||||||
Excluding Items (See Notes) | $ 0.64 | $ 0.26 | $ 0.38 | $ 3.65 | $ 3.60 | $ 0.05 | |||||
Total–As Reported | $ 0.86 | $ 0.36 | |||||||||
Less: | |||||||||||
Estimated Loss on Plants Under Construction2 | 0.29 | 0.17 | |||||||||
Acquisition and Disposition Impacts3 | 0.12 | 0.10 | |||||||||
Loss on Extinguishment of Debt4 | — | — | |||||||||
Estimated Loss on Qualifying Infrastructure Plant and Other Capital Investments5 | (0.04) | (0.07) | |||||||||
Impairments6 | 0.11 | 0.11 | |||||||||
Total–Excluding Items | $ 0.38 | $ 0.05 | |||||||||
- See Notes on the following page |
Southern Company
Significant Factors Impacting EPS
Notes
Southern Company | |||
EPS Earnings Analysis | |||
Description | Three Months Ended | Year-To-Date December | |
Retail Sales | —¢ | (2)¢ | |
Retail Revenue Impacts | 26 | 30 | |
Weather | (2) | (16) | |
Wholesale & Other Operating Revenues | 1 | 10 | |
Non-Fuel O&M(*) | 20 | 35 | |
Depreciation and Amortization | (15) | (59) | |
Interest Expense and Other | (2) | (10) | |
Income Taxes | 9 | 25 | |
Total Traditional Electric Operating Companies | 37¢ | 13¢ | |
Southern Power | (2) | — | |
Southern Company Gas | 3 | 2 | |
Parent Company and Other | — | (4) | |
Increase in Shares | — | (6) | |
Total Change in EPS (Excluding Items) | 38¢ | 5¢ | |
Estimated Loss on Plants Under Construction1 | 29 | 17 | |
Acquisition and Disposition Impacts2 | 12 | 10 | |
Loss on Extinguishment of Debt3 | — | — | |
Estimated Loss on Qualifying Infrastructure Plant and Other | (4) | (7) | |
Impairments5 | 11 | 11 | |
Total Change in EPS (As Reported) | 86¢ | 36¢ | |
(*) Includes non-service cost-related benefits income | |||
- See additional Notes on the following page |
Southern Company
EPS Earnings Analysis
Notes
Southern Company | |||||||||||
Consolidated Earnings | |||||||||||
As Reported | |||||||||||
(In Millions of Dollars) | |||||||||||
Three Months Ended December | Year-To-Date December | ||||||||||
2023 | 2022 | Change | 2023 | 2022 | Change | ||||||
Retail Electric Revenues- | |||||||||||
Fuel | $ 1,018 | $ 1,460 | $ (442) | $ 4,430 | $ 6,402 | $ (1,972) | |||||
Non-Fuel | 2,728 | 2,374 | 354 | 11,913 | 11,795 | 118 | |||||
Wholesale Electric Revenues | 537 | 843 | (306) | 2,467 | 3,641 | (1,174) | |||||
Other Electric Revenues | 190 | 193 | (3) | 792 | 747 | 45 | |||||
Natural Gas Revenues | 1,285 | 1,964 | (679) | 4,702 | 5,962 | (1,260) | |||||
Other Revenues | 287 | 213 | 74 | 949 | 732 | 217 | |||||
Total Operating Revenues | 6,045 | 7,047 | (1,002) | 25,253 | 29,279 | (4,026) | |||||
Fuel and Purchased Power | 1,192 | 1,894 | (702) | 5,248 | 8,428 | (3,180) | |||||
Cost of Natural Gas | 445 | 1,164 | (719) | 1,644 | 3,004 | (1,360) | |||||
Cost of Other Sales | 179 | 121 | 58 | 560 | 396 | 164 | |||||
Non-Fuel O&M | 1,741 | 2,005 | (264) | 6,093 | 6,573 | (480) | |||||
Depreciation and Amortization | 1,160 | 935 | 225 | 4,525 | 3,663 | 862 | |||||
Taxes Other Than Income Taxes | 349 | 338 | 11 | 1,425 | 1,411 | 14 | |||||
Estimated Loss on Plant Vogtle Units 3 and 4 | (228) | 201 | (429) | (68) | 183 | (251) | |||||
Impairment Charges | — | 251 | (251) | — | 251 | (251) | |||||
Total Operating Expenses | 4,838 | 6,909 | (2,071) | 19,427 | 23,909 | (4,482) | |||||
Operating Income | 1,207 | 138 | 1,069 | 5,826 | 5,370 | 456 | |||||
Allowance for Equity Funds Used During Construction | 68 | 61 | 7 | 268 | 224 | 44 | |||||
Earnings from Equity Method Investments | 34 | 42 | (8) | 144 | 151 | (7) | |||||
Interest Expense, Net of Amounts Capitalized | 634 | 561 | 73 | 2,446 | 2,022 | 424 | |||||
Other Income (Expense), net | 125 | 86 | 39 | 553 | 500 | 53 | |||||
Income Taxes (Benefit) | 4 | (96) | 100 | 496 | 795 | (299) | |||||
Net Income (Loss) | 796 | (138) | 934 | 3,849 | 3,428 | 421 | |||||
Dividends on Preferred Stock of Subsidiaries | — | 1 | (1) | — | 11 | (11) | |||||
Net Loss Attributable to Noncontrolling Interests | (59) | (52) | (7) | (127) | (107) | (20) | |||||
NET INCOME (LOSS) ATTRIBUTABLE TO SOUTHERN COMPANY | $ 855 | $ (87) | $ 942 | $ 3,976 | $ 3,524 | $ 452 | |||||
Notes |
Southern Company | |||||||||||||||
Kilowatt-Hour Sales and Customers | |||||||||||||||
(In Millions of KWHs) | |||||||||||||||
Three Months Ended December | Year-To-Date December | ||||||||||||||
2023 | 2022 | Change | Weather | 2023 | 2022 | Change | Weather | ||||||||
Kilowatt-Hour Sales- | |||||||||||||||
Total Sales | 45,351 | 47,398 | (4.3) % | 195,507 | 204,273 | (4.3) % | |||||||||
Total Retail Sales- | 33,817 | 34,264 | (1.3) % | (0.3) % | 144,531 | 147,981 | (2.3) % | (0.4) % | |||||||
Residential | 10,622 | 11,000 | (3.4) % | (1.0) % | 47,080 | 49,633 | (5.1) % | (0.5) % | |||||||
Commercial | 11,294 | 11,219 | 0.7 % | 1.4 % | 48,343 | 48,279 | 0.1 % | 1.3 % | |||||||
Industrial | 11,765 | 11,899 | (1.1) % | (1.1) % | 48,556 | 49,474 | (1.9) % | (1.9) % | |||||||
Other | 136 | 146 | (6.2) % | (5.9) % | 552 | 595 | (7.2) % | (6.8) % | |||||||
Total Wholesale Sales | 11,534 | 13,134 | (12.2) % | N/A | 50,976 | 56,292 | (9.4) % | N/A | |||||||
(In Thousands of Customers) | |||||||||||||||
Period Ended December | |||||||||||||||
2023 | 2022 | Change | |||||||||||||
Regulated Utility Customers- | |||||||||||||||
Total Utility Customers- | 8,861 | 8,795 | 0.8 % | ||||||||||||
Total Traditional Electric | 4,487 | 4,437 | 1.1 % | ||||||||||||
Southern Company Gas | 4,374 | 4,358 | 0.4 % |
Southern Company | |||||||||||
Financial Overview | |||||||||||
As Reported | |||||||||||
(In Millions of Dollars) | |||||||||||
Three Months Ended December | Year-To-Date December | ||||||||||
2023 | 2022 | % Change | 2023 | 2022 | % Change | ||||||
Southern Company – | |||||||||||
Operating Revenues | $ 6,045 | $ 7,047 | (14.2) % | $ 25,253 | $ 29,279 | (13.8) % | |||||
Earnings (Loss) Before Income Taxes | 800 | (234) | N/M | 4,345 | 4,223 | 2.9 % | |||||
Net Income (Loss) Available to Common | 855 | (87) | N/M | 3,976 | 3,524 | 12.8 % | |||||
Alabama Power – | |||||||||||
Operating Revenues | $ 1,630 | $ 1,794 | (9.1) % | $ 7,050 | $ 7,817 | (9.8) % | |||||
Earnings Before Income Taxes | 216 | 114 | 89.5 % | 1,451 | 1,774 | (18.2) % | |||||
Net Income Available to Common | 238 | 84 | 183.3 % | 1,370 | 1,340 | 2.2 % | |||||
Georgia Power – | |||||||||||
Operating Revenues | $ 2,313 | $ 2,366 | (2.2) % | $ 10,118 | $ 11,584 | (12.7) % | |||||
Earnings (Loss) Before Income Taxes | 636 | (89) | N/M | 2,528 | 2,183 | 15.8 % | |||||
Net Income (Loss) Available to Common | 533 | (38) | N/M | 2,080 | 1,813 | 14.7 % | |||||
Mississippi Power – | |||||||||||
Operating Revenues | $ 337 | $ 415 | (18.8) % | $ 1,474 | $ 1,694 | (13.0) % | |||||
Earnings Before Income Taxes | 16 | 13 | 23.1 % | 224 | 201 | 11.4 % | |||||
Net Income Available to Common | 15 | 14 | 7.1 % | 188 | 164 | 14.6 % | |||||
Southern Power – | |||||||||||
Operating Revenues | $ 503 | $ 751 | (33.0) % | $ 2,189 | $ 3,369 | (35.0) % | |||||
Earnings (Loss) Before Income Taxes | (16) | 8 | N/M | 242 | 267 | (9.4) % | |||||
Net Income Available to Common | 69 | 89 | (22.5) % | 357 | 354 | 0.8 % | |||||
Southern Company Gas – | |||||||||||
Operating Revenues | $ 1,285 | $ 1,964 | (34.6) % | $ 4,702 | $ 5,962 | (21.1) % | |||||
Earnings Before Income Taxes | 191 | 75 | 154.7 % | 826 | 752 | 9.8 % | |||||
Net Income Available to Common | 140 | 56 | 150.0 % | 615 | 572 | 7.5 % | |||||
N/M - Not Meaningful | |||||||||||
Notes |
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SOURCE Southern Company
Copyright 2024 PR Newswire
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