SOUTHERN COMPANY ATLANTA, July 27, 2016 /PRNewswire/ -- Southern Company today reported second quarter 2016 earnings of $638 million, or 68 cents per share, compared with earnings of $629 million, or 69 cents per share, in the second quarter of 2015. For the six months ended June 30, 2016, earnings were $1.12 billion, or $1.21 per share, compared with $1.14 billion, or $1.25 per share, for the same period in 2015.
http://photos.prnewswire.com/prnvar/20080801/SOCOLOGO
Excluding the items described in the "Consolidated Earnings - Excluding Items" table below, Southern Company earned $692 million, or 74 cents per share, during the second quarter of 2016, compared with $647 million, or 71 cents per share, during the second quarter of 2015. For the six months ended June 30, 2016, excluding these items, Southern Company earned $1.22 billion, or $1.32 per share, compared with earnings of $1.16 billion, or $1.28 per share, for the same period in 2015.
Three Months Ended June Year-to-Date June
----------------------- -----------------
Consolidated Earnings - Excluding Items 2016 2015 2016 2015
---- ---- ---- ----
Net Income - As Reported $638 $629 $1,123 $1,138
Estimated Loss on Kemper IGCC 38 23 91 32
Tax Impact (15) (9) (35) (12)
Acquisition Costs 44 0 65 0
Tax Impact (13) 0 (20) 0
Additional MCAR Settlement Costs 0 7 0 7
Tax Impact 0 (3) 0 (3)
--- --- --- ---
Net Income - Excluding Items $692 $647 $1,224 $1,162
==== ==== ====== ======
Basic Earnings Per Share - Excluding Items $0.74 $0.71 $1.32 $1.28
NOTE: Except for earnings per share, the figures in the table above are expressed in millions of dollars.
Earnings for the three and six months ended June 30, 2016, were also impacted by debt-financing costs related to the acquisition of Southern Company Gas (formerly known as AGL Resources Inc). These costs were not included in the 2016 earnings guidance provided previously. Excluding both these costs and the items described above, Southern Company earned $716 million, or 77 cents per share, during the second quarter of 2016, compared with $647 million, or 71 cents per share, during the second quarter of 2015. For the six months ended June 30, 2016, excluding all of these items, Southern Company earned $1.25 billion, or $1.35 per share, compared with earnings of $1.16 billion, or $1.28 per share, for the same period in 2015.
Three Months Ended June Year-to-Date June
----------------------- -----------------
Consolidated Earnings - Adjusted for Guidance Comparability 2016 2015 2016 2015
---- ---- ---- ----
Net Income - Excluding Items $692 $647 $1,224 $1,162
Acquisition Debt Financing Costs 39 0 39 0
Tax Impact (15) 0 (15) 0
--- --- --- ---
Net Income - Adjusted for Guidance Comparability $716 $647 $1,248 $1,162
==== ==== ====== ======
Basic Earnings Per Share - Adjusted for Guidance Comparability $0.77 $0.71 $1.35 $1.28
NOTE: Except for earnings per share, the figures in the table above are expressed in millions of dollars.
Earnings drivers for the second quarter of 2016 were positively influenced by retail revenue effects at Southern Company's traditional operating companies, stronger-than-expected performance of its Southern Power subsidiary and lower non-fuel operations and maintenance expenses across the regulated operating companies. Earnings were negatively influenced by increased interest expenses and higher depreciation and amortization expenses.
"We are very pleased with how our electric businesses are performing this year, including the strong performance of our wholesale subsidiary, Southern Power," said Southern Company Chairman, President and CEO Thomas A. Fanning. "We look forward to the years ahead, when both Southern Company Gas and - subject to federal approval - our announced investment in Southern Natural Gas begin to contribute to our results. We are truly building the future of energy for the benefit of the customers and communities we are privileged to serve. That longstanding customer focus has always been the foundation for delivering on our long-term financial objectives."
Second quarter 2016 operating revenues were $4.45 billion, compared with $4.34 billion for the second quarter of 2015, an increase of 2.7 percent. For the six months ended June 30, 2016, operating revenues were $8.43 billion, compared with $8.52 billion for the same period in 2015, a decrease of 1.0 percent. This decrease was primarily due to lower fuel costs.
Kilowatt-hour sales to retail customers in Southern Company's four-state service area decreased 1.6 percent in the second quarter of 2016, compared with the second quarter of 2015. Residential energy sales decreased 0.8 percent, commercial energy sales decreased 2.0 percent and industrial energy sales decreased 1.9 percent. For the first six months of 2016, retail sales decreased 2.3 percent, compared with the same period in 2015. Residential energy sales decreased 4.1 percent, commercial energy sales decreased 1.4 percent and industrial energy sales decreased 1.4 percent.
Weather-adjusted kilowatt-hour sales to retail customers in Southern Company's four-state service area decreased 1.4 percent in the second quarter of 2016, compared with the second quarter of 2015. Weather-adjusted residential energy sales decreased 0.2 percent and weather-adjusted commercial energy sales decreased 1.9 percent. For the first six months of 2016, weather-adjusted retail sales decreased 0.5 percent, compared with the same period in 2015. Weather-adjusted residential energy sales increased 0.6 percent and weather-adjusted commercial energy sales decreased 0.6 percent.
Total energy sales to Southern Company's customers, including wholesale sales, decreased 0.6 percent in the second quarter of 2016, compared with the second quarter of 2015. For the first six months of 2016, total energy sales decreased 1.1 percent, compared with the same period in 2015.
Southern Company's second quarter earnings slides with supplemental financial information including its earnings estimate for the third quarter of 2016 are available at http://investor.southerncompany.com.
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/webcasts. A replay of the webcast will be available on the site for 12 months.
About Southern Company
Southern Company (NYSE: SO) is America's premier energy company, with 44,000 megawatts of generating capacity and 1,500 billion cubic feet of combined natural gas consumption and throughput volume serving 9 million electric and gas utility customers through its subsidiaries. The company provides clean, safe, reliable and affordable energy through electric utilities in four states, natural gas distribution utilities in seven states, a competitive generation company serving wholesale customers across America and a nationally recognized provider of customized energy solutions, as well as fiber optics and wireless communications. Southern Company brands are known for excellent customer service, high reliability and affordable prices that are below the national average. Through an industry-leading commitment to innovation, Southern Company and its subsidiaries are inventing America's energy future by developing the full portfolio of energy resources, including carbon-free nuclear, 21(st) century coal, natural gas, renewables and energy efficiency, and creating new products and services for the benefit of customers. Southern Company has been named by the U.S. Department of Defense and G.I. Jobs magazine as a top military employer, recognized among the Top 50 Companies for Diversity by DiversityInc, listed by Black Enterprise magazine as one of the 40 Best Companies for Diversity and designated a Top Employer for Hispanics by Hispanic Network. The company has earned a National Award of Nuclear Science and History from the National Atomic Museum Foundation for its leadership and commitment to nuclear development and is continually ranked among the top utilities in Fortune's annual World's Most Admired Electric and Gas Utility rankings. Visit our website at www.southerncompany.com.
Cautionary Notes Regarding Forward-Looking Statements:
Certain information contained in this release is forward-looking information based on current expectations and plans that involve risks and uncertainties. Forward-looking information includes, among other things, statements concerning the expected completion of the Southern Natural Gas investment and the future results of Southern Company Gas and Southern Natural Gas. Southern Company cautions that there are certain factors that can cause actual results to differ materially from the forward-looking information that has been provided. The reader is cautioned not to put undue reliance on this forward-looking information, which is not a guarantee of future performance and is subject to a number of uncertainties and other factors, many of which are outside the control of Southern Company; accordingly, there can be no assurance that such suggested results will be realized. The following factors, in addition to those discussed in Southern Company's Annual Report on Form 10-K for the year ended December 31, 2015, and subsequent securities filings, could cause actual results to differ materially from management expectations as suggested by such forward-looking information: the impact of recent and future federal and state regulatory changes, including legislative and regulatory initiatives regarding deregulation and restructuring of the electric utility industry, environmental laws regulating emissions, discharges, and disposal to air, water, and land, and also changes in tax and other laws and regulations to which Southern Company and its subsidiaries are subject, as well as changes in application of existing laws and regulations; current and future litigation, regulatory investigations, proceedings, or inquiries, including, without limitation, Internal Revenue Service and state tax audits; the effects, extent, and timing of the entry of additional competition in the markets in which Southern Company's subsidiaries operate; variations in demand for electricity and natural gas, including those relating to weather, the general economy and recovery from the last recession, population and business growth (and declines), the effects of energy conservation and efficiency measures, including from the development and deployment of alternative energy sources such as self-generation and distributed generation technologies, and any potential economic impacts resulting from federal fiscal decisions; available sources and costs of natural gas and other fuels; effects of inflation; the ability to control costs and avoid cost overruns during the development and construction of facilities, which include the development and construction of generating facilities with designs that have not been finalized or previously constructed, including changes in labor costs and productivity, adverse weather conditions, shortages and inconsistent quality of equipment, materials, and labor, contractor or supplier delay, non-performance under construction, operating, or other agreements, operational readiness, including specialized operator training and required site safety programs, unforeseen engineering or design problems, start-up activities (including major equipment failure and system integration), and/or operational performance (including additional costs to satisfy any operational parameters ultimately adopted by any Public Service Commission (PSC)); the ability to construct facilities in accordance with the requirements of permits and licenses, to satisfy any environmental performance standards and the requirements of tax credits and other incentives, and to integrate facilities into the Southern Company system upon completion of construction; investment performance of Southern Company's employee and retiree benefit plans and the Southern Company system's nuclear decommissioning trust funds; advances in technology; state and federal rate regulations and the impact of pending and future rate cases and negotiations, including rate actions relating to fuel and other cost recovery mechanisms; legal proceedings and regulatory approvals and actions related to Plant Vogtle Units 3 and 4, including Georgia PSC approvals and Nuclear Regulatory Commission actions; actions related to cost recovery for the integrated coal gasification combined cycle facility under construction in Kemper County Mississippi (the Kemper IGCC), including the ultimate impact of the 2015 decision of the Mississippi Supreme Court, the Mississippi PSC's December 2015 rate order, and related legal or regulatory proceedings, Mississippi PSC review of the prudence of Kemper IGCC costs and approval of further permanent rate recovery plans, actions relating to proposed securitization, satisfaction of requirements to utilize grants, and the ultimate impact of the termination of the proposed sale of an interest in the Kemper IGCC to South Mississippi Electric Power Association; the ability to successfully operate the electric utilities' generating, transmission, and distribution facilities and Southern Company Gas' natural gas distribution and storage facilities and the successful performance of necessary corporate functions; the inherent risks involved in operating and constructing nuclear generating facilities, including environmental, health, regulatory, natural disaster, terrorism, and financial risks; the inherent risks involved in transporting and storing natural gas; the performance of projects undertaken by the non-utility businesses and the success of efforts to invest in and develop new opportunities; internal restructuring or other restructuring options that may be pursued; potential business strategies, including acquisitions or dispositions of assets or businesses, which cannot be assured to be completed or beneficial to Southern Company or its subsidiaries; the possibility that the anticipated benefits from the acquisition of Southern Company Gas cannot be fully realized or may take longer to realize than expected, the possibility that costs related to the integration of Southern Company and Southern Company Gas will be greater than expected, the ability to retain and hire key personnel and maintain relationships with customers, suppliers, or other business partners, and the diversion of management time on integration-related issues; the ability of counterparties of Southern Company and its subsidiaries to make payments as and when due and to perform as required; the ability to obtain new short- and long-term contracts with wholesale customers; the direct or indirect effect on the Southern Company system's business or Southern Company Gas' business resulting from cyber intrusion or terrorist incidents and the threat of terrorist incidents; interest rate fluctuations and financial market conditions and the results of financing efforts; changes in Southern Company's and any of its subsidiaries' credit ratings, including impacts on interest rates, access to capital markets, and collateral requirements; the impacts of any sovereign financial issues, including impacts on interest rates, access to capital markets, impacts on currency exchange rates, counterparty performance, and the economy in general, as well as potential impacts on the benefits of the Department of Energy loan guarantees; the ability of Southern Company's subsidiaries to obtain additional generating capacity (or sell excess generating capacity) at competitive prices; catastrophic events such as fires, earthquakes, explosions, floods, hurricanes and other storms, droughts, pandemic health events such as influenzas, or other similar occurrences; the direct or indirect effects on the Southern Company system's business or Southern Company Gas' business resulting from incidents affecting the U.S. electric grid, natural gas pipeline infrastructure, or operation of generating or storage resources; and the effect of accounting pronouncements issued periodically by standard-setting bodies. Southern Company expressly disclaims any obligation to update any forward-looking information.
Southern Company
Financial Highlights
(In Millions of Dollars Except Earnings Per Share)
Three Months Ended Year-to-Date
June June
---- ----
Consolidated Earnings-As Reported (See Notes) 2016 2015 2016 2015
---- ---- ---- ----
Traditional Electric Operating Companies $621 $561 $1,085 $1,038
Southern Power 89 46 139 79
--- --- --- ---
Total 710 607 1,224 1,117
Parent Company and Other (72) 22 (101) 21
--- --- ---- ---
Net Income-As Reported $638 $629 $1,123 $1,138
==== ==== ====== ======
Basic Earnings Per Share $0.68 $0.69 $1.21 $1.25
Average Shares Outstanding (in millions) 934 909 925 910
End of Period Shares Outstanding (in millions) 942 908
Three Months Ended Year-to-Date
June June
---- ----
Consolidated Earnings-Excluding Items (See Notes) 2016 2015 2016 2015
---- ---- ---- ----
Net Income-As Reported $638 $629 $1,123 $1,138
Estimated Loss on Kemper IGCC(1) 38 23 91 32
Tax Impact (15) (9) (35) (12)
Acquisition Costs(2) 44 - 65 -
Tax Impact (13) - (20) -
Additional MCAR settlement costs(3) - 7 - 7
Tax Impact - (3) - (3)
Net Income-Excluding Items $692 $647 $1,224 $1,162
==== ==== ====== ======
Basic Earnings Per Share-Excluding Items $0.74 $0.71 $1.32 $1.28
Notes
-----
- For the three and six months ended June 30, 2016 and 2015, dilution does not change basic earnings per share by more than 1 cent and is not material.
- All figures in this earnings release are preliminary and remain subject to the completion of normal quarter-end accounting procedures and adjustments, which could result in changes to these preliminary results. In addition, certain classifications and rounding may be different from final results
published in the Form 10-Q.
(1) The estimated probable losses relating to Mississippi Power Company's construction of the integrated coal gasification combined cycle facility in Kemper County, Mississippi (Kemper IGCC) significantly impacted the presentation of earnings and earnings per share for the three and six months ended
June 30, 2016 and 2015. Similar charges may occur with uncertain frequency.
(2) Earnings for the three and six months ended June 30, 2016 include costs related to the acquisitions of Southern Company Gas (formerly known as AGL Resources Inc.) and PowerSecure International, Inc. Further costs are expected to continue to occur in connection with the related integrations.
(3) Earnings for the three and six months ended June 30, 2015 include additional costs related to the discontinued operations of Mirant Corporation and the March 2009 litigation settlement with MC Asset Recovery, LLC. Further charges are not expected to occur.
Southern Company
Financial Highlights
(In Millions of Dollars Except Earnings Per Share)
Three Months Ended Year-to-Date
June June
Consolidated Earnings-Adjusted for Guidance Comparability (See Notes) 2016 2015 2016 2015
---- ---- ---- ----
Net Income-Excluding Items $692 $647 $1,224 $1,162
Acquisition Debt Financing Costs(1) 39 - 39 -
Tax Impact (15) - (15) -
Net Income-Adjusted for Guidance Comparability $716 $647 $1,248 $1,162
==== ==== ====== ======
Basic Earnings Per Share-Adjusted for Guidance Comparability $0.77 $0.71 $1.35 $1.28
Notes
-----
- All figures in this earnings release are preliminary and remain subject to the completion of normal quarter-end accounting procedures and adjustments, which could result in changes to these preliminary results. In addition, certain classifications and
rounding may be different from final results published in the Form 10-Q.
(1) Earnings for the three and six months ended June 30, 2016 include debt financing costs related to the acquisition of Southern Company Gas (formerly known as AGL Resources Inc.). For comparison purposes, these costs have been removed from the actual
results to be consistent with the 2016 earnings guidance as presented in the first quarter of 2016, which excluded such costs.
Southern Company
Significant Factors Impacting EPS
Three Months Ended Year-to-Date
June June
----
2016 2015 Change 2016 2015 Change
---- ---- ------ ---- ---- ------
Consolidated Earnings Per Share-
As Reported (See Notes) $0.68 $0.69 $(0.01) $1.21 $1.25 $(0.04)
Significant Factors:
Traditional Electric Operating Companies $0.06 $0.05
Southern Power 0.05 0.06
Parent Company and Other (0.10) (0.13)
Increase in Shares (0.02) (0.02)
Total-As Reported $(0.01) $(0.04)
====== ======
Three Months Ended Year-to-Date
June June
----
2016 2015 Change 2016 2015 Change
---- ---- ------ ---- ---- ------
Consolidated Earnings Per Share-
Excluding Items (See Notes) $0.74 $0.71 $0.03 $1.32 $1.28 $0.04
Total-As Reported $(0.01) $(0.04)
Estimated Loss on Kemper IGCC(1) 0.01 0.04
Acquisition Costs(2) 0.03 0.05
Additional MCAR settlement costs(3) - (0.01)
Total-Excluding Items $0.03 $0.04
===== =====
Notes
-----
- For the three and six months ended June 30, 2016 and 2015, dilution does not change basic earnings per share by more than 1 cent and is not material.
- All figures in this earnings release are preliminary and remain subject to the completion of normal quarter-end accounting procedures and adjustments, which could result in changes to these preliminary results. In addition, certain classifications and rounding may be different from final results published in the Form 10-Q.
(1) The estimated probable losses relating to Mississippi Power Company's construction of the integrated coal gasification combined cycle facility in Kemper County, Mississippi (Kemper IGCC) significantly impacted the presentation of earnings and earnings per share for the three and six months ended June 30, 2016 and 2015. Similar charges may occur with
uncertain frequency.
(2) Earnings for the three and six months ended June 30, 2016 include costs related to the acquisitions of Southern Company Gas (formerly known as AGL Resources Inc.) and PowerSecure International, Inc. Further costs are expected to continue to occur in connection with the related integrations.
(3) Earnings for the three and six months ended June 30, 2015 include additional costs related to the discontinued operations of Mirant Corporation and the March 2009 litigation settlement with MC Asset Recovery, LLC. Further charges are not expected to occur. These costs were the same for the three and six months ended June 30, 2015; however, these costs on a
per share basis differ between the periods due to the effects of rounding.
Southern
Company
EPS Earnings
Analysis
Three Months
Ended June
2016 vs.
June 2015
Cents Description
----- -----------
(2)¢ Retail Sales
13 Retail
Revenue
Impacts
- Weather
(1) Wholesale
Operations
4 Non-Fuel O&M
(3) Depreciation
and
Amortization
(1) Taxes Other
Than Income
Taxes
1 Other Income
and
Deductions
(4) Interest
Expense
Total
Traditional
Electric
Operating
7¢ Companies
--- ------------
5¢ Southern
Power
--- ---------
(3) Acquisition
Debt
Financing
Costs
(4) Other Parent
and Non-
Utility
Subsidiaries
(7)¢ Parent and
Other
--- -----------
(2)¢ Increase in
Shares
--- ------------
3¢ Total Change
in QTD EPS
(Excluding
Items)
--- -------------
(1) Estimated
Loss on
Kemper
IGCC(1)
(3) Acquisition
Costs(2)
(1)¢ Total Change
in QTD EPS
(As
Reported)
--- -------------
Notes
-----
- All figures in this earnings release are
preliminary and remain subject to the completion of
normal quarter-end accounting procedures and
adjustments, which could result in changes to these
preliminary results. In addition, certain
classifications and rounding may be different from
final results published in the Form 10-Q.
(1) The estimated probable losses relating to
Mississippi Power Company's construction of the
integrated coal gasification combined cycle facility
in Kemper County, Mississippi (Kemper IGCC)
significantly impacted the presentation of earnings
and earnings per share for the three months ended
June 30, 2016 and 2015. Similar charges may occur
with uncertain frequency.
(2) Earnings for the three months ended June 30, 2016
include costs related to the acquisitions of Southern
Company Gas (formerly known as AGL Resources Inc.)
and PowerSecure International, Inc. Further costs are
expected to continue to occur in connection with the
related integrations.
Southern Company
Consolidated Earnings
As Reported
(In Millions of Dollars)
Three Months Ended June Year-to-Date June
----------------------- -----------------
2016 2015 Change 2016 2015 Change
---- ---- ------ ---- ---- ------
Income Account-
Retail Revenues-
Fuel $998 $1,130 $(132) $1,873 $2,218 $(345)
Non-Fuel 2,750 2,584 166 5,251 5,038 213
Wholesale Revenues 446 448 (2) 842 915 (73)
Other Electric Revenues 166 162 4 348 325 23
Other Revenues 93 13 80 117 24 93
--- --- --- --- --- ---
Total Revenues 4,453 4,337 116 8,431 8,520 (89)
----- ----- --- ----- ----- ---
Fuel and Purchased Power 1,212 1,371 (159) 2,288 2,727 (439)
Cost of Sales 54 - 54 62 - 62
Non-fuel O & M 1,099 1,100 (1) 2,205 2,222 (17)
Depreciation and Amortization 569 500 69 1,110 987 123
Taxes Other Than Income Taxes 255 245 10 511 497 14
Estimated Loss on Kemper IGCC 38 23 15 91 32 59
--- --- --- --- --- ---
Total Operating Expenses 3,227 3,239 (12) 6,267 6,465 (198)
----- ----- --- ----- ----- ----
Operating Income 1,226 1,098 128 2,164 2,055 109
Allowance for Equity Funds Used During Construction 45 39 6 98 102 (4)
Interest Expense, Net of Amounts Capitalized 293 180 113 539 393 146
Other Income (Expense), net (28) (12) (16) (54) (19) (35)
Income Taxes 288 302 (14) 510 576 (66)
--- --- --- --- --- ---
Consolidated Net Income 662 643 19 1,159 1,169 (10)
Less:
Dividends on Preferred and Preference Stock of Subsidiaries 12 14 (2) 23 31 (8)
Net Income Attributable to Noncontrolling Interests 12 - 12 13 - 13
=== === === === === ===
CONSOLIDATED NET INCOME ATTRIBUTABLE TO SOUTHERN COMPANY $638 $629 $9 $1,123 $1,138 $(15)
==== ==== === ====== ====== ====
Notes
-----
- Certain prior year data may have been reclassified to conform with current year presentation.
- All figures in this earnings release are preliminary and remain subject to the completion of normal quarter-end accounting procedures and adjustments, which could result in changes to these preliminary results. In addition, certain classifications and rounding may be different from final results published in the Form 10-Q.
Southern Company
Kilowatt-Hour Sales
(In Millions of KWHs)
Three Months Ended June Year-to-Date June
----------------------- -----------------
As Reported 2016 2015 Change Weather 2016 2015 Change Weather
Adjusted Adjusted
Change Change*
---- ---- ------ -------- ---- ---- ------ --------
Kilowatt-Hour Sales-
Total Sales 47,572 47,878 (0.6)% 93,048 94,123 (1.1)%
Total Retail Sales- 39,426 40,072 (1.6)% (1.4)% 77,465 79,281 (2.3)% (0.5)%
Residential 12,443 12,548 (0.8)% (0.2)% 25,045 26,125 (4.1)% 0.6%
Commercial 13,381 13,654 (2.0)% (1.9)% 25,704 26,069 (1.4)% (0.6)%
Industrial 13,382 13,645 (1.9)% (1.9)% 26,270 26,633 (1.4)% (1.5)%
Other 220 225 (1.9)% (1.9)% 446 454 (1.8)% (1.7)%
Total Wholesale Sales 8,146 7,806 4.4% N/A 15,583 14,842 5.0% N/A
Note
----
*Also reflects adjustment of 2015 KWH sales consistent with Mississippi Power's updated methodology to estimate the unbilled revenue allocation among customer classes implemented in the first quarter 2015.
Southern Company
Financial Overview
As Reported
(In Millions of Dollars)
Three Months Ended June Year-to-Date June
----------------------- -----------------
2016 2015 % Change 2016 2015 % Change
---- ---- -------- ---- ---- --------
Consolidated -
Operating Revenues $4,453 $4,337 2.7% $8,431 $8,520 (1.0)%
Earnings Before Income Taxes 950 945 0.5% 1,669 1,745 (4.4)%
Net Income Available to Common 638 629 1.4% 1,123 1,138 (1.3)%
Alabama Power -
Operating Revenues $1,444 $1,455 (0.8)% $2,776 $2,856 (2.8)%
Earnings Before Income Taxes 358 329 8.8% 621 621 - %
Net Income Available to Common 211 200 5.5% 367 369 (0.5)%
Georgia Power -
Operating Revenues $2,051 $2,016 1.7% $3,923 $3,994 (1.8)%
Earnings Before Income Taxes 565 462 22.3% 998 842 18.5%
Net Income Available to Common 347 277 25.3% 616 513 20.1%
Gulf Power -
Operating Revenues $365 $384 (4.9)% $700 $741 (5.5)%
Earnings Before Income Taxes 61 59 3.4% 112 121 (7.4)%
Net Income Available to Common 34 35 (2.9)% 63 72 (12.5)%
Mississippi Power -
Operating Revenues $277 $275 0.7% $533 $552 (3.4)%
Earnings Before Income Taxes 29 66 (56.1)% 30 105 (71.4)%
Net Income Available to Common 28 49 (42.9)% 39 84 (53.6)%
Southern Power -
Operating Revenues $373 $337 10.7% $688 $684 0.6%
Earnings Before Income Taxes 60 53 13.2% 87 98 (11.2)%
Net Income Available to Common 89 46 93.5% 139 79 75.9%
Note
----
- All figures in this earnings release are preliminary and remain subject to the completion of normal quarter-end accounting procedures and adjustments, which could result in changes to these preliminary results. In addition, certain classifications and rounding may be different from final results published in the Form 10-Q.
Logo - http://photos.prnewswire.com/prnh/20080801/SOCOLOGO
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/southern-company-reports-second-quarter-earnings-300304576.html
SOURCE Southern Company
