ATLANTA , July 28,
2022 /PRNewswire/ -- Southern Company today reported
second-quarter earnings of $1.1
billion, or $1.04 per share,
in 2022 compared with $372 million,
or 35 cents per share, in 2021. For
the six months ended June 30, 2022,
Southern Company reported earnings of $2.1
billion, or $2.01 per share,
compared with $1.5 billion, or
$1.42 per share, for the same period
in 2021.
Excluding the items described under "Net Income – Excluding
Items" in the table below, Southern Company earned $1.1 billion, or $1.07 per share, during the second quarter of
2022, compared with $891 million, or
84 cents per share, during the second
quarter of 2021. For the six months ended June 30, 2022, excluding these items, Southern
Company earned $2.2 billion, or
$2.05 per share, compared with
$1.9 billion, or $1.82 per share, for the same period in 2021.
Non-GAAP Financial
Measures
|
|
Three Months Ended
June
|
|
Year-to-Date
June
|
Net Income -
Excluding Items (in millions)
|
|
2022
|
2021
|
|
2022
|
2021
|
Net Income - As
Reported
|
|
$1,107
|
$372
|
|
$2,139
|
$1,508
|
Less:
|
|
|
|
|
|
|
Estimated
Loss on Plants Under Construction
|
|
(54)
|
(462)
|
|
(55)
|
(507)
|
Tax
Impact
|
|
13
|
118
|
|
13
|
130
|
Acquisition and Disposition Impacts
|
|
5
|
1
|
|
5
|
1
|
Tax
Impact
|
|
(1)
|
-
|
|
(1)
|
-
|
Wholesale
Gas Services
|
|
-
|
(147)
|
|
-
|
19
|
Tax
Impact
|
|
-
|
35
|
|
-
|
(5)
|
Asset
Impairments
|
|
-
|
(89)
|
|
-
|
(89)
|
Tax
Impact
|
|
-
|
25
|
|
-
|
25
|
Net Income –
Excluding Items
|
|
$1,144
|
$891
|
|
$2,177
|
$1,934
|
Average Shares
Outstanding – (in
millions)
|
|
1,065
|
1,061
|
|
1,064
|
1,060
|
Basic Earnings Per
Share – Excluding Items
|
|
$1.07
|
$0.84
|
|
$2.05
|
$1.82
|
NOTE: For more
information regarding these non-GAAP adjustments, see the footnotes
accompanying the Financial Highlights page of the earnings
package.
|
Adjusted earnings drivers for the second quarter 2022, as
compared with the same period in 2021, were higher revenues
associated with increased usage, changes in rates and pricing, and
warmer than normal weather at our regulated electric utilities,
partially offset by higher non-fuel operations and maintenance
costs, reflecting a rising cost environment and our long-term
commitments to reliability and resilience.
Second-quarter 2022 operating revenues were $7.2 billion, compared with $5.2 billion for the second quarter of 2021, an
increase of 38.6 percent. For the six months ended June 30, 2022, operating revenues were
$13.9 billion, compared with
$11.1 billion for the corresponding
period in 2021, an increase of 24.7 percent. These
increases were primarily due to higher fuel costs and
warmer weather in the second quarter 2022.
"Southern Company's generation fleet and power delivery system
performed exceedingly well during the second quarter, which
included the second hottest June in 50 years" said Chairman,
President and CEO, Thomas A.
Fanning. "I am proud of our team's continued outstanding
performance during times when our customers need us most."
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
1 p.m. Eastern Time today, during
which Fanning and Chief Financial Officer Daniel S. Tucker 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
https://investor.southerncompany.com/events-and-presentations/default.aspx.
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.
Page 3
|
|
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)
|
2022
|
|
2021
|
|
2022
|
|
2021
|
Traditional
Electric Operating Companies
|
$
1,036
|
|
$
511
|
|
$
1,811
|
|
$
1,267
|
Southern
Power
|
98
|
|
36
|
|
170
|
|
133
|
Southern Company
Gas
|
115
|
|
(65)
|
|
433
|
|
333
|
Total
|
1,249
|
|
482
|
|
2,414
|
|
1,733
|
Parent Company
and Other
|
(142)
|
|
(110)
|
|
(275)
|
|
(225)
|
Net Income–As
Reported
|
$
1,107
|
|
$
372
|
|
$
2,139
|
|
$
1,508
|
|
|
|
|
|
|
|
|
Basic Earnings
Per Share1
|
$
1.04
|
|
$
0.35
|
|
$
2.01
|
|
$
1.42
|
Average Shares
Outstanding (in millions)
|
1,065
|
|
1,061
|
|
1,064
|
|
1,060
|
End of Period
Shares Outstanding (in millions)
|
|
|
|
|
1,063
|
|
1,059
|
|
|
|
|
|
|
|
|
Non-GAAP Financial
Measures
|
Three Months Ended
June
|
|
Year-To-Date
June
|
Net Income–Excluding
Items (See Notes)
|
2022
|
|
2021
|
|
2022
|
|
2021
|
Net Income–As
Reported
|
$
1,107
|
|
$
372
|
|
$
2,139
|
|
$
1,508
|
Less:
|
|
|
|
|
|
|
|
Estimated Loss on
Plants Under Construction2
|
(54)
|
|
(462)
|
|
(55)
|
|
(507)
|
Tax Impact
|
13
|
|
118
|
|
13
|
|
130
|
Acquisition and
Disposition Impacts
|
5
|
|
1
|
|
5
|
|
1
|
Tax Impact
|
(1)
|
|
—
|
|
(1)
|
|
—
|
Wholesale Gas
Services3
|
—
|
|
(147)
|
|
—
|
|
19
|
Tax Impact
|
—
|
|
35
|
|
—
|
|
(5)
|
Asset
Impairments4
|
—
|
|
(89)
|
|
—
|
|
(89)
|
Tax Impact
|
—
|
|
25
|
|
—
|
|
25
|
Net
Income–Excluding Items
|
$
1,144
|
|
$
891
|
|
$
2,177
|
|
$
1,934
|
|
|
|
|
|
|
|
|
Basic Earnings
Per Share–Excluding Items
|
$
1.07
|
|
$
0.84
|
|
$
2.05
|
|
$
1.82
|
- See Notes on the
following page.
|
Page 4
|
Southern
Company
|
Financial
Highlights
|
Notes
|
(1)
|
Dilution is not
material in any period presented. Diluted earnings per share was
$1.03 and $2.00 for the three and six months ended June 30, 2022
and was $0.35 and $1.41 for the three and six months ended June 30,
2021, respectively.
|
(2)
|
Earnings for the three
and six months ended June 30, 2022 include a charge of $52 million
pre tax ($39 million after tax), earnings for the three months
ended June 30, 2021 include a charge of $460 million pre tax ($343
million after tax), and earnings for the six months ended June 30,
2021 include charges totaling $508 million pre tax ($379 million
after tax) for estimated probable losses on Georgia Power Company's
construction of Plant Vogtle Units 3 and 4. Further charges
may occur; however, the amount and timing of any such charges are
uncertain. Earnings for the three and six months ended June
30, 2022 and 2021 also include charges (net of salvage proceeds),
associated legal expenses (net of insurance recoveries), and tax
impacts related to Mississippi Power Company's integrated coal
gasification combined cycle facility project in Kemper County,
Mississippi. Mississippi Power Company expects to incur
additional pre-tax period costs to complete dismantlement of the
abandoned gasifier-related assets and site restoration activities,
including related costs for compliance and safety, asset retirement
obligation accretion, and property taxes, net of salvage, totaling
$10 million to $20 million annually through 2025.
|
(3)
|
Earnings for the three
and six months ended June 30, 2021 include results of the Wholesale
Gas Services business, which was sold on July 1, 2021. Presenting
earnings and earnings per share excluding Wholesale Gas Services
provided an additional measure of operating performance that
excluded 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, 2021 include pre-tax impairment
charges of $82 million ($58 million after tax) related to Southern
Company Gas' investment in the PennEast Pipeline project and $7
million ($6 million after tax) related to a leveraged lease
investment. Impairment charges may occur in the future; however,
the amount and timing of any such charges are uncertain.
|
Page 5
|
|
Southern
Company
|
Significant Factors
Impacting EPS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June
|
|
Year-To-Date
June
|
|
2022
|
|
2021
|
|
Change
|
|
2022
|
|
2021
|
|
Change
|
Earnings Per
Share–
|
|
|
|
|
|
|
|
|
|
|
|
As
Reported1 (See Notes)
|
$
1.04
|
|
$
0.35
|
|
$
0.69
|
|
$
2.01
|
|
$
1.42
|
|
$
0.59
|
|
|
|
|
|
|
|
|
|
|
|
|
Significant
Factors:
|
|
|
|
|
|
|
|
|
|
|
|
Traditional
Electric Operating Companies
|
|
|
|
|
$
0.49
|
|
|
|
|
|
$
0.51
|
Southern
Power
|
|
|
|
|
0.06
|
|
|
|
|
|
0.04
|
Southern Company
Gas
|
|
|
|
|
0.17
|
|
|
|
|
|
0.09
|
Parent Company and
Other
|
|
|
|
|
(0.03)
|
|
|
|
|
|
(0.04)
|
Increase in
Shares
|
|
|
|
|
—
|
|
|
|
|
|
(0.01)
|
Total–As
Reported
|
|
|
|
|
$
0.69
|
|
|
|
|
|
$
0.59
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June
|
|
Year-To-Date
June
|
Non-GAAP Financial
Measures
|
2022
|
|
2021
|
|
Change
|
|
2022
|
|
2021
|
|
Change
|
Earnings Per
Share–
|
|
|
|
|
|
|
|
|
|
|
|
Excluding Items (See
Notes)
|
$
1.07
|
|
$
0.84
|
|
$
0.23
|
|
$
2.05
|
|
$
1.82
|
|
$
0.23
|
|
|
|
|
|
|
|
|
|
|
|
|
Total–As
Reported
|
|
|
|
|
$
0.69
|
|
|
|
|
|
$
0.59
|
Less:
|
|
|
|
|
|
|
|
|
|
|
|
Estimated Loss on
Plants Under Construction2
|
|
|
|
|
0.28
|
|
|
|
|
|
0.31
|
Acquisition and
Disposition Impacts
|
|
|
|
|
0.01
|
|
|
|
|
|
—
|
Wholesale Gas
Services3
|
|
|
|
|
0.11
|
|
|
|
|
|
(0.01)
|
Asset
Impairments4
|
|
|
|
|
0.06
|
|
|
|
|
|
0.06
|
Total–Excluding Items
|
|
|
|
|
$
0.23
|
|
|
|
|
|
$
0.23
|
- See Notes on the
following page.
|
Page 6
|
Southern
Company
|
Significant Factors
Impacting EPS
|
Notes
|
(1)
|
Dilution is not
material in any period presented. Diluted earnings per share was
$1.03 and $2.00 for the three and six months ended June 30, 2022
and was $0.35 and $1.41 for the three and six months ended June 30,
2021, respectively.
|
(2)
|
Earnings for the three
and six months ended June 30, 2022 include a charge of $52 million
pre tax ($39 million after tax), earnings for the three months
ended June 30, 2021 include a charge of $460 million pre tax ($343
million after tax), and earnings for the six months ended June 30,
2021 include charges totaling $508 million pre tax ($379 million
after tax) for estimated probable losses on Georgia Power Company's
construction of Plant Vogtle Units 3 and 4. Further charges
may occur; however, the amount and timing of any such charges are
uncertain. Earnings for the three and six months ended June
30, 2022 and 2021 also include charges (net of salvage proceeds),
associated legal expenses (net of insurance recoveries), and tax
impacts related to Mississippi Power Company's integrated coal
gasification combined cycle facility project in Kemper County,
Mississippi. Mississippi Power Company expects to incur
additional pre-tax period costs to complete dismantlement of the
abandoned gasifier-related assets and site restoration activities,
including related costs for compliance and safety, asset retirement
obligation accretion, and property taxes, net of salvage, totaling
$10 million to $20 million annually through 2025.
|
(3)
|
Earnings for the three
and six months ended June 30, 2021 include results of the Wholesale
Gas Services business, which was sold on July 1, 2021. Presenting
earnings and earnings per share excluding Wholesale Gas Services
provided an additional measure of operating performance that
excluded 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, 2021 include pre-tax impairment
charges of $82 million ($58 million after tax) related to Southern
Company Gas' investment in the PennEast Pipeline project and $7
million ($6 million after tax) related to a leveraged lease
investment. Impairment charges may occur in the future; however,
the amount and timing of any such charges are uncertain.
|
Page 7
|
|
Southern
Company
|
EPS Earnings
Analysis
|
|
|
|
|
|
|
|
Description
|
Three Months
Ended
June 2022 vs. 2021
|
|
Year-To-Date
June
2022 vs. 2021
|
|
|
|
|
Retail Sales
|
6¢
|
|
7¢
|
|
|
|
|
Retail Revenue
Impacts
|
16
|
|
21
|
|
|
|
|
Weather
|
10
|
|
11
|
|
|
|
|
Wholesale & Other
Operating Revenues
|
1
|
|
1
|
|
|
|
|
Non-Fuel
O&M(*)
|
(5)
|
|
(14)
|
|
|
|
|
Depreciation and
Amortization, Interest Expense, Other
|
(3)
|
|
(2)
|
|
|
|
|
Income Taxes
|
(4)
|
|
(4)
|
|
|
|
|
Total Traditional
Electric Operating Companies
|
21¢
|
|
20¢
|
|
|
|
|
Southern
Power
|
6
|
|
4
|
|
|
|
|
Southern Company
Gas
|
—
|
|
5
|
|
|
|
|
Parent and
Other
|
(4)
|
|
(5)
|
|
|
|
|
Increase in
Shares
|
—
|
|
(1)
|
|
|
|
|
Total Change in EPS
(Excluding Items)
|
23¢
|
|
23¢
|
|
|
|
|
Estimated Loss on
Plants Under Construction1
|
28
|
|
31
|
|
|
|
|
Acquisition and
Disposition Impacts
|
1
|
|
—
|
|
|
|
|
Wholesale Gas
Services2
|
11
|
|
(1)
|
|
|
|
|
Asset
Impairments3
|
6
|
|
6
|
|
|
|
|
Total Change in EPS
(As Reported)
|
69¢
|
|
59¢
|
(*) Includes
non-service cost-related benefits income
|
|
|
|
- See additional Notes
on the following page.
|
|
|
|
Page 8
|
Southern
Company
|
EPS Earnings
Analysis
|
Notes
|
(1)
|
Earnings for the three
and six months ended June 30, 2022 include a charge of $52 million
pre tax ($39 million after tax), earnings for the three months
ended June 30, 2021 include a charge of $460 million pre tax ($343
million after tax), and earnings for the six months ended June 30,
2021 include charges totaling $508 million pre tax ($379 million
after tax) for estimated probable losses on Georgia Power Company's
construction of Plant Vogtle Units 3 and 4. Further charges
may occur; however, the amount and timing of any such charges are
uncertain. Earnings for the three and six months ended June
30, 2022 and 2021 also include charges (net of salvage proceeds),
associated legal expenses (net of insurance recoveries), and tax
impacts related to Mississippi Power Company's integrated coal
gasification combined cycle facility project in Kemper County,
Mississippi. Mississippi Power Company expects to incur
additional pre-tax period costs to complete dismantlement of the
abandoned gasifier-related assets and site restoration activities,
including related costs for compliance and safety, asset retirement
obligation accretion, and property taxes, net of salvage, totaling
$10 million to $20 million annually through 2025.
|
(2)
|
Earnings for the three
and six months ended June 30, 2021 include results of the Wholesale
Gas Services business, which was sold on July 1, 2021. Presenting
earnings and earnings per share excluding Wholesale Gas Services
provided an additional measure of operating performance that
excluded the volatility resulting from mark-to-market and lower of
weighted average cost or current market price accounting
adjustments.
|
(3)
|
Earnings for the three
and six months ended June 30, 2021 include pre-tax impairment
charges of $82 million ($58 million after tax) related to Southern
Company Gas' investment in the PennEast Pipeline project and $7
million ($6 million after tax) related to a leveraged lease
investment. Impairment charges may occur in the future; however,
the amount and timing of any such charges are uncertain.
|
Page 9
|
|
Southern
Company
|
Consolidated
Earnings
|
As
Reported
|
(In Millions of
Dollars)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June
|
|
Year-To-Date
June
|
|
2022
|
|
2021
|
|
Change
|
|
2022
|
|
2021
|
|
Change
|
Retail Electric
Revenues-
|
|
|
|
|
|
|
|
|
|
|
|
Fuel
|
$
1,608
|
|
$ 875
|
|
$ 733
|
|
$
2,622
|
|
$
1,712
|
|
$ 910
|
Non-Fuel
|
3,181
|
|
2,724
|
|
457
|
|
5,780
|
|
5,229
|
|
551
|
Wholesale Electric
Revenues
|
937
|
|
546
|
|
391
|
|
1,601
|
|
1,091
|
|
510
|
Other Electric
Revenues
|
192
|
|
175
|
|
17
|
|
370
|
|
346
|
|
24
|
Natural Gas
Revenues
|
1,083
|
|
677
|
|
406
|
|
3,140
|
|
2,371
|
|
769
|
Other
Revenues
|
205
|
|
201
|
|
4
|
|
341
|
|
359
|
|
(18)
|
Total Operating
Revenues
|
7,206
|
|
5,198
|
|
2,008
|
|
13,854
|
|
11,108
|
|
2,746
|
Fuel and Purchased
Power
|
2,123
|
|
1,065
|
|
1,058
|
|
3,466
|
|
2,120
|
|
1,346
|
Cost of Natural
Gas
|
452
|
|
231
|
|
221
|
|
1,546
|
|
814
|
|
732
|
Cost of Other
Sales
|
114
|
|
103
|
|
11
|
|
183
|
|
185
|
|
(2)
|
Non-Fuel
O&M
|
1,558
|
|
1,438
|
|
120
|
|
3,075
|
|
2,810
|
|
265
|
Depreciation and
Amortization
|
913
|
|
891
|
|
22
|
|
1,805
|
|
1,762
|
|
43
|
Taxes Other Than Income
Taxes
|
349
|
|
313
|
|
36
|
|
721
|
|
657
|
|
64
|
Estimated Loss on Plant
Vogtle Units 3 and 4
|
52
|
|
460
|
|
(408)
|
|
52
|
|
508
|
|
(456)
|
Gain on Dispositions,
net
|
(10)
|
|
(11)
|
|
1
|
|
(33)
|
|
(54)
|
|
21
|
Total Operating
Expenses
|
5,551
|
|
4,490
|
|
1,061
|
|
10,815
|
|
8,802
|
|
2,013
|
Operating
Income
|
1,655
|
|
708
|
|
947
|
|
3,039
|
|
2,306
|
|
733
|
Allowance for Equity
Funds Used During Construction
|
53
|
|
45
|
|
8
|
|
104
|
|
90
|
|
14
|
Earnings (Loss) from
Equity Method Investments
|
34
|
|
(40)
|
|
74
|
|
80
|
|
5
|
|
75
|
Interest Expense, Net
of Amounts Capitalized
|
488
|
|
450
|
|
38
|
|
950
|
|
901
|
|
49
|
Other Income (Expense),
net
|
139
|
|
101
|
|
38
|
|
283
|
|
160
|
|
123
|
Income Taxes
(Benefit)
|
304
|
|
(12)
|
|
316
|
|
477
|
|
178
|
|
299
|
Net
Income
|
1,089
|
|
376
|
|
713
|
|
2,079
|
|
1,482
|
|
597
|
Dividends on Preferred
Stock of Subsidiaries
|
4
|
|
4
|
|
—
|
|
7
|
|
7
|
|
—
|
Net Loss Attributable
to Noncontrolling Interests
|
(22)
|
|
—
|
|
(22)
|
|
(67)
|
|
(33)
|
|
(34)
|
NET INCOME
ATTRIBUTABLE TO SOUTHERN COMPANY
|
$
1,107
|
|
$ 372
|
|
$ 735
|
|
$
2,139
|
|
$
1,508
|
|
$ 631
|
Notes
|
- Certain prior year
data may have been reclassified to conform with current year
presentation.
|
Page 10
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Southern
Company
|
Kilowatt-Hour Sales
and Customers
|
(In Millions of
KWHs)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June
|
|
Year-To-Date
June
|
|
2022
|
|
2021
|
|
Change
|
|
Weather
Adjusted
Change
|
|
2022
|
|
2021
|
|
Change
|
|
Weather
Adjusted
Change
|
Kilowatt-Hour
Sales-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Sales
|
51,541
|
|
46,020
|
|
12.0 %
|
|
|
|
100,269
|
|
92,442
|
|
8.5 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Retail
Sales-
|
37,072
|
|
34,655
|
|
7.0 %
|
|
2.3 %
|
|
72,228
|
|
69,306
|
|
4.2 %
|
|
1.5 %
|
Residential
|
12,062
|
|
10,838
|
|
11.3 %
|
|
1.0 %
|
|
24,166
|
|
22,878
|
|
5.6 %
|
|
(0.1) %
|
Commercial
|
12,246
|
|
11,500
|
|
6.5 %
|
|
2.2 %
|
|
23,233
|
|
22,243
|
|
4.5 %
|
|
2.1 %
|
Industrial
|
12,615
|
|
12,162
|
|
3.7 %
|
|
3.7 %
|
|
24,527
|
|
23,870
|
|
2.8 %
|
|
2.8 %
|
Other
|
149
|
|
155
|
|
(4.2) %
|
|
(4.4) %
|
|
302
|
|
315
|
|
(4.4) %
|
|
(4.4) %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Wholesale
Sales
|
14,469
|
|
11,365
|
|
27.3 %
|
|
N/A
|
|
28,041
|
|
23,136
|
|
21.2 %
|
|
N/A
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In Thousands of
Customers)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period Ended
June
|
|
|
|
|
|
|
|
|
|
|
|
2022
|
|
2021
|
|
Change
|
|
|
Regulated Utility
Customers-
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Utility
Customers-
|
|
|
|
|
|
|
|
8,724
|
|
8,659
|
|
0.8 %
|
|
|
Total Traditional
Electric
|
|
|
|
|
|
4,410
|
|
4,359
|
|
1.2 %
|
|
|
Southern Company
Gas
|
|
|
|
|
|
|
|
4,314
|
|
4,300
|
|
0.3 %
|
|
|
Page 11
|
|
|
|
|
|
|
|
Southern
Company
|
Financial
Overview
|
As
Reported
|
(In Millions of
Dollars)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June
|
|
Year-To-Date
June
|
|
2022
|
|
2021
|
|
% Change
|
|
2022
|
|
2021
|
|
% Change
|
Southern Company
–
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Revenues
|
$
7,206
|
|
$
5,198
|
|
38.6 %
|
|
$
13,854
|
|
$ 11,108
|
|
24.7 %
|
Earnings Before Income
Taxes
|
1,393
|
|
364
|
|
N/M
|
|
2,556
|
|
1,660
|
|
54.0 %
|
Net Income Available to
Common
|
1,107
|
|
372
|
|
N/M
|
|
2,139
|
|
1,508
|
|
41.8 %
|
|
|
|
|
|
|
|
|
|
|
|
|
Alabama Power
–
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Revenues
|
$
1,931
|
|
$
1,556
|
|
24.1 %
|
|
$
3,580
|
|
$
3,115
|
|
14.9 %
|
Earnings Before Income
Taxes
|
508
|
|
439
|
|
15.7 %
|
|
964
|
|
910
|
|
5.9 %
|
Net Income Available to
Common
|
383
|
|
331
|
|
15.7 %
|
|
730
|
|
690
|
|
5.8 %
|
|
|
|
|
|
|
|
|
|
|
|
|
Georgia Power
–
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Revenues
|
$
3,121
|
|
$
2,225
|
|
40.3 %
|
|
$
5,328
|
|
$
4,195
|
|
27.0 %
|
Earnings Before Income
Taxes
|
772
|
|
93
|
|
N/M
|
|
1,187
|
|
462
|
|
N/M
|
Net Income Available to
Common
|
608
|
|
143
|
|
N/M
|
|
993
|
|
494
|
|
N/M
|
|
|
|
|
|
|
|
|
|
|
|
|
Mississippi Power
–
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Revenues
|
$ 434
|
|
$ 303
|
|
43.2 %
|
|
$ 769
|
|
$ 610
|
|
26.1 %
|
Earnings Before Income
Taxes
|
57
|
|
46
|
|
23.9 %
|
|
107
|
|
95
|
|
12.6 %
|
Net Income Available to
Common
|
45
|
|
38
|
|
18.4 %
|
|
87
|
|
83
|
|
4.8 %
|
|
|
|
|
|
|
|
|
|
|
|
|
Southern Power
–
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Revenues
|
$ 899
|
|
$ 490
|
|
83.5 %
|
|
$
1,438
|
|
$ 930
|
|
54.6 %
|
Earnings Before Income
Taxes
|
101
|
|
34
|
|
N/M
|
|
116
|
|
89
|
|
30.3 %
|
Net Income Available to
Common
|
98
|
|
36
|
|
N/M
|
|
170
|
|
133
|
|
27.8 %
|
|
|
|
|
|
|
|
|
|
|
|
|
Southern Company Gas
–
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Revenues
|
$
1,083
|
|
$ 677
|
|
60.0 %
|
|
$
3,140
|
|
$
2,371
|
|
32.4 %
|
Earnings (Loss) Before
Income Taxes
|
151
|
|
(94)
|
|
N/M
|
|
567
|
|
425
|
|
33.4 %
|
Net Income (Loss)
Available to Common
|
115
|
|
(65)
|
|
N/M
|
|
433
|
|
333
|
|
30.0 %
|
N/M - Not
Meaningful
|
|
|
|
|
|
|
|
|
|
|
|
Notes
|
- See Financial
Highlights pages for discussion of certain significant items
occurring during the periods
|
View original content to download
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SOURCE Southern Company