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Nov. 7 - Southern Company Reports Third-quarter 2018 Earnings

Category: Georgia News

Brunswick Business Journal Staff Report
 
November 7, 2018 - Southern Company reported third-quarter 2018 earnings of $1.16 billion, or $1.14 per share, compared with earnings of $1.07 billion, or $1.07 per share, in the third quarter of 2017.  For the nine months ended September 30, 2018, Southern Company reported earnings of $1.95 billion, or $1.92 per share, compared with earnings of $347 million, or 35 cents per share, for the same period in 2017.
 
"Southern Company executed exceptionally well in the third quarter," said Chairman, President and CEO Thomas A. Fanning. "This was demonstrated not only in the performance of our premier, state-regulated electric franchise operations, but also in the remarkable work of our people to restore power in northwest Florida and in parts of Georgia and Alabama following Hurricane Michael in early October," added Fanning. "While we are always pleased to report solid financial performance, our primary mission is bigger than our bottom line, and I believe this has never been more evident than during our response to this catastrophic weather event. The restoration of power to these areas was achieved in what we believe to be record time for an undertaking of such scope."
 
Earnings drivers year-over-year for the third quarter of 2018 were positively influenced by effects of constructive regulatory outcomes and weather at its state-regulated utilities. These impacts were partially offset by increases in depreciation and amortization, as well as interest expense.
 
In addition to its solid performance in the third quarter, the company has also delivered significant benefits to customers as a result of tax reform, while continuing to improve the financial profile of its state-regulated businesses.
 
Third quarter 2018 operating revenues were $6.16 billion, compared with $6.20 billion for the third quarter of 2017, a decrease of 0.7 percent.  For the nine months ended September 30, 2018, operating revenues were $18.16 billion, compared with $17.40 billion for the corresponding period in 2017, an increase of 4.3 percent.
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