Southern Company reports third-quarter 2020 earnings

Rhea-AI Summary

Southern Company reported a decrease in third-quarter 2020 earnings, totaling $1.25 billion or $1.18 per share, down from $1.32 billion or $1.26 per share in Q3 2019. For the first nine months of 2020, earnings were $2.73 billion or $2.58 per share, compared to $4.30 billion or $4.12 per share in the same period last year. Operating revenues also fell to $5.6 billion, a 6.3% decline year-over-year. Factors affecting earnings include reduced sales from COVID-19 and milder weather, although cost management helped offset some losses.

Positive

• Diligent cost control efforts helped mitigate revenue declines.
• Successful completion of regulatory actions in 2019 supported operational stability.

Negative

• Q3 2020 earnings decreased by 5.0% compared to Q3 2019.
• Operating revenues dropped by 6.3% year-over-year, with a 7.6% decrease for the first nine months.
• Ongoing impacts from COVID-19 and milder weather affected sales.

ATLANTA, Oct. 29, 2020 /PRNewswire/ -- Southern Company today reported third-quarter 2020 earnings of $1.25 billion, or $1.18 per share, compared with $1.32 billion, or $1.26 per share, in the third quarter of 2019.  For the nine months ended September 30, 2020, Southern Company reported earnings of $2.73 billion, or $2.58 per share, compared with earnings of $4.30 billion, or $4.12 per share, for the same period in 2019. 

Excluding the items described in the "Net Income – Excluding Items" table below, Southern Company earned $1.29 billion, or $1.22 per share, during the third quarter of 2020, compared with $1.40 billion, or $1.34 per share, during the third quarter of 2019.  For the nine months ended September 30, 2020, excluding these items, Southern Company earned $2.94 billion, or $2.78 per share, compared with $2.97 billion, or $2.84 per share, for the same period in 2019.

Non-GAAP Financial Measures	Three Months Ended September			Year-to-Date September
Net Income - Excluding Items (in millions)	2020	2019		2020	2019
Net Income - As Reported	$1,251	$1,316		$2,732	$4,298
Less:
Acquisition and Disposition Impacts	-	(5)		38	2,477
Tax Impact	-	(7)		(16)	(1,130)
Estimated Loss on Plants Under Construction	3	(3)		(151)	(16)
Tax Impact	(1)	1		39	4
Wholesale Gas Services	(62)	(14)		(61)	79
Tax Impact	17	5		16	(18)
Asset Impairment	-	(92)		(154)	(92)
Tax Impact	-	27		80	27
Net Income – Excluding Items	$1,294	$1,404		$2,941	$2,967
Average Shares Outstanding – (in millions)	1,058	1,048		1,058	1,043
Basic Earnings Per Share – Excluding Items	$1.22	$1.34		$2.78	$2.84

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 third quarter 2020 were negatively impacted by a decline in sales related to the COVID-19 pandemic and milder weather, largely offset by diligent cost control and constructive state regulatory actions completed in 2019 at the company's utilities.

"During the third quarter and much of this year, unprecedented circumstances, including the COVID-19 pandemic and an exceptionally active storm season, have confronted our customers and communities. Employees throughout the Southern Company system have responded by continuing to deliver industry-leading reliability and service to those customers we are privileged to serve," said Chairman, President and CEO Thomas A. Fanning. "Our priorities moving forward include maintaining best-in-class service levels and cost discipline at our utilities while continuing to work diligently to bring Vogtle Units 3 and 4 online by the November 2021 and November 2022 regulatory-approved in-service dates."

Third-quarter 2020 operating revenues were $5.6 billion, compared with $6.0 billion for the third quarter of 2019, a decrease of 6.3 percent. For the nine months ended September 30, 2020, operating revenues were $15.3 billion, compared with $16.5 billion for the corresponding period in 2019, a decrease of 7.6 percent.  These decreases were primarily due to lower fuel costs and a sales decline resulting from milder weather and COVID-19.

Southern Company's third-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 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, Fortune's "World's Most Admired Companies" list, Forbes and the Women's Choice Award. To learn more, visit www.southerncompany.com. To learn more, visit www.southerncompany.com.

Southern Company
Financial Highlights
(In Millions of Dollars Except Earnings Per Share)
	Three Months Ended September								Year-to-Date September
Net Income–As Reported (See Notes)	2020				2019				2020				2019
Traditional Electric Operating Companies	$	1,284			$	1,373			$	2,571			$	2,719
Southern Power	74				86				212				316
Southern Company Gas	14				(29)				360				347
Total	1,372				1,430				3,143				3,382
Parent Company and Other	(121)				(114)				(411)				916
Net Income–As Reported	$	1,251			$	1,316			$	2,732			$	4,298
Basic Earnings Per Share1	$	1.18			$	1.26			$	2.58			$	4.12
Average Shares Outstanding (in millions)	1,058				1,048				1,058				1,043
End of Period Shares Outstanding (in millions)									1,056				1,049
Non-GAAP Financial Measures	Three Months Ended September								Year-to-Date September
Net Income–Excluding Items (See Notes)	2020				2019				2020				2019
Net Income–As Reported	$	1,251			$	1,316			$	2,732			$	4,298
Less:
Acquisition and Disposition Impacts2	—				(5)				38				2,477
Tax Impact	—				(7)				(16)				(1,130)
Estimated Loss on Plants Under Construction3	3				(3)				(151)				(16)
Tax Impact	(1)				1				39				4
Wholesale Gas Services4	(62)				(14)				(61)				79
Tax Impact	17				5				16				(18)
Asset Impairment5	—				(92)				(154)				(92)
Tax Impact	—				27				80				27
Net Income–Excluding Items	$	1,294			$	1,404			$	2,941			$	2,967
Basic Earnings Per Share–Excluding Items	$	1.22			$	1.34			$	2.78			$	2.84
-See Notes on the following page.

 

Southern Company
Financial Highlights
Notes
(1)	For the three and nine months ended September 30, 2020 and 2019, dilution does not change basic earnings per share by more than $0.03 and is not material. Diluted earnings per share was $1.18 and $2.57 in the third quarter and year-to-date 2020, respectively, and $1.25 and $4.09 in the third quarter and year-to-date 2019, respectively.
(2)	Earnings for the nine months ended September 30, 2020 primarily include a $39 million pre-tax ($23 million after-tax) gain on the sale of Southern Power Company's Plant Mankato. Earnings for the three months ended September 30, 2019 include an $18 million pre-tax and after-tax impairment charge in contemplation of the sale of PowerSecure, Inc.'s lighting business, partially offset by $13 million pre tax ($6 million after tax) of other acquisition and disposition impacts. Earnings for the nine months ended September 30, 2019 include a $2.5 billion pre-tax ($1.3 billion after-tax) gain on the sale of Gulf Power Company, a $23 million pre-tax ($88 million after-tax) gain on the sale of Southern Power Company's Plant Nacogdoches, and $17 million pre tax ($7 million after tax) of other acquisition and disposition impacts, partially offset by pre-tax and after-tax impairment charges totaling $50 million related to the sale and contemplated sale of PowerSecure, Inc.'s utility infrastructure services and lighting businesses, respectively.
(3)	Earnings for the three and nine months ended September 30, 2020 and 2019 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. Earnings for the nine months ended September 30, 2020 also include a $149 million pre-tax ($111 million after-tax) charge for an estimated probable loss on Georgia Power Company's construction of Plant Vogtle Units 3 and 4, which significantly impacted earnings and earnings per share. Mississippi Power Company expects to substantially complete mine reclamation activities in 2020 and dismantlement of the abandoned gasifier-related assets and site restoration activities in 2025. The additional pre-tax period costs associated with these activities, including related costs for compliance and safety, asset retirement obligation accretion, and property taxes, are estimated to total $3 million for the remainder of 2020 and $10 million to $15 million annually for 2021 through 2025. Further charges for Georgia Power Company's construction of Plant Vogtle Units 3 and 4 may occur; however, the amount and timing of any such charges are uncertain.
(4)	Earnings for the three and nine months ended September 30, 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 nine months ended September 30, 2020 include a pre-tax impairment charge of $154 million ($74 million after tax) related to a leveraged lease. Earnings for the three and nine months ended September 30, 2019 include a pre-tax impairment charge of $92 million ($65 million after tax) associated with Southern Company Gas' natural gas storage facility in Louisiana. Further charges associated with this facility are not expected. Southern Company Gas has two other natural gas storage facilities which could be impacted by ongoing U.S. natural gas storage market changes that may imply impacts to future rates and/or asset values, and, if sustained, could trigger impairment.

 

Southern Company
Significant Factors Impacting EPS
	Three Months Ended September												Year-to-Date September
	2020				2019				Change				2020				2019				Change
Earnings Per Share–
As Reported1 (See Notes)	$	1.18			$	1.26			$	(0.08)			$	2.58			$	4.12			$	(1.54)
Significant Factors:
Traditional Electric Operating Companies									$	(0.09)											$	(0.14)
Southern Power									(0.01)												(0.10)
Southern Company Gas									0.04												0.01
Parent Company and Other									(0.01)												(1.28)
Increase in Shares									(0.01)												(0.03)
Total–As Reported									$	(0.08)											$	(1.54)
	Three Months Ended September												Year-to-Date September
Non-GAAP Financial Measures	2020				2019				Change				2020				2019				Change
Earnings Per Share–
Excluding Items (See Notes)	$	1.22			$	1.34			$	(0.12)			$	2.78			$	2.84			$	(0.06)
Total–As Reported									$	(0.08)											$	(1.54)
Less:
Acquisition and Disposition Impacts2									0.01												(1.27)
Estimated Loss on Plants Under Construction3									—												(0.10)
Wholesale Gas Services4									(0.03)												(0.10)
Asset Impairment5									0.06												(0.01)
Total–Excluding Items									$	(0.12)											$	(0.06)
- See Notes on the following page.

 

Southern Company
Significant Factors Impacting EPS
Notes
(1)	For the three and nine months ended September 30, 2020 and 2019, dilution does not change basic earnings per share by more than $0.03 and is not material. Diluted earnings per share was $1.18 and $2.57 in the third quarter and year-to-date 2020, respectively, and $1.25 and $4.09 in the third quarter and year-to-date 2019, respectively.
(2)	Earnings for the nine months ended September 30, 2020 primarily include a $39 million pre-tax ($23 million after-tax) gain on the sale of Southern Power Company's Plant Mankato. Earnings for the three months ended September 30, 2019 include an $18 million pre-tax and after-tax impairment charge in contemplation of the sale of PowerSecure, Inc.'s lighting business, partially offset by $13 million pre tax ($6 million after tax) of other acquisition and disposition impacts. Earnings for the nine months ended September 30, 2019 include a $2.5 billion pre-tax ($1.3 billion after-tax) gain on the sale of Gulf Power Company, a $23 million pre-tax ($88 million after-tax) gain on the sale of Southern Power Company's Plant Nacogdoches, and $17 million pre tax ($7 million after tax) of other acquisition and disposition impacts, partially offset by pre-tax and after-tax impairment charges totaling $50 million related to the sale and contemplated sale of PowerSecure, Inc.'s utility infrastructure services and lighting businesses, respectively.
(3)	Earnings for the three and nine months ended September 30, 2020 and 2019 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. Earnings for the nine months ended September 30, 2020 also include a $149 million pre-tax ($111 million after-tax) charge for an estimated probable loss on Georgia Power Company's construction of Plant Vogtle Units 3 and 4, which significantly impacted earnings and earnings per share. Mississippi Power Company expects to substantially complete mine reclamation activities in 2020 and dismantlement of the abandoned gasifier-related assets and site restoration activities in 2025. The additional pre-tax period costs associated with these activities, including related costs for compliance and safety, asset retirement obligation accretion, and property taxes, are estimated to total $3 million for the remainder of 2020 and $10 million to $15 million annually for 2021 through 2025. Further charges for Georgia Power Company's construction of Plant Vogtle Units 3 and 4 may occur; however, the amount and timing of any such charges are uncertain.
(4)	Earnings for the three and nine months ended September 30, 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 nine months ended September 30, 2020 include a pre-tax impairment charge of $154 million ($74 million after tax) related to a leveraged lease. Earnings for the three and nine months ended September 30, 2019 include a pre-tax impairment charge of $92 million ($65 million after tax) associated with Southern Company Gas' natural gas storage facility in Louisiana. Further charges associated with this facility are not expected. Southern Company Gas has two other natural gas storage facilities which could be impacted by ongoing U.S. natural gas storage market changes that may imply impacts to future rates and/or asset values, and, if sustained, could trigger impairment.

 

Southern Company
EPS Earnings Analysis
Description	Three Months Ended September 2020 vs. 2019		Year-to-Date September 2020 vs. 2019
Retail Sales	$(0.04)		$(0.12)
Retail Revenue Impacts	0.04		0.24
Weather	(0.10)		(0.21)
Non-Fuel O&M	—		0.06
Depreciation and Amortization, Interest Expense, Other	(0.04)		(0.16)
Income Taxes	0.05		0.15
Total Traditional Electric Operating Companies	$(0.09)		$(0.04)
Southern Power	(0.01)		(0.02)
Southern Company Gas	0.01		0.05
Parent and Other	(0.02)		(0.01)
Increase in Shares	(0.01)		(0.04)
Total Change in EPS (Excluding Items)	$(0.12)		$(0.06)
Acquisition and Disposition Impacts1	0.01		(1.27)
Estimated Loss on Plants Under Construction2	—		(0.10)
Wholesale Gas Services3	(0.03)		(0.10)
Asset Impairment4	0.06		(0.01)
Total Change in EPS (As Reported)	$(0.08)		$(1.54)
- See Notes on the following page.

 

Southern Company
EPS Earnings Analysis
Notes
(1)	Earnings for the nine months ended September 30, 2020 primarily include a $39 million pre-tax ($23 million after-tax) gain on the sale of Southern Power Company's Plant Mankato. Earnings for the three months ended September 30, 2019 include an $18 million pre-tax and after-tax impairment charge in contemplation of the sale of PowerSecure, Inc.'s lighting business, partially offset by $13 million pre tax ($6 million after tax) of other acquisition and disposition impacts. Earnings for the nine months ended September 30, 2019 include a $2.5 billion pre-tax ($1.3 billion after-tax) gain on the sale of Gulf Power Company, a $23 million pre-tax ($88 million after-tax) gain on the sale of Southern Power Company's Plant Nacogdoches, and $17 million pre tax ($7 million after tax) of other acquisition and disposition impacts, partially offset by pre-tax and after-tax impairment charges totaling $50 million related to the sale and contemplated sale of PowerSecure, Inc.'s utility infrastructure services and lighting businesses, respectively.
(2)	Earnings for the three and nine months ended September 30, 2020 and 2019 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. Earnings for the nine months ended September 30, 2020 also include a $149 million pre-tax ($111 million after-tax) charge for an estimated probable loss on Georgia Power Company's construction of Plant Vogtle Units 3 and 4, which significantly impacted earnings and earnings per share. Mississippi Power Company expects to substantially complete mine reclamation activities in 2020 and dismantlement of the abandoned gasifier-related assets and site restoration activities in 2025. The additional pre-tax period costs associated with these activities, including related costs for compliance and safety, asset retirement obligation accretion, and property taxes, are estimated to total $3 million for the remainder of 2020 and $10 million to $15 million annually for 2021 through 2025. Further charges for Georgia Power Company's construction of Plant Vogtle Units 3 and 4 may occur; however, the amount and timing of any such charges are uncertain.
(3)	Earnings for the three and nine months ended September 30, 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 nine months ended September 30, 2020 include a pre-tax impairment charge of $154 million ($74 million after tax) related to a leveraged lease. Earnings for the three and nine months ended September 30, 2019 include a pre-tax impairment charge of $92 million ($65 million after tax) associated with Southern Company Gas' natural gas storage facility in Louisiana. Further charges associated with this facility are not expected. Southern Company Gas has two other natural gas storage facilities which could be impacted by ongoing U.S. natural gas storage market changes that may imply impacts to future rates and/or asset values, and, if sustained, could trigger impairment.

 

Southern Company
Consolidated Earnings
As Reported
(In Millions of Dollars)
	Three Months Ended September												Year-to-Date September
	2020				2019				Change				2020				2019				Change
Income Account-
Retail Electric Revenues-
Fuel	$	949			$	1,083			$	(134)			$	2,301			$	2,807			$	(506)
Non-Fuel	3,294				3,429				(135)				8,202				8,329				(127)
Wholesale Electric Revenues	584				625				(41)				1,473				1,667				(194)
Other Electric Revenues	164				163				1				484				492				(8)
Natural Gas Revenues	477				498				(21)				2,362				2,661				(299)
Other Revenues	152				197				(45)				436				549				(113)
Total Revenues	5,620				5,995				(375)				15,258				16,505				(1,247)
Fuel and Purchased Power	1,163				1,326				(163)				2,801				3,461				(660)
Cost of Natural Gas	71				79				(8)				654				956				(302)
Cost of Other Sales	72				114				(42)				201				316				(115)
Non-Fuel O&M	1,286				1,296				(10)				3,785				3,898				(113)
Depreciation and Amortization	889				760				129				2,619				2,267				352
Taxes Other Than Income Taxes	304				303				1				932				931				1
Estimated Loss on Plant Vogtle Units 3 and 4	—				—				—				149				—				149
Impairment Charges	—				110				(110)				—				142				(142)
(Gain) Loss on Dispositions, net	—				(6)				6				(39)				(2,512)				2,473
Total Operating Expenses	3,785				3,982				(197)				11,102				9,459				1,643
Operating Income	1,835				2,013				(178)				4,156				7,046				(2,890)
Allowance for Equity Funds Used During Construction	38				33				5				106				96				10
Earnings from Equity Method Investments	33				39				(6)				105				120				(15)
Interest Expense, Net of Amounts Capitalized	443				434				9				1,343				1,294				49
Impairment of Leveraged Lease	—				—				—				154				—				154
Other Income (Expense), net	113				61				52				319				239				80
Income Taxes	293				367				(74)				443				1,872				(1,429)
Net Income	1,283				1,345				(62)				2,746				4,335				(1,589)
Less:
Dividends on Preferred Stock of Subsidiaries	4				4				—				11				11				—
Net Income (Loss) Attributable to Noncontrolling Interests	28				25				3				3				26				(23)
NET INCOME ATTRIBUTABLE TO SOUTHERN COMPANY	$	1,251			$	1,316			$	(65)			$	2,732			$	4,298			$	(1,566)

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 September												Year-to-Date September
	2020			2019			Change			Weather Adjusted Change			2020			2019			Change			Weather Adjusted Change
Kilowatt-Hour Sales-
Total Sales	53,099			56,703			(6.4)	%					140,910			150,303			(6.2)	%
Total Retail Sales-	40,218			43,090			(6.7)	%		(3.0)	%		106,724			114,207			(6.6)	%		(3.4)	%
Residential	14,740			15,368			(4.1)	%		3.5	%		36,485			37,790			(3.5)	%		3.7	%
Commercial	13,140			14,404			(8.8)	%		(5.1)	%		34,611			37,776			(8.4)	%		(5.9)	%
Industrial	12,177			13,133			(7.3)	%		(7.3)	%		35,129			38,084			(7.8)	%		(7.8)	%
Other	161			185			(12.6)	%		(12.3)	%		499			557			(10.5)	%		(10.3)	%
Total Wholesale Sales	12,881			13,613			(5.4)	%		N/A			34,186			36,096			(5.3)	%		N/A
(In Thousands of Customers)
													Period Ended September
													2020			2019			Change
Regulated Utility Customers-
Total Utility Customers-													8,580			8,462			1.4%
Total Traditional Electric													4,322			4,254			1.6%
Southern Company Gas													4,258			4,208			1.2%

 

Southern Company
Financial Overview
As Reported
(In Millions of Dollars)
	Three Months Ended September											Year-to-Date September
	2020				2019				% Change			2020				2019				% Change
Southern Company1, 2 –
Operating Revenues	$	5,620			$	5,995			(6.3)	%		$	15,258			$	16,505			(7.6)	%
Earnings Before Income Taxes	1,576				1,712				(7.9)	%		3,189				6,207				(48.6)	%
Net Income Available to Common	1,251				1,316				(4.9)	%		2,732				4,298				(36.4)	%
Alabama Power –
Operating Revenues	$	1,729			$	1,841			(6.1)	%		$	4,445			$	4,762			(6.7)	%
Earnings Before Income Taxes	578				617				(6.3)	%		1,340				1,288				4.0	%
Net Income Available to Common	444				469				(5.3)	%		1,022				982				4.1	%
Georgia Power –
Operating Revenues	$	2,617			$	2,755			(5.0)	%		$	6,371			$	6,706			(5.0)	%
Earnings Before Income Taxes	945				1,094				(13.6)	%		1,609				2,064				(22.0)	%
Net Income Available to Common	773				839				(7.9)	%		1,411				1,598				(11.7)	%
Mississippi Power –
Operating Revenues	$	336			$	370			(9.2)	%		$	895			$	970			(7.7)	%
Earnings Before Income Taxes	79				80				(1.3)	%		158				166				(4.8)	%
Net Income Available to Common	67				65				3.1	%		138				139				(0.7)	%
Southern Power2 –
Operating Revenues	$	523			$	574			(8.9)	%		$	1,337			$	1,527			(12.4)	%
Earnings Before Income Taxes	116				130				(10.8)	%		242				301				(19.6)	%
Net Income Available to Common	74				86				(14.0)	%		212				316				(32.9)	%
Southern Company Gas –
Operating Revenues	$	477			$	498			(4.2)	%		$	2,362			$	2,661			(11.2)	%
Earnings (Loss) Before Income Taxes	17				(51)				N/M			458				408				12.3	%
Net Income (Loss) Available to Common	14				(29)				N/M			360				347				3.7	%

N/M - Not meaningful
Notes
- See Financial Highlights pages for discussion of certain significant items occurring during the periods presented.
(1)	Year-to-date earnings comparisons to the prior year were significantly impacted by the preliminary 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 Company's dispositions of Plant Nacogdoches on June 13, 2019 and Plant Mankato on January 17, 2020.

 

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SOURCE Southern Company

FAQ

What were Southern Company's earnings for Q3 2020?

Southern Company reported earnings of $1.25 billion, or $1.18 per share, for Q3 2020.

How do Southern Company's Q3 2020 earnings compare to Q3 2019?

Earnings in Q3 2020 decreased from $1.32 billion, or $1.26 per share, in Q3 2019.

What caused the decrease in Southern Company's operating revenues in Q3 2020?

The decline in operating revenues was primarily due to lower fuel costs and a decrease in sales resulting from COVID-19 and milder weather.

What was the total operating revenue for Southern Company in Q3 2020?

Southern Company's Q3 2020 operating revenue was $5.6 billion.

What is Southern Company's future outlook on Vogtle Units 3 and 4?

Southern Company aims to bring Vogtle Units 3 and 4 online by the regulatory-approved in-service dates of November 2021 and November 2022.