July 31, 2019 - 6:30 AM EDT
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Southern Company reports second-quarter 2019 earnings

ATLANTA, July 31, 2019 /PRNewswire/ -- Southern Company today reported second-quarter 2019 earnings of $899 million, or 86 cents per share, compared with a loss of $154 million, or 15 cents per share, in the second quarter of 2018.  For the six months ended June 30, 2019, Southern Company reported earnings of $2.98 billion, or $2.86 per share, compared with earnings of $784 million, or 77 cents per share, for the same period in 2018. 

Southern Company (PRNewsFoto/Southern Company) (PRNewsfoto/Southern Company)

Excluding the items described in the "Net Income – Excluding Items" table below, Southern Company earned $833 million, or 80 cents per share, during the second quarter of 2019, compared with $815 million, or 80 cents per share, during the second quarter of 2018. For the six months ended June 30, 2019, excluding these items, Southern Company earned $1.56 billion, or $1.50 per share, compared with earnings of $1.71 billion, or $1.69 per share, for the same period in 2018.

Non-GAAP Financial Measures

Three Months Ended June


Year-to-Date June

Net Income - Excluding Items (in millions)

2019

2018


2019

2018

Net Income (Loss) - As Reported

$899

$(154)


$2,982

$784

Acquisition, Disposition, and Integration Impacts

18

172


(2,481)

233

  Tax Impact

(67)

4


1,122

(1)

Estimated Loss on Plants Under Construction

8

1,060


13

1,105

  Tax Impact

(2)

(270)


(3)

(281)

Wholesale Gas Services

(29)

32


(93)

 

(108)

       Tax Impact

6

(11)


23

25

Litigation Settlement

-

(24)


-

(24)

       Tax Impact

-

6


-

6

Earnings Guidance Comparability Items:






Adoption of Tax Reform

-

-


-

(31)

Net Income – Excluding Items

$833

$815


$1,563

$1,708

       Average Shares Outstanding – (in millions)                     

1,044

1,014


1,041

1,012

Basic Earnings Per Share – Excluding Items

$0.80

$0.80


$1.50

$1.69

NOTE: For more information regarding these non-GAAP adjustments, see the footnotes accompanying the Financial Highlights page of the earnings package.

Earnings drivers year-over-year for the second quarter 2019 were positively influenced by higher revenues associated with changes in rates and pricing, net of usage changes, as well as warmer than normal weather at Southern Company's regulated utilities. These impacts were partially offset by the impact of divested entities on earnings.

"We are very pleased with our financial and operational performance in the first half of 2019, as our premier, state-regulated electric and gas franchise operations continued to perform well in the second quarter," said Chairman, President and CEO Thomas A. Fanning. "In particular, our electrical system has proved to be very resilient in what has so far been a hot summer in the Southeast."

Second quarter 2019 operating revenues were $5.10 billion, compared with $5.63 billion for the second quarter of 2018, a decrease of 9.4 percent. For the six months ended June 30, 2019, operating revenues were $10.51 billion, compared with $12.00 billion for the corresponding period in 2018, a decrease of 12.4 percent. These decreases were primarily related to a reduction in revenue resulting from the sale of Gulf Power and other assets that are no longer affiliated with Southern Company.

Southern Company's second quarter earnings slides with supplemental financial information are available at http://investor.southerncompany.com.

Southern Company's financial analyst call will begin at 8 a.m. Eastern Time today, during which Fanning and Chief Financial Officer Andrew W. Evans 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 a leading energy company serving 9 million customers through its subsidiaries. The company provides clean, safe, reliable and affordable energy through electric operating companies in three states, natural gas distribution companies in four states, a competitive generation company serving wholesale customers across America, a leading distributed energy infrastructure company, a fiber optics network and telecommunications services. Southern Company brands are known for excellent customer service, high reliability and affordable prices below the national average. For more than a century, we have been building the future of energy and developing the full portfolio of energy resources, including carbon-free nuclear, advanced carbon capture technologies, natural gas, renewables, energy efficiency and storage technology. Through an industry-leading commitment to innovation and a low-carbon future, Southern Company and its subsidiaries develop the customized energy solutions our customers and communities require to drive growth and prosperity. Our uncompromising values ensure we put the needs of those we serve at the center of everything we do and govern our business to the benefit of our world. Our corporate culture and hiring practices have been recognized nationally by the U.S. Department of Defense, G.I. Jobs magazine, DiversityInc, Black Enterprise, Forbes and the Women's Choice Award. To learn more, visit www.southerncompany.com.

 

Southern Company

Financial Highlights

(In Millions of Dollars Except Earnings Per Share)












Three Months Ended
June


Year-to-Date
June

Net Income–As Reported (See Notes)


2019


2018


2019


2018










  Traditional Electric Operating Companies


$

782



$

(48)



$

1,346



$

563


  Southern Power


174



22



230



143


Southern Company Gas


106



(31)



376



248


  Total


1,062



(57)



1,952



954


  Parent Company and Other


(163)



(97)



1,030



(170)


  Net Income (Loss)–As Reported


$

899



$

(154)



$

2,982



$

784











  Basic Earnings (Loss) Per Share1


$

0.86



$

(0.15)



$

2.86



$

0.77











  Average Shares Outstanding (in millions)


1,044



1,014



1,041



1,012


  End of Period Shares Outstanding (in millions)






1,045



1,014











Non-GAAP Financial Measures


Three Months Ended
June


Year-to-Date
June

Net Income–Excluding Items (See Notes)


2019


2018


2019


2018










  Net Income (Loss)–As Reported


$

899



$

(154)



$

2,982



$

784


Acquisition, Disposition, and Integration Impacts2


18



172



(2,481)



233


Tax Impact


(67)



4



1,122



(1)


Estimated Loss on Plants Under Construction3


8



1,060



13



1,105


Tax Impact


(2)



(270)



(3)



(281)


Wholesale Gas Services4


(29)



32



(93)



(108)


Tax Impact


6



(11)



23



25


Litigation Settlement5




(24)





(24)


Tax Impact




6





6


Earnings Guidance Comparability Items:









Adoption of Tax Reform6








(31)


  Net Income–Excluding Items


$

833



$

815



$

1,563



$

1,708











  Basic Earnings Per Share–Excluding Items


$

0.80



$

0.80



$

1.50



$

1.69











-See Notes on the following page.

 




Southern Company


Financial Highlights











Notes











(1)

For the three and six months ended June 30, 2019 and 2018, dilution does not change basic earnings per share by more than 2 cents and is not material.



(2)

Earnings for the three months ended June 30, 2019 primarily include a $23 million pre-tax ($88 million after tax) gain on the sale of Southern Power Company's Plant Nacogdoches and a $32 million pre-tax and after-tax goodwill impairment charge in contemplation of the sale of the utility infrastructure services business unit at PowerSecure, Inc. Earnings for the six months ended June 30, 2019 also include a $2.5 billion pre-tax gain ($1.3 billion after tax) on the sale of Gulf Power Company. Earnings for the three months ended June 30, 2018 include: (i) a pre-tax loss of $36 million ($76 million after tax) associated with the sale of Pivotal Home Solutions; (ii) a $119 million pre-tax ($89 million after tax) impairment charge associated with the disposition of Plants Stanton and Oleander; and (iii) $17 million pre-tax ($11 million after tax) of other acquisition, disposition, and integration costs. Earnings for the six months ended June 30, 2018 also include a $42 million (pre tax and after tax) goodwill impairment charge associated with the Pivotal Home Solutions transaction and (ii) an additional $19 million pre tax ($14 million after tax) of other acquisition, disposition, and integration costs. Further impacts are expected to be recorded in 2019 in connection with the sales of Gulf Power Company and Plant Nacogdoches, as well as the pending sale of Plant Mankato. Further costs are also expected to continue to occur in connection with the integration of Southern Company Gas; however, the amount and duration of such expenditures is uncertain.



(3)

Earnings for the three and six months ended June 30, 2019 and for the six months ended June 30, 2018 include charges and associated legal expenses related to Mississippi Power Company's integrated coal gasification combined cycle facility project in Kemper County, Mississippi (Kemper IGCC). Earnings for the three and six months ended June 30, 2018 also include a $1.1 billion charge ($0.8 billion after tax) for an estimated probable loss on Georgia Power Company's construction of Plant Vogtle Units 3 and 4. All of these charges significantly impacted the presentation of earnings and earnings per share. Additional pre-tax closure costs, including mine reclamation, of up to $25 million for Mississippi Power Company's Kemper IGCC may occur through 2020. Mississippi Power Company is also currently evaluating its options regarding the final disposition of the carbon dioxide pipeline and is in discussions with the Department of Energy regarding property closeout and disposition, for which the related costs could be material. Further charges for Georgia Power Company's Plant Vogtle Units 3 and 4 may occur; however, the amount and timing of any such charges is uncertain.











(4)

Earnings for the three and six months ended June 30, 2019 and 2018 include the Wholesale Gas Services business of Southern Company Gas. Presenting earnings and earnings per share excluding Wholesale Gas Services provides investors with an additional measure of operating performance that excludes the volatility resulting from mark-to-market and lower of weighted average cost or current market price accounting adjustments.











(5)

Earnings for the three and six months ended June 30, 2018 include the settlement proceeds of Mississippi Power Company's claim for lost revenue resulting from the 2010 Deepwater Horizon oil spill in the Gulf of Mexico. Further proceeds are not expected.











(6)

Earnings for the six months ended June 30, 2018 include additional net tax benefits as a result of implementing federal tax reform legislation, which was signed into law in December 2017. During 2018, Southern Company obtained and analyzed additional information that was not initially available or reported as provisional amounts at December 31, 2017. Additional adjustments are not expected.

 

 

Southern Company

Significant Factors Impacting EPS
















Three Months Ended
June


Year-to-Date
June



2019


2018


Change


2019


2018


Change

Earnings (Loss) Per Share–













As Reported1 (See Notes)


$

0.86



$

(0.15)



$

1.01



$

2.86



$

0.77



$

2.09















  Significant Factors:













  Traditional Electric Operating Companies






$

0.82







$

0.77


Southern Power






0.15







0.09


Southern Company Gas






0.13







0.13


Parent Company and Other






(0.06)







1.18


Increase in Shares






(0.03)







(0.08)


  Total–As Reported






$

1.01







$

2.09

















Three Months Ended
June


Year-to-Date
June

Non-GAAP Financial Measures


2019


2018


Change


2019


2018


Change

Earnings Per Share–













Excluding Items (See Notes)


$

0.80



$

0.80



$



$

1.50



$

1.69



$

(0.19)















  Total–As Reported






$

1.01







$

2.09


Acquisition, Disposition, and Integration

    Impacts2






(0.22)







(1.53)


Estimated Loss on Plants Under Construction3






(0.77)







(0.81)


Wholesale Gas Services4






(0.04)







0.01


Litigation Settlement5






0.02







0.02


Adoption of Tax Reform6












0.03


  Total–Excluding Items






$







$

(0.19)















- See Notes on the following page.

 




Southern Company


Significant Factors Impacting EPS











Notes











(1)

For the three and six months ended June 30, 2019 and 2018, dilution does not change basic earnings per share by more than 2 cents and is not material.



(2)

Earnings for the three months ended June 30, 2019 primarily include a $23 million pre-tax ($88 million after tax) gain on the sale of Southern Power Company's Plant Nacogdoches and a $32 million pre-tax and after-tax goodwill impairment charge in contemplation of the sale of the utility infrastructure services business unit at PowerSecure, Inc. Earnings for the six months ended June 30, 2019 also include a $2.5 billion pre-tax gain ($1.3 billion after tax) on the sale of Gulf Power Company. Earnings for the three months ended June 30, 2018 include: (i) a pre-tax loss of $36 million ($76 million after tax) associated with the sale of Pivotal Home Solutions; (ii) a $119 million pre-tax ($89 million after tax) impairment charge associated with the disposition of Plants Stanton and Oleander; and (iii) $17 million pre-tax ($11 million after tax) of other acquisition, disposition, and integration costs. Earnings for the six months ended June 30, 2018 also include a $42 million (pre tax and after tax) goodwill impairment charge associated with the Pivotal Home Solutions transaction and (ii) an additional $19 million pre tax ($14 million after tax) of other acquisition, disposition, and integration costs. Further impacts are expected to be recorded in 2019 in connection with the sales of Gulf Power Company and Plant Nacogdoches, as well as the pending sale of Plant Mankato. Further costs are also expected to continue to occur in connection with the integration of Southern Company Gas; however, the amount and duration of such expenditures is uncertain.



(3)

Earnings for the three and six months ended June 30, 2019 and for the six months ended June 30, 2018 include charges and associated legal expenses related to Mississippi Power Company's integrated coal gasification combined cycle facility project in Kemper County, Mississippi (Kemper IGCC). Earnings for the three and six months ended June 30, 2018 also include a $1.1 billion charge ($0.8 billion after tax) for an estimated probable loss on Georgia Power Company's construction of Plant Vogtle Units 3 and 4. All of these charges significantly impacted the presentation of earnings and earnings per share. Additional pre-tax closure costs, including mine reclamation, of up to $25 million for Mississippi Power Company's Kemper IGCC may occur through 2020. Mississippi Power Company is also currently evaluating its options regarding the final disposition of the carbon dioxide pipeline and is in discussions with the Department of Energy regarding property closeout and disposition, for which the related costs could be material. Further charges for Georgia Power Company's Plant Vogtle Units 3 and 4 may occur; however, the amount and timing of any such charges is uncertain.



(4)

Earnings for the three and six months ended June 30, 2019 and 2018 include the Wholesale Gas Services business of Southern Company Gas. Presenting earnings and earnings per share excluding Wholesale Gas Services provides investors with an additional measure of operating performance that excludes the volatility resulting from mark-to-market and lower of weighted average cost or current market price accounting adjustments.











(5)

Earnings for the three and six months ended June 30, 2018 include the settlement proceeds of Mississippi Power Company's claim for lost revenue resulting from the 2010 Deepwater Horizon oil spill in the Gulf of Mexico. Further proceeds are not expected.











(6)

Earnings for the six months ended June 30, 2018 include additional net tax benefits as a result of implementing federal tax reform legislation, which was signed into law in December 2017. During 2018, Southern Company obtained and analyzed additional information that was not initially available or reported as provisional amounts at December 31, 2017. Additional adjustments are not expected.

 

 

Southern Company

EPS Earnings Analysis







Description


Three Months Ended
June
2019 vs. 2018


Year-to-Date

June
2019 vs. 2018






Retail Sales


$(0.03)


$(0.04)






Retail Revenue Impacts


0.10


0.14






Weather


0.03


(0.04)






Wholesale and Other Operating Revenues


0.01


0.03






Non-Fuel O&M


(0.02)


(0.03)






Interest Expense, Depreciation and Amortization, Other








Income Taxes


0.01


0.03






Gulf Power Earnings


(0.04)


(0.08)






Total Traditional Electric Operating Companies


$0.06


$0.01






Southern Power


(0.03)


(0.10)






Southern Company Gas


0.01







Parent and Other


(0.02)


(0.06)






Increase in Shares


(0.02)


(0.04)






Total Change in EPS (Excluding Items)


$—


$(0.19)






Acquisition, Disposition, and Integration Impacts1


0.22


1.53






Estimated Loss on Plants Under Construction2


0.77


0.81






Wholesale Gas Services3


0.04


(0.01)






Litigation Settlement4


(0.02)


(0.02)






Adoption of Tax Reform5



(0.03)






Total Change in EPS (As Reported)


$1.01


$2.09






- See Notes on the following page.

 




Southern Company


EPS Earnings Analysis


Three and Six Months Ended June 2019 vs. June 2018

Notes

















(1)

Earnings for the three months ended June 30, 2019 primarily include a $23 million pre-tax ($88 million after tax) gain on the sale of Southern Power Company's Plant Nacogdoches and a $32 million pre-tax and after-tax goodwill impairment charge in contemplation of the sale of the utility infrastructure services business unit at PowerSecure, Inc. Earnings for the six months ended June 30, 2019 also include a $2.5 billion pre-tax gain ($1.3 billion after tax) on the sale of Gulf Power Company. Earnings for the three months ended June 30, 2018 include: (i) a pre-tax loss of $36 million ($76 million after tax) associated with the sale of Pivotal Home Solutions; (ii) a $119 million pre-tax ($89 million after tax) impairment charge associated with the disposition of Plants Stanton and Oleander; and (iii) $17 million pre-tax ($11 million after tax) of other acquisition, disposition, and integration costs. Earnings for the six months ended June 30, 2018 also include a $42 million (pre tax and after tax) goodwill impairment charge associated with the Pivotal Home Solutions transaction and (ii) an additional $19 million pre tax ($14 million after tax) of other acquisition, disposition, and integration costs. Further impacts are expected to be recorded in 2019 in connection with the sales of Gulf Power Company and Plant Nacogdoches, as well as the pending sale of Plant Mankato. Further costs are also expected to continue to occur in connection with the integration of Southern Company Gas; however, the amount and duration of such expenditures is uncertain.










(2)

Earnings for the three and six months ended June 30, 2019 and for the six months ended June 30, 2018 include charges and associated legal expenses related to Mississippi Power Company's integrated coal gasification combined cycle facility project in Kemper County, Mississippi (Kemper IGCC). Earnings for the three and six months ended June 30, 2018 also include a $1.1 billion charge ($0.8 billion after tax) for an estimated probable loss on Georgia Power Company's construction of Plant Vogtle Units 3 and 4. All of these charges significantly impacted the presentation of earnings and earnings per share. Additional pre-tax closure costs, including mine reclamation, of up to $25 million for Mississippi Power Company's Kemper IGCC may occur through 2020. Mississippi Power Company is also currently evaluating its options regarding the final disposition of the carbon dioxide pipeline and is in discussions with the Department of Energy regarding property closeout and disposition, for which the related costs could be material. Further charges for Georgia Power Company's Plant Vogtle Units 3 and 4 may occur; however, the amount and timing of any such charges is uncertain.










(3)

Earnings for the three and six months ended June 30, 2019 and 2018 include the Wholesale Gas Services business of Southern Company Gas. Presenting earnings and earnings per share excluding Wholesale Gas Services provides investors with an additional measure of operating performance that excludes the volatility resulting from mark-to-market and lower of weighted average cost or current market price accounting adjustments.










(4)

Earnings for the three and six months ended June 30, 2018 include the settlement proceeds of Mississippi Power Company's claim for lost revenue resulting from the 2010 Deepwater Horizon oil spill in the Gulf of Mexico. Further proceeds are not expected.










(5)

Earnings for the six months ended June 30, 2018 include additional net tax benefits as a result of implementing federal tax reform legislation, which was signed into law in December 2017. During 2018, Southern Company obtained and analyzed additional information that was not initially available or reported as provisional amounts at December 31, 2017. Additional adjustments are not expected.

 

 

Southern Company

Consolidated Earnings

As Reported

(In Millions of Dollars)
















Three Months Ended
June


Year-to-Date
June



2019


2018


Change


2019


2018


Change

Income Account-













Retail Electric Revenues-













Fuel


$

919


$

1,022


$

(103)


$

1,723


$

2,049


$

(326)


Non-Fuel


2,621


2,718


(97)


4,900


5,259


(359)


Wholesale Electric Revenues


542


616


(74)


1,041


1,239


(198)


Other Electric Revenues


161


170


(9)


331


330


1


Natural Gas Revenues


689


706


(17)


2,163


2,314


(151)


Other Revenues


166


395


(229)


352


808


(456)


Total Revenues


5,098


5,627


(529)


10,510


11,999


(1,489)


Fuel and Purchased Power


1,115


1,339


(224)


2,135


2,707


(572)


Cost of Natural Gas


191


228


(37)


877


949


(72)


Cost of Other Sales


84


279


(195)


203


568


(365)


Non-Fuel O & M


1,316


1,523


(207)


2,628


2,972


(344)


Depreciation and Amortization


755


783


(28)


1,506


1,552


(46)


Taxes Other Than Income Taxes


299


316


(17)


628


671


(43)


Estimated Loss on Plants Under Construction


4


1,060


(1,056)


6


1,105


(1,099)


(Gain) Loss on Dispositions, net


(8)


36


(44)


(2,506)


36


(2,542)


Total Operating Expenses


3,756


5,564


(1,808)


5,477


10,560


(5,083)


Operating Income


1,342


63


1,279


5,033


1,439


3,594


Allowance for Equity Funds Used During Construction


31


32


(1)


63


63



Earnings from Equity Method Investments


33


31


2


81


72


9


Interest Expense, Net of Amounts Capitalized


429


470


(41)


859


928


(69)


Other Income (Expense), net


99


78


21


176


138


38


Income Taxes (Benefit)


145


(139)


284


1,505


(25)


1,530


Net Income (Loss)


931


(127)


1,058


2,989


809


2,180


Less:













Dividends on Preferred Stock of Subsidiaries


3


4


(1)


7


8


(1)


Net Income Attributable to Noncontrolling
Interests


29


23


6



17


(17)


NET INCOME (LOSS) ATTRIBUTABLE TO
SOUTHERN COMPANY


$

899


$

(154)


$

1,053


$

2,982


$

784


$

2,198















Notes


























- Certain prior year data may have been reclassified to conform with current year presentation.

 

Southern Company

Kilowatt-Hour Sales

(In Millions of KWHs)




Three Months Ended June



As Reported


Adjusted1



2019


2018


Change


Weather
Adjusted
Change


2018


Change


Weather
Adjusted
Change

Kilowatt-Hour Sales-















Total Sales


48,434


52,260


(7.3)

%





49,289


(1.7)

%


















Total Retail Sales-


36,752


39,624


(7.2)

%


(8.5)

%


36,809


(0.2)

%


(1.5)

%

Residential


11,520


12,691


(9.2)

%


(11.9)

%


11,321


1.8

%


(1.0)

%

Commercial


12,386


13,373


(7.4)

%


(8.6)

%


12,373


0.1

%


(1.3)

%

Industrial


12,662


13,363


(5.2)

%


(5.2)

%


12,925


(2.0)

%


(2.0)

%

Other


184


197


(6.2)

%


(6.2)

%


190


(3.0)

%


(3.0)

%
















Total Wholesale Sales


11,682


12,636


(7.6)

%


N/A


12,480


(6.4)

%


N/A




Year-to-Date June



As Reported


Adjusted1



2019


2018


Change


Weather
Adjusted
Change


2018


Change


Weather
Adjusted
Change

Kilowatt-Hour Sales-















Total Sales


93,601


103,104


(9.2)

%




97,511


(4.0)

%


















Total Retail Sales-


71,117


78,014


(8.8)

%


(7.9)

%


72,731


(2.2)

%


(1.3)

%

Residential


22,421


25,657


(12.6)

%


(10.1)

%


23,072


(2.8)

%


(0.3)

%

Commercial


23,372


25,660


(8.9)

%


(8.5)

%


23,814


(1.9)

%


(1.6)

%

Industrial


24,951


26,295


(5.1)

%


(5.1)

%


25,458


(2.0)

%


(2.0)

%

Other


373


402


(7.3)

%


(7.1)

%


387


(3.8)

%


(3.6)

%

















Total Wholesale Sales


22,484


25,090


(10.4)

%


N/A


24,780


(9.3)

%


N/A
















Notes






























(1) Kilowatt-hour sales comparisons to the prior year were significantly impacted by the disposition of
Gulf Power Company on January 1, 2019. These 2018 kilowatt-hour sales and changes exclude Gulf Power
Company.


 

Southern Company

Customers

(In Thousands of Customers)






















Period Ended June











2019


2018


Change

Regulated Utility Customers-













Total Utility Customers-








8,477


9,276


(8.6)%

Total Traditional Electric1








4,246


4,667


(9.0)%

Southern Company Gas2








4,231


4,609


(8.2)%































Notes






























(1) Includes approximately 466,000 customers at June 30, 2018 related to Gulf Power Company, which was sold on January 1, 2019.
















(2) Includes approximately 407,000 total customers at June 30, 2018 related to Elizabethtown Gas, Elkton Gas, and Florida City Gas, which were sold in July 2018.

 

Southern Company

Financial Overview

As Reported

(In Millions of Dollars)
















Three Months Ended
June


Year-to-Date
June



2019


2018


% Change


2019


2018


% Change

Southern Company1













Operating Revenues


$

5,098


$

5,627


(9.4)

%


$

10,510


$

11,999


(12.4)

%

Earnings (Loss) Before Income Taxes


1,076


(266)


N/M


4,494


784


N/M

Net Income (Loss) Available to Common


899


(154)


N/M


2,982


784


N/M














Alabama Power –













Operating Revenues


$

1,513


$

1,503


0.7

%


$

2,921


$

2,976


(1.8)

%

Earnings Before Income Taxes


388


326


19.0

%


671


636


5.5

%

Net Income Available to Common


296


259


14.3

%


513


484


6.0

%














Georgia Power –













Operating Revenues


$

2,117


$

2,048


3.4

%


$

3,951


$

4,008


(1.4)

%

Earnings (Loss) Before Income Taxes


577


(539)


N/M


970


(94)


N/M

Net Income (Loss) Available to Common


448


(396)


N/M


759


(44)


N/M














Mississippi Power –













Operating Revenues


$

313


$

297


5.4

%


$

600


$

598


0.3

%

Earnings Before Income Taxes


42


60


(30.0)

%


86


49


75.5

%

Net Income Available to Common


37


46


(19.6)

%


74


39


89.7

%














Southern Power1













Operating Revenues


$

510


$

555


(8.1)

%


$

953


$

1,064


(10.4)

%

Earnings (Loss) Before Income Taxes


152


(28)


N/M


170


(12)


N/M

Net Income Available to Common


174


22


N/M


230


143


60.8

%














Southern Company Gas1













Operating Revenues


$

689


$

730


(5.6)

%


$

2,163


$

2,369


(8.7)

%

Earnings Before Income Taxes


112


24


N/M


459


407


12.8

%

Net Income (Loss) Available to Common


106


(31)


N/M


376


248


51.6

%














N/M - not meaningful


























Notes


























- See Financial Highlights pages for discussion of certain significant items occurring during the periods presented.



(1)

Financial comparisons to the prior year were impacted by (i) Southern Company Gas' disposition of: (a) Pivotal Home Solutions on June 4, 2018, (b) Elizabethtown Gas and Elkton Gas on July 1, 2018, and (c) Florida City Gas on July 29, 2018; (ii) the disposition of Southern Power Company's ownership interest in Plants Oleander and Stanton on December 4, 2018; (iii) Southern Power Company's sale of (a) a 33% equity interest in a limited partnership indirectly owning substantially all of its solar facilities on May 22, 2018 and (b) a noncontrolling interest in its subsidiary owning eight operating wind facilities on December 11, 2018; and (iv) the disposition of Gulf Power Company on January 1, 2019.

 

 

Cision View original content to download multimedia:http://www.prnewswire.com/news-releases/southern-company-reports-second-quarter-2019-earnings-300893765.html

SOURCE Southern Company


Source: PR Newswire (July 31, 2019 - 6:30 AM EDT)

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