Southern Company reports fourth-quarter and full-year 2020 earnings
Southern Company reported Q4 2020 earnings of $387 million (37 cents per share), a decline from $440 million (42 cents per share) in Q4 2019. For full-year 2020, earnings totaled $3.12 billion ($2.95 per share), down from $4.74 billion ($4.53 per share) in 2019. Excluding certain items, Q4 earnings were $497 million (47 cents per share), up from $283 million (27 cents per share) year-over-year. Despite a 4.9% decrease in annual revenues to $20.4 billion, there was a 4.1% increase in Q4 revenues compared to the previous year. Earnings guidance for 2021 will be discussed in today's analyst call.
- Q4 earnings (Excluding Items) increased to $497 million from $283 million YoY.
- Q4 operating revenues rose by 4.1% to $5.1 billion.
- Cost control efforts offset COVID-19 sales decline.
- Full-year earnings dropped to $3.12 billion from $4.74 billion YoY.
- Annual operating revenues decreased by 4.9% to $20.4 billion.
- Sales decline attributed to milder weather and COVID-19 impact.
ATLANTA, Feb. 18, 2021 /PRNewswire/ -- Southern Company today reported fourth-quarter 2020 earnings of
Excluding the items described under "Net Income – Excluding Items" in the table below, Southern Company earned
Non-GAAP Financial Measures | Three Months Ended December | Year-to-Date December | |||
Net Income - Excluding Items (in millions) | 2020 | 2019 | 2020 | 2019 | |
Net Income - As Reported | |||||
Less: | |||||
Acquisition and Disposition Impacts | 22 | 39 | 60 | 2,516 | |
Tax Impact | (6) | 48 | (22) | (1,081) | |
Estimated Loss on Plants Under Construction | (177) | (11) | (328) | (27) | |
Tax Impact | 45 | (4) | 84 | - | |
Wholesale Gas Services | 78 | 136 | 17 | 215 | |
Tax Impact | (19) | (34) | (3) | (52) | |
Asset Impairments | (52) | (16) | (206) | (108) | |
Tax Impact | 21 | (1) | 101 | 26 | |
Loss on Extinguishment of Debt | (29) | - | (29) | - | |
Tax Impact | 7 | - | 7 | - | |
Net Income – Excluding Items | |||||
Average Shares Outstanding – (in millions) | 1,058 | 1,052 | 1,058 | 1,046 | |
Basic Earnings Per Share – Excluding Items | |||||
NOTE: | For more information regarding these non-GAAP adjustments, see the footnotes accompanying the Financial Highlights page of the earnings package. |
Earnings drivers for the full year 2020 were positively influenced by diligent cost control and constructive state regulatory actions completed in 2019 at the company's utilities, more than offsetting the impact of a decline in sales related to the COVID-19 pandemic and milder weather.
"In a year that saw many challenges, Southern Company demonstrated significant resilience and operational excellence on multiple fronts," said Chairman, President and CEO, Thomas A. Fanning. "These efforts included prioritizing the health and safety of our workforce and communities, restoring electric service amid a record storm season and maintaining outstanding generation fleet reliability while delivering best-in-class customer service."
Fourth-quarter 2020 operating revenues were
Southern Company's fourth-quarter earnings slides with supplemental financial information, including earnings guidance for 2021, 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. 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 | Year-to-Date | ||||||||||||||
Net Income–As Reported (See Notes) | 2020 | 2019 | 2020 | 2019 | |||||||||||
Traditional Electric Operating Companies | $ | 306 | $ | 210 | $ | 2,877 | $ | 2,929 | |||||||
Southern Power | 26 | 23 | 238 | 339 | |||||||||||
Southern Company Gas | 230 | 238 | 590 | 585 | |||||||||||
Total | 562 | 471 | 3,705 | 3,853 | |||||||||||
Parent Company and Other | (175) | (31) | (586) | 886 | |||||||||||
Net Income–As Reported | $ | 387 | $ | 440 | $ | 3,119 | $ | 4,739 | |||||||
Basic Earnings Per Share1 | $ | 0.37 | $ | 0.42 | $ | 2.95 | $ | 4.53 | |||||||
Average Shares Outstanding (in millions) | 1,058 | 1,052 | 1,058 | 1,046 | |||||||||||
End of Period Shares Outstanding (in millions) | 1,056 | 1,053 | |||||||||||||
Non-GAAP Financial Measures | Three Months Ended | Year-to-Date | |||||||||||||
Net Income–Excluding Items (See Notes) | 2020 | 2019 | 2020 | 2019 | |||||||||||
Net Income–As Reported | $ | 387 | $ | 440 | $ | 3,119 | $ | 4,739 | |||||||
Less: | |||||||||||||||
Acquisition and Disposition Impacts2 | 22 | 39 | 60 | 2,516 | |||||||||||
Tax Impact | (6) | 48 | (22) | (1,081) | |||||||||||
Estimated Loss on Plants Under Construction3 | (177) | (11) | (328) | (27) | |||||||||||
Tax Impact | 45 | (4) | 84 | — | |||||||||||
Wholesale Gas Services4 | 78 | 136 | 17 | 215 | |||||||||||
Tax Impact | (19) | (34) | (3) | (52) | |||||||||||
Asset Impairments5 | (52) | (16) | (206) | (108) | |||||||||||
Tax Impact | 21 | (1) | 101 | 26 | |||||||||||
Loss on Extinguishment of Debt6 | (29) | — | (29) | — | |||||||||||
Tax Impact | 7 | — | 7 | — | |||||||||||
Net Income–Excluding Items | $ | 497 | $ | 283 | $ | 3,438 | $ | 3,250 | |||||||
Basic Earnings Per Share–Excluding Items | $ | 0.47 | $ | 0.27 | $ | 3.25 | $ | 3.11 | |||||||
-See Notes on the following page. | |||||||||||||||
Southern Company | |
Notes | |
(1) | Dilution is not material in any period presented. Diluted earnings per share was |
(2) | Earnings for the three and twelve months ended December 31, 2020 primarily include a |
(3) | Earnings for the three and twelve months ended December 31, 2020 include charges of |
(4) | Earnings for the three and twelve months ended December 31, 2020 and 2019 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. |
(5) | Earnings for the three and twelve months ended December 31, 2020 include impairment charges related to two leveraged leases. Earnings for the twelve months ended December 31, 2019 include a pre-tax impairment charge of |
(6) | Earnings for the three and twelve months ended December 31, 2020 include costs associated with the extinguishment of debt at Southern Company. Further costs may occur; however, the amount and timing of any such costs are uncertain. |
Southern Company | |||||||||||||||||||||||
Significant Factors Impacting EPS | |||||||||||||||||||||||
Three Months Ended | Year-to-Date | ||||||||||||||||||||||
2020 | 2019 | Change | 2020 | 2019 | Change | ||||||||||||||||||
Earnings Per Share– | |||||||||||||||||||||||
As Reported1 (See Notes) | $ | 0.37 | $ | 0.42 | $ | (0.05) | $ | 2.95 | $ | 4.53 | $ | (1.58) | |||||||||||
Significant Factors: | |||||||||||||||||||||||
Traditional Electric Operating Companies | $ | 0.09 | $ | (0.05) | |||||||||||||||||||
Southern Power | — | (0.10) | |||||||||||||||||||||
Southern Company Gas | (0.01) | 0.01 | |||||||||||||||||||||
Parent Company and Other | (0.13) | (1.41) | |||||||||||||||||||||
Increase in Shares | — | (0.03) | |||||||||||||||||||||
Total–As Reported | $ | (0.05) | $ | (1.58) | |||||||||||||||||||
Three Months Ended | Year-to-Date | ||||||||||||||||||||||
Non-GAAP Financial Measures | 2020 | 2019 | Change | 2020 | 2019 | Change | |||||||||||||||||
Earnings Per Share– | |||||||||||||||||||||||
Excluding Items (See Notes) | $ | 0.47 | $ | 0.27 | $ | 0.20 | $ | 3.25 | $ | 3.11 | $ | 0.14 | |||||||||||
Total–As Reported | $ | (0.05) | $ | (1.58) | |||||||||||||||||||
Less: | |||||||||||||||||||||||
Acquisition and Disposition Impacts2 | (0.07) | (1.33) | |||||||||||||||||||||
Estimated Loss on Plants Under Construction3 | (0.11) | (0.20) | |||||||||||||||||||||
Wholesale Gas Services4 | (0.04) | (0.15) | |||||||||||||||||||||
Asset Impairments5 | (0.01) | (0.02) | |||||||||||||||||||||
Loss on Extinguishment of Debt6 | $ | (0.02) | $ | (0.02) | |||||||||||||||||||
Total–Excluding Items | $ | 0.20 | $ | 0.14 | |||||||||||||||||||
- See Notes on the following page. | |||||||||||||||||||||||
Southern Company | |
Notes | |
(1) | Dilution is not material in any period presented. Diluted earnings per share was |
(2) | Earnings for the three and twelve months ended December 31, 2020 primarily include a |
(3) | Earnings for the three and twelve months ended December 31, 2020 include charges of |
(4) | Earnings for the three and twelve months ended December 31, 2020 and 2019 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. |
(5) | Earnings for the three and twelve months ended December 31, 2020 include impairment charges related to two leveraged leases. Earnings for the twelve months ended December 31, 2019 include a pre-tax impairment charge of |
(6) | Earnings for the three and twelve months ended December 31, 2020 include costs associated with the extinguishment of debt at Southern Company. Further costs may occur; however, the amount and timing of any such costs are uncertain. |
Southern Company EPS Earnings Analysis | |||||
Description | Three Months Ended | Year-to-Date | |||
Retail Sales | |||||
Retail Revenue Impacts | 0.15 | 0.39 | |||
Weather | 0.01 | (0.21) | |||
Wholesale & Other Operating Revenues | 0.03 | 0.02 | |||
Non-Fuel O&M | 0.06 | 0.12 | |||
Depreciation and Amortization, Interest Expense, Other | (0.06) | (0.21) | |||
Income Taxes | 0.04 | 0.19 | |||
Total Traditional Electric Operating Companies | |||||
Southern Power | 0.01 | (0.02) | |||
Southern Company Gas | — | 0.05 | |||
Parent and Other | (0.01) | (0.01) | |||
Increase in Shares | — | (0.04) | |||
Total Change in EPS (Excluding Items) | |||||
Acquisition and Disposition Impacts1 | (0.07) | (1.33) | |||
Estimated Loss on Plants Under Construction2 | (0.11) | (0.20) | |||
Wholesale Gas Services3 | (0.04) | (0.15) | |||
Asset Impairments5 | (0.01) | (0.02) | |||
Loss on Extinguishment of Debt6 | (0.02) | (0.02) | |||
Total Change in EPS (As Reported) | |||||
| |||||
Southern Company | |
Notes | |
(1) | Earnings for the three and twelve months ended December 31, 2020 primarily include a |
(2) | Earnings for the three and twelve months ended December 31, 2020 include charges of |
(3) | Earnings for the three and twelve months ended December 31, 2020 and 2019 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. |
(4) | Earnings for the three and twelve months ended December 31, 2020 include impairment charges related to two leveraged leases. Earnings for the twelve months ended December 31, 2019 include a pre-tax impairment charge of |
(5) | Earnings for the three and twelve months ended December 31, 2020 include costs associated with the extinguishment of debt at Southern Company. Further costs may occur; however, the amount and timing of any such costs are uncertain. |
Southern Company | |||||||||||||||||||||||
Consolidated Earnings | |||||||||||||||||||||||
As Reported | |||||||||||||||||||||||
(In Millions of Dollars) | |||||||||||||||||||||||
Three Months Ended December | Year-to-Date | ||||||||||||||||||||||
2020 | 2019 | Change | 2020 | 2019 | Change | ||||||||||||||||||
Income Account- | |||||||||||||||||||||||
Retail Electric Revenues- | |||||||||||||||||||||||
Fuel | $ | 786 | $ | 784 | $ | 2 | $ | 3,087 | $ | 3,591 | $ | (504) | |||||||||||
Non-Fuel | 2,354 | 2,164 | 190 | 10,556 | 10,493 | 63 | |||||||||||||||||
Wholesale Electric Revenues | 472 | 485 | (13) | 1,945 | 2,152 | (207) | |||||||||||||||||
Other Electric Revenues | 188 | 144 | 44 | 672 | 636 | 36 | |||||||||||||||||
Natural Gas Revenues | 1,072 | 1,131 | (59) | 3,434 | 3,792 | (358) | |||||||||||||||||
Other Revenues | 245 | 206 | 39 | 681 | 755 | (74) | |||||||||||||||||
Total Revenues | 5,117 | 4,914 | 203 | 20,375 | 21,419 | (1,044) | |||||||||||||||||
Fuel and Purchased Power | 965 | 977 | (12) | 3,766 | 4,438 | (672) | |||||||||||||||||
Cost of Natural Gas | 318 | 363 | (45) | 972 | 1,319 | (347) | |||||||||||||||||
Cost of Other Sales | 126 | 119 | 7 | 327 | 435 | (108) | |||||||||||||||||
Non-Fuel O&M | 1,628 | 1,726 | (98) | 5,413 | 5,624 | (211) | |||||||||||||||||
Depreciation and Amortization | 899 | 771 | 128 | 3,518 | 3,038 | 480 | |||||||||||||||||
Taxes Other Than Income Taxes | 302 | 299 | 3 | 1,234 | 1,230 | 4 | |||||||||||||||||
Estimated Loss on Plant Vogtle Units 3 and 4 | 176 | — | 176 | 325 | — | 325 | |||||||||||||||||
Impairment Charges | — | 26 | (26) | — | 168 | (168) | |||||||||||||||||
(Gain) Loss on Dispositions, net | (26) | (57) | 31 | (65) | (2,569) | 2,504 | |||||||||||||||||
Total Operating Expenses | 4,388 | 4,224 | 164 | 15,490 | 13,683 | 1,807 | |||||||||||||||||
Operating Income | 729 | 690 | 39 | 4,885 | 7,736 | (2,851) | |||||||||||||||||
Allowance for Equity Funds Used During Construction | 43 | 32 | 11 | 149 | 128 | 21 | |||||||||||||||||
Earnings from Equity Method Investments | 48 | 42 | 6 | 153 | 162 | (9) | |||||||||||||||||
Interest Expense, Net of Amounts Capitalized | 478 | 442 | 36 | 1,821 | 1,736 | 85 | |||||||||||||||||
Impairment of Leveraged Lease | 52 | — | 52 | 206 | — | 206 | |||||||||||||||||
Other Income (Expense), net | 17 | 13 | 4 | 336 | 252 | 84 | |||||||||||||||||
Income Taxes | (50) | (74) | 24 | 393 | 1,798 | (1,405) | |||||||||||||||||
Net Income | 357 | 409 | (52) | 3,103 | 4,744 | (1,641) | |||||||||||||||||
Less: | |||||||||||||||||||||||
Dividends on Preferred Stock of Subsidiaries | 4 | 5 | (1) | 15 | 15 | — | |||||||||||||||||
Net Income (Loss) Attributable to Noncontrolling Interests | (34) | (36) | 2 | (31) | (10) | (21) | |||||||||||||||||
NET INCOME ATTRIBUTABLE TO SOUTHERN COMPANY | $ | 387 | $ | 440 | $ | (53) | $ | 3,119 | $ | 4,739 | $ | (1,620) | |||||||||||
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 December | Year-to-Date December | |||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | Change | Weather Adjusted Change | 2020 | 2019 | Change | Weather Adjusted Change | |||||||||||||||||||||||||||||||||||||
Kilowatt-Hour Sales- | ||||||||||||||||||||||||||||||||||||||||||||
Total Sales | 45,315 | 46,185 | (1.9) | % | 186,225 | 196,488 | (5.2) | % | ||||||||||||||||||||||||||||||||||||
Total Retail Sales- | 33,823 | 34,254 | (1.3) | % | (1.7) | % | 140,546 | 148,461 | (5.3) | % | (3.0) | % | ||||||||||||||||||||||||||||||||
Residential | 10,987 | 10,738 | 2.3 | % | 1.2 | % | 47,472 | 48,528 | (2.2) | % | 3.1 | % | ||||||||||||||||||||||||||||||||
Commercial | 10,824 | 11,324 | (4.4) | % | (5.0) | % | 45,434 | 49,101 | (7.5) | % | (5.7) | % | ||||||||||||||||||||||||||||||||
Industrial | 11,853 | 12,022 | (1.4) | % | (1.4) | % | 46,982 | 50,106 | (6.2) | % | (6.2) | % | ||||||||||||||||||||||||||||||||
Other | 159 | 170 | (6.2) | % | (6.2) | % | 658 | 726 | (9.5) | % | (9.3) | % | ||||||||||||||||||||||||||||||||
Total Wholesale Sales | 11,492 | 11,931 | (3.7) | % | N/A | 45,679 | 48,027 | (4.9) | % | N/A | ||||||||||||||||||||||||||||||||||
(In Thousands of Customers) | ||||||||||||||||||||||||||||||||||||||||||||
Period Ended December | ||||||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | Change | ||||||||||||||||||||||||||||||||||||||||||
Regulated Utility Customers- | ||||||||||||||||||||||||||||||||||||||||||||
Total Utility Customers- | 8,630 | 8,543 | ||||||||||||||||||||||||||||||||||||||||||
Total Traditional Electric | 4,322 | 4,266 | ||||||||||||||||||||||||||||||||||||||||||
Southern Company Gas | 4,308 | 4,277 | ||||||||||||||||||||||||||||||||||||||||||
Southern Company | ||||||||||||||||||||||||||||||||||||||||||
Financial Overview | ||||||||||||||||||||||||||||||||||||||||||
As Reported | ||||||||||||||||||||||||||||||||||||||||||
(In Millions of Dollars) | ||||||||||||||||||||||||||||||||||||||||||
Three Months Ended December | Year-to-Date | |||||||||||||||||||||||||||||||||||||||||
2020 | 2019 | % Change | 2020 | 2019 | % Change | |||||||||||||||||||||||||||||||||||||
Southern Company1, 2 – | ||||||||||||||||||||||||||||||||||||||||||
Operating Revenues | $ | 5,117 | $ | 4,914 | 4.1 | % | $ | 20,375 | $ | 21,419 | (4.9) | % | ||||||||||||||||||||||||||||||
Earnings Before Income Taxes | 307 | 335 | (8.4) | % | 3,496 | 6,542 | (46.6) | % | ||||||||||||||||||||||||||||||||||
Net Income Available to Common | 387 | 440 | (12.0) | % | 3,119 | 4,739 | (34.2) | % | ||||||||||||||||||||||||||||||||||
Alabama Power – | ||||||||||||||||||||||||||||||||||||||||||
Operating Revenues | $ | 1,385 | $ | 1,363 | 1.6 | % | $ | 5,830 | $ | 6,125 | (4.8) | % | ||||||||||||||||||||||||||||||
Earnings Before Income Taxes | 162 | 67 | 141.8 | % | 1,502 | 1,355 | 10.8 | % | ||||||||||||||||||||||||||||||||||
Net Income Available to Common | 128 | 88 | 45.5 | % | 1,150 | 1,070 | 7.5 | % | ||||||||||||||||||||||||||||||||||
Georgia Power – | ||||||||||||||||||||||||||||||||||||||||||
Operating Revenues | $ | 1,938 | $ | 1,703 | 13.8 | % | $ | 8,309 | $ | 8,408 | (1.2) | % | ||||||||||||||||||||||||||||||
Earnings Before Income Taxes | 118 | 128 | (7.8) | % | 1,727 | 2,192 | (21.2) | % | ||||||||||||||||||||||||||||||||||
Net Income Available to Common | 164 | 122 | 34.4 | % | 1,575 | 1,720 | (8.4) | % | ||||||||||||||||||||||||||||||||||
Mississippi Power – | ||||||||||||||||||||||||||||||||||||||||||
Operating Revenues | $ | 277 | $ | 294 | (5.8) | % | $ | 1,172 | $ | 1,264 | (7.3) | % | ||||||||||||||||||||||||||||||
Earnings Before Income Taxes | 8 | 3 | 166.7 | % | 166 | 169 | (1.8) | % | ||||||||||||||||||||||||||||||||||
Net Income Available to Common | 14 | — | N/M | 152 | 139 | 9.4 | % | |||||||||||||||||||||||||||||||||||
Southern Power2 – | ||||||||||||||||||||||||||||||||||||||||||
Operating Revenues | $ | 396 | $ | 411 | (3.6) | % | $ | 1,733 | $ | 1,938 | (10.6) | % | ||||||||||||||||||||||||||||||
Earnings (Loss) Before Income Taxes | (32) | (28) | 14.3 | % | 210 | 273 | (23.1) | % | ||||||||||||||||||||||||||||||||||
Net Income Available to Common | 26 | 23 | 13.0 | % | 238 | 339 | (29.8) | % | ||||||||||||||||||||||||||||||||||
Southern Company Gas – | ||||||||||||||||||||||||||||||||||||||||||
Operating Revenues | $ | 1,072 | $ | 1,131 | (5.2) | % | $ | 3,434 | $ | 3,792 | (9.4) | % | ||||||||||||||||||||||||||||||
Earnings Before Income Taxes | 305 | 307 | (0.7) | % | 763 | 715 | 6.7 | % | ||||||||||||||||||||||||||||||||||
Net Income Available to Common | 230 | 238 | (3.4) | % | 590 | 585 | 0.9 | % | ||||||||||||||||||||||||||||||||||
N/M - Not meaningful | |
Notes | |
- See Financial Highlights pages for discussion of certain significant items occurring during the periods presented. | |
(1) | Earnings comparisons to the prior year were significantly impacted by the gain associated with the sale of Gulf Power Company on January 1, 2019. |
(2) | Earnings and revenue comparisons to the prior year were significantly impacted by Southern Power's dispositions of Plant Nacogdoches on June 13, 2019 and Plant Mankato on January 17, 2020. |
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SOURCE Southern Company
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