Southern Company reports second-quarter 2021 earnings
ATLANTA, July 29, 2021 /PRNewswire/ -- Southern Company today reported second-quarter 2021 earnings of $372 million, or 35 cents per share, compared with $612 million, or 58 cents per share, in the second quarter of 2020. For the six months ended June 30, 2021, Southern Company reported earnings of $1.51 billion, or $1.42 per share, compared with earnings of $1.48 billion, or $1.40 per share, for the same period in 2020.
Excluding the items described under "Net Income – Excluding Items" in the table below, Southern Company earned $891 million, or 84 cents per share, during the second quarter of 2021, compared with $822 million, or 78 cents per share, during the second quarter of 2020. For the six months ended June 30, 2021, excluding these items, Southern Company earned $1.93 billion, or $1.82 per share, compared with $1.65 billion, or $1.56 per share, for the same period in 2020.
Non-GAAP Financial Measures | Three Months Ended June | Year-to-Date June | ||||
Net Income - Excluding Items (in millions) | 2021 | 2020 | 2021 | 2020 | ||
Net Income - As Reported | $372 | $612 | $1,508 | $1,480 | ||
Less: | ||||||
Estimated Loss on Plants Under Construction | (462) | (152) | (507) | (155) | ||
Tax Impact | 118 | 39 | 130 | 40 | ||
Acquisition and Disposition Impacts | 1 | - | 1 | 38 | ||
Tax Impact | - | - | - | (16) | ||
Wholesale Gas Services | (147) | (31) | 19 | - | ||
Tax Impact | 35 | 8 | (5) | - | ||
Asset Impairments | (89) | (154) | (89) | (154) | ||
Tax Impact | 25 | 80 | 25 | 80 | ||
Net Income – Excluding Items | $891 | $822 | $1,934 | $1,647 | ||
Average Shares Outstanding – (in millions) | 1,061 | 1,058 | 1,060 | 1,057 | ||
Basic Earnings Per Share – Excluding Items | $0.84 | $0.78 | $1.82 | $1.56 | ||
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 of 2021, as compared with 2020, were strong customer usage, as well as robust customer growth and constructive state regulatory actions. These impacts were partially offset by higher non-fuel operations and maintenance costs as the emerging economic recovery resulted in a return to more normal business operations. Earnings for the second quarter of 2021 were also significantly impacted by a $343 million after-tax charge related to Georgia Power's construction of Plant Vogtle units 3 and 4.
"The Southern Company system achieved solid operational performance in the second quarter of 2021," said Chairman, President and CEO, Thomas A. Fanning. "We saw a year-over-year increase in retail electric sales, as the economies in our service territories continue to recover from the effects of the COVID-19 pandemic, and we experienced strong customer growth in our Southeastern footprint".
"We're also pleased to report that the integrated operation of Plant Vogtle Unit 3 has now been demonstrated with the successful completion of hot functional testing, our most significant project milestone to date," added Fanning.
Second-quarter 2021 operating revenues were $5.2 billion, compared with $4.6 billion for the second quarter of 2020, an increase of 12.5 percent. For the six months ended June 30, 2021, operating revenues were $11.11 billion, compared with $9.64 billion for the corresponding period in 2020, an increase of 15.3 percent. These increases were primarily due to higher fuel costs. Colder weather in the first quarter 2021 also contributed to the increase for the six months ended June 30, 2021.
Southern Company's second-quarter earnings slides with supplemental financial information, including long-term earnings guidance, 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 Andrew W. Evans will discuss earnings and provide a general business update, including an update on the Vogtle units 3 and 4 construction project and earnings guidance. 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 CompanySouthern 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
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Financial Highlights
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(In Millions of Dollars Except Earnings Per Share) | |||||||||||||||
Three Months Ended June | Year-to-Date June | ||||||||||||||
Net Income–As Reported (See Notes) | 2021 | 2020 | 2021 | 2020 | |||||||||||
Traditional Electric Operating Companies | $ | 511 | $ | 645 | $ | 1,267 | $ | 1,287 | |||||||
Southern Power | 36 | 63 | 133 | 138 | |||||||||||
Southern Company Gas | (65) | 71 | 333 | 346 | |||||||||||
Total | 482 | 779 | 1,733 | 1,771 | |||||||||||
Parent Company and Other | (110) | (167) | (225) | (291) | |||||||||||
Net Income–As Reported | $ | 372 | $ | 612 | $ | 1,508 | $ | 1,480 | |||||||
Basic Earnings Per Share1 | $ | 0.35 | $ | 0.58 | $ | 1.42 | $ | 1.40 | |||||||
Average Shares Outstanding (in millions) | 1,061 | 1,058 | 1,060 | 1,057 | |||||||||||
End of Period Shares Outstanding (in millions) | 1,059 | 1,056 | |||||||||||||
Non-GAAP Financial Measures | Three Months Ended June | Year-to-Date June | |||||||||||||
Net Income–Excluding Items (See Notes) | 2021 | 2020 | 2021 | 2020 | |||||||||||
Net Income–As Reported | $ | 372 | $ | 612 | $ | 1,508 | $ | 1,480 | |||||||
Less: | |||||||||||||||
Estimated Loss on Plants Under Construction2 | (462) | (152) | (507) | (155) | |||||||||||
Tax Impact | 118 | 39 | 130 | 40 | |||||||||||
Acquisition and Disposition Impacts3 | 1 | — | 1 | 38 | |||||||||||
Tax Impact | — | — | — | (16) | |||||||||||
Wholesale Gas Services4 | (147) | (31) | 19 | — | |||||||||||
Tax Impact | 35 | 8 | (5) | — | |||||||||||
Asset Impairments5 | (89) | (154) | (89) | (154) | |||||||||||
Tax Impact | 25 | 80 | 25 | 80 | |||||||||||
Net Income–Excluding Items | $ | 891 | $ | 822 | $ | 1,934 | $ | 1,647 | |||||||
Basic Earnings Per Share–Excluding Items | $ | 0.84 | $ | 0.78 | $ | 1.82 | $ | 1.56 | |||||||
-See Notes on the following page. | |||||||||||||||
Southern Company | |
Financial Highlights | |
Notes | |
(1) | Dilution is not material in any period presented. Diluted earnings per share was $0.35 and $1.41 for the three and six months ended June 30, 2021 and was $0.58 and $1.39 for the three and six months ended June 30, 2020, respectively. |
(2) | Earnings for the three months ended June 30, 2021 include a charge of $460 million pre tax ($343 million after tax), earnings for the six months ended June 30, 2021 include charges totaling $508 million pre tax ($379 million after tax), and earnings for the three and six months ended June 30, 2020 include a charge of $149 million pre tax ($111 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, 2021 and 2020 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, totaling $10 million to $20 million annually through 2025. |
(3) | Earnings for the six months ended June 30, 2020 primarily include a $39 million pre-tax ($23 million after-tax) gain on the sale of Southern Power Company's Plant Mankato. Further impacts may be recorded in future periods in connection with acquisition and disposition activity. |
(4) | Earnings for the three and six months ended June 30, 2021 and 2020 include Wholesale Gas Services business results. Presenting earnings and earnings per share excluding Wholesale Gas Services provides 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. This business was sold on July 1, 2021. |
(5) | Earnings for the three and six months ended June 30, 2021 includes 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. Earnings for the three and six months ended June 30, 2020 include a pre-tax impairment charge of $154 million ($74 million after tax) related to another leveraged lease investment. Impairment charges may occur in the future; however, the amount and timing of any such charges are uncertain. |
Southern Company | |||||||||||||||||||||||
Significant Factors Impacting EPS | |||||||||||||||||||||||
Three Months Ended June | Year-to-Date June | ||||||||||||||||||||||
2021 | 2020 | Change | 2021 | 2020 | Change | ||||||||||||||||||
Earnings Per Share– | |||||||||||||||||||||||
As Reported1 (See Notes) | $ | 0.35 | $ | 0.58 | $ | (0.23) | $ | 1.42 | $ | 1.40 | $ | 0.02 | |||||||||||
Significant Factors: | |||||||||||||||||||||||
Traditional Electric Operating Companies | $ | (0.13) | $ | (0.02) | |||||||||||||||||||
Southern Power | (0.03) | — | |||||||||||||||||||||
Southern Company Gas | (0.13) | (0.01) | |||||||||||||||||||||
Parent Company and Other | 0.06 | 0.06 | |||||||||||||||||||||
Increase in Shares | — | (0.01) | |||||||||||||||||||||
Total–As Reported | $ | (0.23) | $ | 0.02 | |||||||||||||||||||
Three Months Ended June | Year-to-Date June | ||||||||||||||||||||||
Non-GAAP Financial Measures | 2021 | 2020 | Change | 2021 | 2020 | Change | |||||||||||||||||
Earnings Per Share– | |||||||||||||||||||||||
Excluding Items (See Notes) | $ | 0.84 | $ | 0.78 | $ | 0.06 | $ | 1.82 | $ | 1.56 | $ | 0.26 | |||||||||||
Total–As Reported | $ | (0.23) | $ | 0.02 | |||||||||||||||||||
Less: | |||||||||||||||||||||||
Estimated Loss on Plants Under Construction2 | (0.21) | (0.24) | |||||||||||||||||||||
Acquisition and Disposition Impacts3 | — | (0.02) | |||||||||||||||||||||
Wholesale Gas Services4 | (0.09) | 0.01 | |||||||||||||||||||||
Asset Impairments5 | 0.01 | 0.01 | |||||||||||||||||||||
Total–Excluding Items | $ | 0.06 | $ | 0.26 | |||||||||||||||||||
- See Notes on the following page. | |||||||||||||||||||||||
Southern Company | |
Significant Factors Impacting EPS | |
Notes | |
(1) | Dilution is not material in any period presented. Diluted earnings per share was $0.35 and $1.41 for the three and six months ended June 30, 2021 and was $0.58 and $1.39 for the three and six months ended June 30, 2020, respectively. |
(2) | Earnings for the three months ended June 30, 2021 include a charge of $460 million pre tax ($343 million after tax), earnings for the six months ended June 30, 2021 include charges totaling $508 million pre tax ($379 million after tax), and earnings for the three and six months ended June 30, 2020 include a charge of $149 million pre tax ($111 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, 2021 and 2020 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, totaling $10 million to $20 million annually through 2025. |
(3) | Earnings for the six months ended June 30, 2020 primarily include a $39 million pre-tax ($23 million after-tax) gain on the sale of Southern Power Company's Plant Mankato. Further impacts may be recorded in future periods in connection with acquisition and disposition activity. |
(4) | Earnings for the three and six months ended June 30, 2021 and 2020 include Wholesale Gas Services business results. Presenting earnings and earnings per share excluding Wholesale Gas Services provides 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. This business was sold on July 1, 2021. |
(5) | Earnings for the three and six months ended June 30, 2021 includes 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. Earnings for the three and six months ended June 30, 2020 include a pre-tax impairment charge of $154 million ($74 million after tax) related to another leveraged lease investment. Impairment charges may occur in the future; however, the amount and timing of any such charges are uncertain. |
Southern Company | |||
EPS Earnings Analysis | |||
Description | Three Months Ended June 2021 vs. 2020 | Year-To-Date June 2021 vs. 2020 | |
Retail Sales | 7¢ | 5¢ | |
Retail Revenue Impacts | 7 | 9 | |
Weather | 1 | 8 | |
Wholesale & Other Operating Revenues | 4 | 8 | |
Non-Fuel O&M | (11) | (11) | |
Depreciation and Amortization, Interest Expense, Other | 1 | 4 | |
Total Traditional Electric Operating Companies | 9¢ | 23¢ | |
Southern Power | (3) | 2 | |
Southern Company Gas | 1 | 3 | |
Parent and Other | (1) | (1) | |
Increase in Shares | — | (1) | |
Total Change in EPS (Excluding Items) | 6¢ | 26¢ | |
Estimated Loss on Plants Under Construction1 | (21) | (24) | |
Acquisition and Disposition Impacts2 | — | (2) | |
Wholesale Gas Services3 | (9) | 1 | |
Asset Impairments4 | 1 | 1 | |
Total Change in EPS (As Reported) | (23)¢ | 2¢ | |
- See Notes on the following page. | |||
Southern Company | |
EPS Earnings Analysis | |
Notes | |
(1) | Earnings for the three months ended June 30, 2021 include a charge of $460 million pre tax ($343 million after tax), earnings for the six months ended June 30, 2021 include charges totaling $508 million pre tax ($379 million after tax), and earnings for the three and six months ended June 30, 2020 include a charge of $149 million pre tax ($111 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, 2021 and 2020 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, totaling $10 million to $20 million annually through 2025. |
(2) | Earnings for the six months ended June 30, 2020 primarily include a $39 million pre-tax ($23 million after-tax) gain on the sale of Southern Power Company's Plant Mankato. Further impacts may be recorded in future periods in connection with acquisition and disposition activity. |
(3) | Earnings for the three and six months ended June 30, 2021 and 2020 include Wholesale Gas Services business results. Presenting earnings and earnings per share excluding Wholesale Gas Services provides 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. This business was sold on July 1, 2021. |
(4) | Earnings for the three and six months ended June 30, 2021 includes 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. Earnings for the three and six months ended June 30, 2020 include a pre-tax impairment charge of $154 million ($74 million after tax) related to another leveraged lease investment. Impairment charges may occur in the future; however, the amount and timing of any such charges are uncertain. |
Southern Company | |||||||||||||||||||||||
Consolidated Earnings
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As Reported | |||||||||||||||||||||||
(In Millions of Dollars)
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Three Months Ended June | Year-to-Date June | ||||||||||||||||||||||
2021 | 2020 | Change | 2021 | 2020 | Change | ||||||||||||||||||
Income Account- | |||||||||||||||||||||||
Retail Electric Revenues- | |||||||||||||||||||||||
Fuel | $ | 875 | $ | 676 | $ | 199 | $ | 1,712 | $ | 1,353 | $ | 359 | |||||||||||
Non-Fuel | 2,724 | 2,506 | 218 | 5,229 | 4,907 | 322 | |||||||||||||||||
Wholesale Electric Revenues | 546 | 472 | 74 | 1,091 | 889 | 202 | |||||||||||||||||
Other Electric Revenues | 175 | 168 | 7 | 346 | 320 | 26 | |||||||||||||||||
Natural Gas Revenues | 677 | 636 | 41 | 2,371 | 1,885 | 486 | |||||||||||||||||
Other Revenues | 201 | 162 | 39 | 359 | 284 | 75 | |||||||||||||||||
Total Revenues | 5,198 | 4,620 | 578 | 11,108 | 9,638 | 1,470 | |||||||||||||||||
Fuel and Purchased Power | 1,065 | 821 | 244 | 2,120 | 1,638 | 482 | |||||||||||||||||
Cost of Natural Gas | 231 | 144 | 87 | 814 | 583 | 231 | |||||||||||||||||
Cost of Other Sales | 103 | 74 | 29 | 185 | 129 | 56 | |||||||||||||||||
Non-Fuel O&M | 1,438 | 1,203 | 235 | 2,810 | 2,498 | 312 | |||||||||||||||||
Depreciation and Amortization | 891 | 873 | 18 | 1,762 | 1,730 | 32 | |||||||||||||||||
Taxes Other Than Income Taxes | 313 | 298 | 15 | 657 | 629 | 28 | |||||||||||||||||
Estimated Loss on Plant Vogtle Units 3 and 4 | 460 | 149 | 311 | 508 | 149 | 359 | |||||||||||||||||
(Gain) Loss on Dispositions, net | (11) | — | (11) | (54) | (39) | (15) | |||||||||||||||||
Total Operating Expenses | 4,490 | 3,562 | 928 | 8,802 | 7,317 | 1,485 | |||||||||||||||||
Operating Income | 708 | 1,058 | (350) | 2,306 | 2,321 | (15) | |||||||||||||||||
Allowance for Equity Funds Used During Construction | 45 | 35 | 10 | 90 | 68 | 22 | |||||||||||||||||
Earnings (Loss) from Equity Method Investments | (40) | 30 | (70) | 5 | 72 | (67) | |||||||||||||||||
Interest Expense, Net of Amounts Capitalized | 450 | 444 | 6 | 901 | 900 | 1 | |||||||||||||||||
Impairment of Leveraged Leases | 7 | 154 | (147) | 7 | 154 | (147) | |||||||||||||||||
Other Income (Expense), net | 108 | 101 | 7 | 167 | 204 | (37) | |||||||||||||||||
Income Taxes (Benefit) | (12) | 5 | (17) | 178 | 150 | 28 | |||||||||||||||||
Net Income | 376 | 621 | (392) | 1,482 | 1,461 | (126) | |||||||||||||||||
Less: | |||||||||||||||||||||||
Dividends on Preferred Stock of Subsidiaries | 4 | 4 | — | 7 | 7 | — | |||||||||||||||||
Net Income (Loss) Attributable to Noncontrolling Interests | — | 5 | (5) | (33) | (26) | (7) | |||||||||||||||||
NET INCOME ATTRIBUTABLE TO SOUTHERN COMPANY | $ | 372 | $ | 612 | $ | (240) | $ | 1,508 | $ | 1,480 | $ | 28 | |||||||||||
Notes- Certain prior year data may have been reclassified to conform with current year presentation. | |||||||||||||||||||||||
Southern Company | ||||||||||||||||||||||||||||||||||||||||||||
Kilowatt-Hour Sales and Customers | ||||||||||||||||||||||||||||||||||||||||||||
(In Millions of KWHs) | ||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended June | Year-to-Date June | |||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | Change | Weather Adjusted Change | 2021 | 2020 | Change | Weather Adjusted Change | |||||||||||||||||||||||||||||||||||||
Kilowatt-Hour Sales- | ||||||||||||||||||||||||||||||||||||||||||||
Total Sales | 46,020 | 43,547 | 5.7 | % | 92,442 | 87,811 | 5.3 | % | ||||||||||||||||||||||||||||||||||||
Total Retail Sales- | 34,655 | 32,460 | 6.8 | % | 6.0 | % | 69,306 | 66,505 | 4.2 | % | 2.0 | % | ||||||||||||||||||||||||||||||||
Residential | 10,838 | 10,879 | (0.4) | % | (2.0) | % | 22,878 | 21,745 | 5.2 | % | (0.4) | % | ||||||||||||||||||||||||||||||||
Commercial | 11,500 | 10,531 | 9.2 | % | 8.7 | % | 22,243 | 21,470 | 3.6 | % | 2.7 | % | ||||||||||||||||||||||||||||||||
Industrial | 12,162 | 10,886 | 11.7 | % | 11.7 | % | 23,870 | 22,952 | 4.0 | % | 4.0 | % | ||||||||||||||||||||||||||||||||
Other | 155 | 164 | (5.4) | % | (5.3) | % | 315 | 338 | (6.6) | % | (6.8) | % | ||||||||||||||||||||||||||||||||
Total Wholesale Sales | 11,365 | 11,087 | 2.5 | % | N/A | 23,136 | 21,306 | 8.6 | % | N/A | ||||||||||||||||||||||||||||||||||
(In Thousands of Customers) | ||||||||||||||||||||||||||||||||||||||||||||
Period Ended June | ||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | Change | ||||||||||||||||||||||||||||||||||||||||||
Regulated Utility Customers- | ||||||||||||||||||||||||||||||||||||||||||||
Total Utility Customers- | 8,659 | 8,580 | 0.9% | |||||||||||||||||||||||||||||||||||||||||
Total Traditional Electric | 4,359 | 4,305 | 1.3% | |||||||||||||||||||||||||||||||||||||||||
Southern Company Gas | 4,300 | 4,275 | 0.6% | |||||||||||||||||||||||||||||||||||||||||
Southern Company | ||||||||||||||||||||||||||||||||||||||||||||
Financial Overview
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As Reported | ||||||||||||||||||||||||||||||||||||||||||||
(In Millions of Dollars)
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Three Months Ended June | Year-to-Date June | |||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | % Change | 2021 | 2020 | % Change | |||||||||||||||||||||||||||||||||||||||
Southern Company – | ||||||||||||||||||||||||||||||||||||||||||||
Operating Revenues | $ | 5,198 | $ | 4,620 | 12.5 | % | $ | 11,108 | $ | 9,638 | 15.3 | % | ||||||||||||||||||||||||||||||||
Earnings Before Income Taxes | 364 | 626 | (41.9) | % | 1,660 | 1,611 | 3.0 | % | ||||||||||||||||||||||||||||||||||||
Net Income Available to Common | 372 | 612 | (39.2) | % | 1,508 | 1,480 | 1.9 | % | ||||||||||||||||||||||||||||||||||||
Alabama Power – | ||||||||||||||||||||||||||||||||||||||||||||
Operating Revenues | $ | 1,556 | $ | 1,365 | 14.0 | % | $ | 3,115 | $ | 2,716 | 14.7 | % | ||||||||||||||||||||||||||||||||
Earnings Before Income Taxes | 439 | 395 | 11.1 | % | 910 | 762 | 19.4 | % | ||||||||||||||||||||||||||||||||||||
Net Income Available to Common | 331 | 298 | 11.1 | % | 690 | 578 | 19.4 | % | ||||||||||||||||||||||||||||||||||||
Georgia Power – | ||||||||||||||||||||||||||||||||||||||||||||
Operating Revenues | $ | 2,225 | $ | 1,928 | 15.4 | % | $ | 4,195 | $ | 3,754 | 11.7 | % | ||||||||||||||||||||||||||||||||
Earnings Before Income Taxes | 93 | 319 | (70.8) | % | 462 | 665 | (30.5) | % | ||||||||||||||||||||||||||||||||||||
Net Income Available to Common | 143 | 308 | (53.6) | % | 494 | 638 | (22.6) | % | ||||||||||||||||||||||||||||||||||||
Mississippi Power – | ||||||||||||||||||||||||||||||||||||||||||||
Operating Revenues | $ | 303 | $ | 283 | 7.1 | % | $ | 610 | $ | 559 | 9.1 | % | ||||||||||||||||||||||||||||||||
Earnings Before Income Taxes | 46 | 41 | 12.2 | % | 95 | 79 | 20.3 | % | ||||||||||||||||||||||||||||||||||||
Net Income Available to Common | 38 | 39 | (2.6) | % | 83 | 71 | 16.9 | % | ||||||||||||||||||||||||||||||||||||
Southern Power – | ||||||||||||||||||||||||||||||||||||||||||||
Operating Revenues | $ | 490 | $ | 439 | 11.6 | % | $ | 930 | $ | 814 | 14.3 | % | ||||||||||||||||||||||||||||||||
Earnings Before Income Taxes | 34 | 74 | (54.1) | % | 89 | 125 | (28.8) | % | ||||||||||||||||||||||||||||||||||||
Net Income Available to Common | 36 | 63 | (42.9) | % | 133 | 138 | (3.6) | % | ||||||||||||||||||||||||||||||||||||
Southern Company Gas – | ||||||||||||||||||||||||||||||||||||||||||||
Operating Revenues | $ | 677 | $ | 636 | 6.4 | % | $ | 2,371 | $ | 1,885 | 25.8 | % | ||||||||||||||||||||||||||||||||
Earnings (Loss) Before Income Taxes | (94) | 87 | N/M | 425 | 441 | (3.6) | % | |||||||||||||||||||||||||||||||||||||
Net Income (Loss) Available to Common | (65) | 71 | N/M | 333 | 346 | (3.8) | % | |||||||||||||||||||||||||||||||||||||
N/M - Not Meaningful Notes- See Financial Highlights pages for discussion of certain significant items occurring during the periods | ||||||||||||||||||||||||||||||||||||||||||||
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SOURCE Southern Company