Southern's Profit Gets Boost From Tax Law Changes -- Earnings Review
May 02 2018 - 7:43AM
Dow Jones News
By Bowdeya Tweh
Utility-holding company Southern Co. (SO) released its
first-quarter financial report Wednesday before the market opened.
Here's what you need to know:
PROFIT: Southern reported its quarterly profit rose 41% from a
year earlier to $942 million, or 92 cents a share, beating internal
forecasts. Recent U.S. tax law changes boosted its bottom line,
helping reduce the company's income tax expense by $202 million
from the prior-year quarter.
REVENUE: Operating revenue rose 10% to $6.37 billion. Retail
electric revenue rose 5.1% to $3.57 billion, helped by colder
temperatures earlier this year. Natural gas revenue rose 5% to
$1.61 billion. Analysts polled by Thomson Reuters expected $5.87
billion in revenue.
ASSET MOVES: The sale of two of its natural gas distribution
utilities, Elizabethtown Gas and Elkton Gas, to South Jersey
Industries Inc. are expected to close in the third quarter, the
company said. The sale of its Pivotal Home Solutions business to
American Water Enterprises LLC for about $365 million is expected
to close by the end of the second quarter. Southern Power is
working to sell a 33% interest in a holding company that owns
roughly all of its solar facilities and wants to close such a deal
in mid-2018.
STOCK: Shares, down 7.5% over the past year, were inactive in
premarket trading.
Write to Bowdeya Tweh at bowdeya.tweh@wsj.com
(END) Dow Jones Newswires
May 02, 2018 07:28 ET (11:28 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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