Southern Co.'s Q3 earnings up 12.1% year-over-year to US$916M, revenues up 2% to US$5.43B driven by regulatory actions at Georgia Power that became effective Jan. 1
October 26, 2011
– Southern Company (NYSE: SO) today reported third quarter earnings of $916 million, or $1.07 a share, compared with $817 million, or 98 cents a share, for the same period a year ago.
For the nine months ended Sept. 30, earnings totaled $1.94 billion, or $2.27 a share, compared with $1.82 billion, or $2.20 a share, for the same period a year ago.
Revenues for the third quarter were $5.43 billion, compared with $5.32 billion for the same period a year ago, a 2.0 percent increase. For the first nine months of 2011, revenues were $13.96 billion, compared with $13.68 billion for the same period last year, a 2.0 percent increase.
Earnings were positively influenced by regulatory actions at Georgia Power that became effective Jan. 1, 2011. Earnings were negatively affected by relatively cooler weather – primarily during the month of September – compared to the third quarter of 2010.
"The economic recovery in the Southeast is continuing, but at a slower pace than expected," said Southern Company Chairman, President and CEO Thomas A. Fanning. "In the meantime, we remain committed to our customer-focused business model of providing exceptional service, industry-leading reliability and prices below the national average."
Kilowatt-hour sales to retail customers in Southern Company's four-state service area decreased 3.3 percent in the third quarter of 2011 compared with the third quarter of 2010. Industrial electricity sales increased 1.6 percent, while residential sales decreased 6.9 percent and commercial sales decreased 3.4 percent.
Year-to-date kilowatt-hour sales to retail customers decreased 1.9 percent compared with sales during the first nine months of 2010. Industrial electricity sales increased 3.7 percent, while residential sales decreased 6.3 percent and commercial sales decreased 2.4 percent.
Total energy sales to Southern Company's customers, including wholesale sales, decreased 2.7 percent in the third quarter of 2011 compared with the same period in 2010. On a year-to-date basis, total sales of electricity decreased 3.0 percent compared with the same period in 2010.
Southern Company's financial analyst call will begin at 1 p.m. Eastern time today, during which Fanning and Chief Financial Officer Art P. Beattie 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/events.cfm. A replay of the webcast only will be available at the site for 12 months.
Southern Company has also posted on its website detailed financial information on its third quarter performance. These materials are available at www.southerncompany.com.
With 4.4 million customers and more than 42,000 megawatts of generating capacity, Atlanta-based Southern Company (NYSE: SO) is the premier energy company serving the Southeast. A leading U.S. producer of electricity, Southern Company owns electric utilities in four states and a growing competitive generation company, as well as fiber optics and wireless communications. Southern Company brands are known for excellent customer service, high reliability and retail electric prices that are below the national average. Southern Company was named the World's Most Admired Electric and Gas Utility by Fortune magazine in 2011, and is consistently listed among the top U.S. electric service providers in customer satisfaction by the American Customer Satisfaction Index. Visit our website at www.southerncompany.com.