Southern Company reports third-quarter 2024 earnings
Southern Company (SO) reported strong third-quarter 2024 earnings of $1.5 billion, or $1.40 per share, up from $1.4 billion ($1.30 per share) in Q3 2023. Operating revenues increased 4.2% to $7.3 billion. Excluding special items, adjusted earnings were $1.6 billion ($1.43 per share). For the nine months ended September 2024, earnings reached $3.9 billion ($3.53 per share), compared to $3.1 billion in 2023. Growth was driven by higher utility revenues, partially offset by increased expenses in interest, depreciation, maintenance, and taxes.
Southern Company (SO) ha riportato un forte utile per il terzo trimestre del 2024 di 1,5 miliardi di dollari, ovvero 1,40 dollari per azione, in aumento rispetto a 1,4 miliardi di dollari (1,30 dollari per azione) nel terzo trimestre del 2023. I ricavi operativi sono aumentati del 4,2%, raggiungendo 7,3 miliardi di dollari. Escludendo gli elementi straordinari, l'utile rettificato è stato di 1,6 miliardi di dollari (1,43 dollari per azione). Nei nove mesi terminati a settembre 2024, l'utile ha raggiunto 3,9 miliardi di dollari (3,53 dollari per azione), rispetto ai 3,1 miliardi di dollari del 2023. La crescita è stata sostenuta da ricavi più elevati nel settore energetico, parzialmente compensati da maggiori spese per interessi, ammortamenti, manutenzione e tasse.
Southern Company (SO) informó sobre ganancias sólidas en el tercer trimestre de 2024 de 1.5 mil millones de dólares, o $1.40 por acción, un aumento desde $1.4 mil millones ($1.30 por acción) en el tercer trimestre de 2023. Los ingresos operativos aumentaron un 4.2% a 7.3 mil millones de dólares. Excluyendo elementos especiales, las ganancias ajustadas fueron de 1.6 mil millones de dólares ($1.43 por acción). En los nueve meses que terminaron en septiembre de 2024, las ganancias alcanzaron 3.9 mil millones de dólares ($3.53 por acción), en comparación con $3.1 mil millones en 2023. El crecimiento se debió a mayores ingresos por servicios públicos, compensados parcialmente por el aumento en gastos de intereses, depreciación, mantenimiento e impuestos.
Southern Company (SO)는 2024년 3분기에 15억 달러의 강력한 수익을 보고했으며, 주당 $1.40로 2023년 3분기의 $14억 ($1.30)에서 증가했습니다. 운영 수익은 4.2% 증가하여 73억 달러에 도달했습니다. 특별 항목을 제외하면 조정된 수익은 16억 달러 ($1.43)입니다. 2024년 9월까지의 9개월 동안 수익은 39억 달러 ($3.53)로, 2023년의 31억 달러와 비교됩니다. 성장은 높은 공공 요금 수익에 의해 주도되었지만, 이자, 감가상각, 유지보수 및 세금 증가로 부분적으로 상쇄되었습니다.
Southern Company (SO) a annoncé un solide bénéfice pour le troisième trimestre 2024 de 1,5 milliard de dollars, soit 1,40 $ par action, en hausse par rapport à 1,4 milliard de dollars (1,30 $ par action) au troisième trimestre 2023. Les revenus d'exploitation ont augmenté de 4,2 % pour atteindre 7,3 milliards de dollars. En excluant les éléments exceptionnels, le bénéfice ajusté s'est élevé à 1,6 milliard de dollars (1,43 $ par action). Pour les neuf mois se terminant en septembre 2024, les bénéfices ont atteint 3,9 milliards de dollars (3,53 $ par action), contre 3,1 milliards de dollars en 2023. La croissance a été soutenue par des revenus de services publics plus élevés, compensée en partie par une augmentation des dépenses d'intérêts, d'amortissement, de maintenance et d'impôts.
Southern Company (SO) meldete im dritten Quartal 2024 einen starken Gewinn von 1,5 Milliarden US-Dollar, was $1,40 pro Aktie entspricht und einen Anstieg von 1,4 Milliarden US-Dollar (1,30 US-Dollar pro Aktie) im dritten Quartal 2023 darstellt. Die Betriebseinnahmen stiegen um 4,2 % auf 7,3 Milliarden US-Dollar. Bereinigt um Sonderposten betrugen die angepassten Gewinne 1,6 Milliarden US-Dollar (1,43 US-Dollar pro Aktie). In den neun Monaten bis September 2024 erreichten die Gewinne 3,9 Milliarden US-Dollar (3,53 US-Dollar pro Aktie), verglichen mit 3,1 Milliarden US-Dollar im Jahr 2023. Das Wachstum wurde von höheren Versorgungs-Einnahmen angetrieben und teilweise durch höhere Aufwendungen für Zinsen, Abschreibungen, Instandhaltung und Steuern ausgeglichen.
- Q3 2024 earnings increased 7.9% to $1.5 billion compared to Q3 2023
- Operating revenues grew 4.2% to $7.3 billion in Q3 2024
- Nine-month earnings rose 24.2% to $3.9 billion in 2024
- Adjusted EPS improved to $1.43 in Q3 2024 from $1.42 in Q3 2023
- Increased interest expenses impacting earnings
- Higher depreciation and amortization costs
- Rising non-fuel operations and maintenance expenses
- Increased income tax expenses
Insights
Southern Company delivered solid Q3 2024 results with
Key performance drivers include:
- Higher utility revenues driving top-line growth
- Increased operating costs, including higher interest expenses and depreciation
- Year-to-date revenues up
6.1% to$20.4 billion
Excluding the items described under "Net Income – Excluding Items" in the table below, Southern Company earned
Non-GAAP Financial Measures | Three Months Ended | Year-to-Date | |||
Net Income – Excluding Items (in millions) | 2024 | 2023 | 2024 | 2023 | |
Net Income – As Reported | $ 1,535 | $ 1,422 | $ 3,867 | $ 3,121 | |
Less: | |||||
Estimated Loss on Plants Under Construction | (3) | (166) | 11 | (171) | |
Tax Impact | 1 | 42 | (16) | 43 | |
Acquisition and Disposition Impacts | — | (2) | — | (2) | |
Tax Impact | — | 1 | — | 1 | |
Loss on Extinguishment of Debt | — | — | — | (5) | |
Tax Impact | — | — | — | 1 | |
Estimated Loss on Qualifying Infrastructure Plant | — | — | — | (38) | |
Tax Impact | — | — | — | 10 | |
Impairments | (36) | — | (36) | — | |
Tax Impact | 9 | — | 9 | — | |
Net Income – Excluding Items | $ 1,564 | $ 1,547 | $ 3,899 | $ 3,282 | |
Average Shares Outstanding – (in millions) | 1,097 | 1,092 | 1,096 | 1,092 | |
Basic Earnings Per Share - Excluding Items | $ 1.43 | $ 1.42 | $ 3.56 | $ 3.01 | |
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 third quarter of 2024, as compared with the same period in 2023, were higher utility revenues, partially offset by increased interest expense, depreciation and amortization, non-fuel operations and maintenance expenses, and income taxes.
Third-quarter 2024 operating revenues were
"Our entire company, including our premier, state-regulated electric and gas utilities, continued to perform well during the third quarter," said Christopher C. Womack, chairman, president and CEO.
"Employees across the Southern Company system came together in response to Hurricane Helene, a storm of exceptional magnitude which proved to be the most destructive in
Southern Company's third-quarter earnings slides with supplemental financial information are available at investor.southerncompany.com.
Southern Company's financial analyst call will begin at 1 p.m. Eastern Time today, during which Womack 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 investor.southerncompany.com. 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 provider serving 9 million customers across the Southeast and beyond through its family of companies. Providing clean, safe, reliable and affordable energy with excellent service is our mission. The company has electric operating companies in three states, natural gas distribution companies in four states, a competitive generation company, a leading distributed energy company with national capabilities, a fiber optics network and telecommunications services. Through an industry-leading commitment to innovation, resilience and sustainability, we are taking action to meet customers' and communities' needs while advancing our goal of net zero greenhouse gas emissions by 2050. Our uncompromising values ensure we put the needs of those we serve at the center of everything we do and are the key to our sustained success. We are transforming energy into economic, environmental and social progress for tomorrow. Our corporate culture and hiring practices have earned the company national awards and recognition from numerous organizations, including Forbes, The Military Times, Fair360, Black Enterprise, J.D. Power, Fortune, Human Rights Campaign and more. To learn more, visit southerncompany.
Southern Company | |||||||
Financial Highlights | |||||||
(In Millions Except Earnings Per Share) | |||||||
Three Months Ended | Year-To-Date September | ||||||
Net Income – As Reported | 2024 | 2023 | 2024 | 2023 | |||
Traditional Electric Operating Companies | $ 1,618 | $ 1,419 | $ 3,630 | $ 2,852 | |||
Southern Power | 82 | 100 | 264 | 288 | |||
Southern Company Gas | 38 | 82 | 555 | 475 | |||
Total | 1,738 | 1,601 | 4,449 | 3,615 | |||
Parent Company and Other | (203) | (179) | (582) | (494) | |||
Net Income – As Reported | $ 1,535 | $ 1,422 | $ 3,867 | $ 3,121 | |||
Basic Earnings Per Share(1) | $ 1.40 | $ 1.30 | $ 3.53 | $ 2.86 | |||
Average Shares Outstanding | 1,097 | 1,092 | 1,096 | 1,092 | |||
Non-GAAP Financial Measures | Three Months Ended | Year-To-Date September | |||||
Net Income – Excluding Items | 2024 | 2023 | 2024 | 2023 | |||
Net Income – As Reported | $ 1,535 | $ 1,422 | $ 3,867 | $ 3,121 | |||
Less: | |||||||
Estimated Loss on Plants Under Construction(2) | (3) | (166) | 11 | (171) | |||
Tax Impact | 1 | 42 | (16) | 43 | |||
Acquisition and Disposition Impacts(3) | — | (2) | — | (2) | |||
Tax Impact | — | 1 | — | 1 | |||
Loss on Extinguishment of Debt(4) | — | — | — | (5) | |||
Tax Impact | — | — | — | 1 | |||
Estimated Loss on Qualifying Infrastructure Plant(5) | — | — | — | (38) | |||
Tax Impact | — | — | — | 10 | |||
Impairments(6) | (36) | — | (36) | — | |||
Tax Impact | 9 | — | 9 | — | |||
Net Income – Excluding Items | $ 1,564 | $ 1,547 | $ 3,899 | $ 3,282 | |||
Basic Earnings Per Share – Excluding Items | $ 1.43 | $ 1.42 | $ 3.56 | $ 3.01 | |||
Southern Company | |
Notes | |
(1) | Dilution is not material in any period presented. Diluted earnings per share was |
(2) | Earnings for the nine months ended September 30, 2024 include a pre-tax credit to income of |
(3) | Earnings for the three and nine months ended September 30, 2023 include a pre-tax loss of |
(4) | Earnings for the nine months ended September 30, 2023 include costs associated with the extinguishment of debt at Southern Company. Similar transaction costs may occur in the future at Southern Company or one of its unregulated subsidiaries; however, the amount and timing of any such costs are uncertain. |
(5) | Earnings for the nine months ended September 30, 2023 include a pre-tax charge of |
Earnings for the three and nine months ended September 30, 2024 include a pre-tax impairment loss of |
Southern Company | |||||||||||
Significant Factors Impacting EPS | |||||||||||
Three Months Ended | Year-To-Date | ||||||||||
2024 | 2023 | Change | 2024 | 2023 | Change | ||||||
Earnings Per Share – | |||||||||||
As Reported(1) | $ 0.10 | $ 0.67 | |||||||||
Significant Factors: | |||||||||||
Traditional Electric Operating Companies | $ 0.18 | $ 0.71 | |||||||||
Southern Power | (0.02) | (0.02) | |||||||||
Southern Company Gas | (0.04) | 0.07 | |||||||||
Parent Company and Other | (0.02) | (0.08) | |||||||||
Increase in Shares | — | (0.01) | |||||||||
Total – As Reported | $ 0.10 | $ 0.67 | |||||||||
Three Months Ended | Year-To-Date | ||||||||||
Non-GAAP Financial Measures | 2024 | 2023 | Change | 2024 | 2023 | Change | |||||
Earnings Per Share – | |||||||||||
Excluding Items | $ 0.01 | $ 0.55 | |||||||||
Total – As Reported | $ 0.10 | $ 0.67 | |||||||||
Less: | |||||||||||
Estimated Loss on Plants Under Construction(2) | 0.12 | 0.11 | |||||||||
Acquisition and Disposition Impacts(3) | — | — | |||||||||
Loss on Extinguishment of Debt(4) | — | — | |||||||||
Estimated Loss on Qualifying Infrastructure Plant(5) | — | 0.03 | |||||||||
Impairments(6) | (0.03) | (0.02) | |||||||||
Total – Excluding Items | $ 0.01 | $ 0.55 | |||||||||
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 nine months ended September 30, 2024 include a pre-tax credit to income of |
(3) | Earnings for the three and nine months ended September 30, 2023 include a pre-tax loss of |
(4) | Earnings for the nine months ended September 30, 2023 include costs associated with the extinguishment of debt at Southern Company. Similar transaction costs may occur in the future at Southern Company or one of its unregulated subsidiaries; however, the amount and timing of any such costs are uncertain. |
(5) | Earnings for the nine months ended September 30, 2023 include a pre-tax charge of |
(6) | Earnings for the three and nine months ended September 30, 2024 include a pre-tax impairment loss of |
Southern Company | |||
EPS Earnings Analysis | |||
Description | Three Months Ended September 2024 vs. 2023 | Year-To-Date September 2024 vs. 2023 | |
Retail Sales | (3)¢ | 2¢ | |
Retail Revenue Impacts | 32 | 72 | |
Weather | (1) | 19 | |
Wholesale and Other Operating Revenues | 4 | 10 | |
Non-Fuel Operations and Maintenance Expenses(1) | (10) | (11) | |
Depreciation and Amortization | (3) | (9) | |
Interest Expense and Other | (7) | (13) | |
Income Taxes | (3) | (8) | |
Total Traditional Electric Operating Companies | 9¢ | 62¢ | |
Southern Power | (2) | (2) | |
Southern Company Gas | (4) | 5 | |
Parent Company and Other | (2) | (9) | |
Increase in Shares | — | (1) | |
Total Change in EPS (Excluding Items) | 1¢ | 55¢ | |
Estimated Loss on Plants Under Construction(2) | 12 | 11 | |
Acquisition and Disposition Impacts(3) | — | — | |
Loss on Extinguishment of Debt(4) | — | — | |
Estimated Loss on Qualifying Infrastructure Plant(5) | — | 3 | |
Impairments(6) | (3) | (2) | |
Total Change in EPS (As Reported) | 10¢ | 67¢ | |
See Notes on the following page.
Southern Company | |
Notes | |
(1) | Excludes gains/losses on asset sales, which are included in "Interest Expense and Other." Includes non-service cost-related benefits income. |
(2) | Earnings for the nine months ended September 30, 2024 include a pre-tax credit to income of |
(3) | Earnings for the three and nine months ended September 30, 2023 include a pre-tax loss of |
(4) | Earnings for the nine months ended September 30, 2023 include costs associated with the extinguishment of debt at Southern Company. Similar transaction costs may occur in the future at Southern Company or one of its unregulated subsidiaries; however, the amount and timing of any such costs are uncertain. |
(5) | Earnings for the nine months ended September 30, 2023 include a pre-tax charge of |
(6) | Earnings for the three and nine months ended September 30, 2024 include a pre-tax impairment loss of |
(7) Southern Company | |||||||||||
Consolidated Earnings | |||||||||||
As Reported | |||||||||||
Three Months Ended September | Year-To-Date September | ||||||||||
2024 | 2023 | Change | 2024 | 2023 | Change | ||||||
(in millions) | (in millions) | ||||||||||
Retail electric revenues: | |||||||||||
Fuel | $ 1,179 | $ 1,356 | $ (177) | $ 3,250 | $ 3,412 | $ (162) | |||||
Non-fuel | 4,187 | 3,783 | 404 | 10,543 | 9,185 | 1,358 | |||||
Wholesale electric revenues | 721 | 727 | (6) | 1,919 | 1,930 | (11) | |||||
Other electric revenues | 222 | 203 | 19 | 631 | 602 | 29 | |||||
Natural gas revenues | 682 | 689 | (7) | 3,220 | 3,417 | (197) | |||||
Other revenues | 283 | 222 | 61 | 820 | 662 | 158 | |||||
Total operating revenues | 7,274 | 6,980 | 294 | 20,383 | 19,208 | 1,175 | |||||
Fuel and purchased power | 1,395 | 1,574 | (179) | 3,843 | 4,056 | (213) | |||||
Cost of natural gas | 98 | 102 | (4) | 852 | 1,199 | (347) | |||||
Cost of other sales | 166 | 126 | 40 | 464 | 381 | 83 | |||||
Non-fuel operations and maintenance | 1,662 | 1,424 | 238 | 4,543 | 4,352 | 191 | |||||
Depreciation and amortization | 1,210 | 1,143 | 67 | 3,537 | 3,365 | 172 | |||||
Taxes other than income taxes | 375 | 341 | 34 | 1,155 | 1,076 | 79 | |||||
Estimated loss on Plant Vogtle Units 3 and 4 | — | 160 | (160) | (21) | 160 | (181) | |||||
Total operating expenses | 4,906 | 4,870 | 36 | 14,373 | 14,589 | (216) | |||||
Operating income | 2,368 | 2,110 | 258 | 6,010 | 4,619 | 1,391 | |||||
Allowance for equity funds used during | 58 | 66 | (8) | 167 | 200 | (33) | |||||
Earnings from equity method investments | 31 | 32 | (1) | 107 | 110 | (3) | |||||
Interest expense, net of amounts capitalized | 692 | 620 | 72 | 2,050 | 1,812 | 238 | |||||
Other income (expense), net | 147 | 141 | 6 | 450 | 428 | 22 | |||||
Income taxes | 377 | 297 | 80 | 890 | 492 | 398 | |||||
Net income | 1,535 | 1,432 | 103 | 3,794 | 3,053 | 741 | |||||
Net income (loss) attributable to | — | 10 | (10) | (73) | (68) | (5) | |||||
Net income attributable to Southern Company | $ 1,535 | $ 1,422 | $ 113 | $ 3,867 | $ 3,121 | $ 746 | |||||
Certain prior year data may have been reclassified to conform with current year presentation. |
Southern Company | |||||||||||||||
Kilowatt-Hour Sales and Customers | |||||||||||||||
Three Months Ended September | Year-To-Date September | ||||||||||||||
2024 | 2023 | % Change | Weather | 2024 | 2023 | % Change | Weather | ||||||||
(in millions) | (in millions) | ||||||||||||||
Kilowatt-Hour Sales | |||||||||||||||
Total Sales | 56,035 | 55,428 | 1.1 % | 152,461 | 150,157 | 1.5 % | |||||||||
Total Retail Sales | 41,893 | 42,364 | (1.1) % | (0.4) % | 114,154 | 110,715 | 3.1 % | 0.6 % | |||||||
Residential | 14,677 | 15,133 | (3.0) % | (1.5) % | 38,442 | 36,458 | 5.4 % | (0.5) % | |||||||
Commercial | 14,279 | 14,341 | (0.4) % | 0.1 % | 38,419 | 37,050 | 3.7 % | 2.1 % | |||||||
Industrial | 12,803 | 12,751 | 0.4 % | 0.4 % | 36,889 | 36,791 | 0.3 % | 0.3 % | |||||||
Other | 134 | 139 | (3.5) % | (3.1) % | 404 | 416 | (2.8) % | (3.0) % | |||||||
Total Wholesale Sales | 14,142 | 13,064 | 8.2 % | N/A | 38,307 | 39,442 | (2.9) % | N/A | |||||||
Period Ended September | |||||||||||||||
2024 | 2023 | % Change | |||||||||||||
(in thousands) | |||||||||||||||
Regulated Utility Customers | |||||||||||||||
Total Regulated Utility Customers | 8,865 | 8,792 | 0.8 % | ||||||||||||
Traditional Electric Operating Companies | 4,530 | 4,476 | 1.2 % | ||||||||||||
Southern Company Gas | 4,335 | 4,316 | 0.4 % | ||||||||||||
Southern Company | |||||||||||
Financial Overview | |||||||||||
As Reported | |||||||||||
Three Months Ended | Year-To-Date September | ||||||||||
2024 | 2023 | % Change | 2024 | 2023 | % Change | ||||||
(in millions) | (in millions) | ||||||||||
Southern Company – | |||||||||||
Operating Revenues | $ 7,274 | $ 6,980 | 4.2 % | $ 20,383 | $ 19,208 | 6.1 % | |||||
Earnings Before Income Taxes | 1,912 | 1,729 | 10.6 % | 4,684 | 3,545 | 32.1 % | |||||
Net Income Available to Common | 1,535 | 1,422 | 7.9 % | 3,867 | 3,121 | 23.9 % | |||||
Alabama Power – | |||||||||||
Operating Revenues | $ 2,138 | $ 2,083 | 2.6 % | $ 5,803 | $ 5,420 | 7.1 % | |||||
Earnings Before Income Taxes | 628 | 644 | (2.5) % | 1,517 | 1,235 | 22.8 % | |||||
Net Income Available to Common | 493 | 565 | (12.7) % | 1,195 | 1,132 | 5.6 % | |||||
Georgia Power – | |||||||||||
Operating Revenues | $ 3,472 | $ 3,237 | 7.3 % | $ 8,745 | $ 7,805 | 12.0 % | |||||
Earnings Before Income Taxes | 1,296 | 980 | 32.2 % | 2,765 | 1,892 | 46.1 % | |||||
Net Income Available to Common | 1,050 | 780 | 34.6 % | 2,249 | 1,547 | 45.4 % | |||||
Mississippi Power – | |||||||||||
Operating Revenues | $ 412 | $ 436 | (5.5) % | $ 1,118 | $ 1,137 | (1.7) % | |||||
Earnings Before Income Taxes | 97 | 93 | 4.3 % | 233 | 208 | 12.0 % | |||||
Net Income Available to Common | 75 | 75 | — % | 186 | 173 | 7.5 % | |||||
Southern Power – | |||||||||||
Operating Revenues | $ 600 | $ 653 | (8.1) % | $ 1,597 | $ 1,686 | (5.3) % | |||||
Earnings Before Income Taxes | 115 | 149 | (22.8) % | 223 | 258 | (13.6) % | |||||
Net Income Available to Common | 82 | 100 | (18.0) % | 264 | 288 | (8.3) % | |||||
Southern Company Gas – | |||||||||||
Operating Revenues | $ 682 | $ 689 | (1.0) % | $ 3,220 | $ 3,417 | (5.8) % | |||||
Earnings Before Income Taxes | 49 | 110 | (55.5) % | 739 | 635 | 16.4 % | |||||
Net Income Available to Common | 38 | 82 | (53.7) % | 555 | 475 | 16.8 % | |||||
See Financial Highlights pages for discussion of certain significant items occurring during the periods |
View original content to download multimedia:https://www.prnewswire.com/news-releases/southern-company-reports-third-quarter-2024-earnings-302292488.html
SOURCE Southern Company
FAQ
What was Southern Company's (SO) earnings per share in Q3 2024?
How much revenue did Southern Company (SO) generate in Q3 2024?
What were Southern Company's (SO) year-to-date earnings for 2024?
What factors drove Southern Company's (SO) earnings growth in Q3 2024?
