Southern Company reports first-quarter 2019 earnings

May 1, 2019

Southern Company today reported first-quarter 2019 earnings of $2.08 billion, or $2.01 per share, compared with earnings of $938 million, or 93 cents per share, in the first quarter of 2018. 

Excluding the items described in the “Net Income – Excluding Items” table below, Southern Company earned $730 million, or 70 cents per share, during the first quarter of 2019, compared with $893 million, or 88 cents per share, during the first quarter of 2018.

Non-GAAP Financial Measures

 

Three Months Ended March

Net Income - Excluding Items (in millions)

 

2019

2018

Net Income - As Reported

 

$2,084

$938

Acquisition, Disposition, and Integration Impacts

 

(2,499)

62

Tax Impact

 

1,189

(5)

Estimated Loss on Plants Under Construction

 

4

44

Tax Impact

 

(1)

(11)

Wholesale Gas Services

 

(63)

 

(139)

Tax Impact

 

16

35

Earnings Guidance Comparability Items:

 

 

 

Adoption of Tax Reform

 

-

(31)

Net Income – Excluding Items

 

$730

$893

Average Shares Outstanding – (in millions)

 

1,038

1,011

Basic Earnings Per Share – Excluding Items

 

$0.70

$0.88

“Southern Company’s major business units are off to a good start for the year,” said Chairman, President and CEO Thomas A. Fanning. “I am extremely pleased with our performance year-to-date, and believe we are well-positioned to achieve our financial targets for 2019. In addition, we just completed a review of the Plant Vogtle project and I’m pleased to report that we still expect to meet our targets for cost and the regulatory-approved schedule for the completion of the new nuclear units.”Earnings drivers year-over-year for the first quarter 2019 were negatively impacted as a result of divested earnings and milder weather at the state-regulated electric utilities.NOTE: For more information regarding these non-GAAP adjustments, see the footnotes accompanying the Financial Highlights page of the earnings package.

First quarter 2019 operating revenues were $5.41 billion, compared with $6.37 billion for the first quarter of 2018, a decrease of 15.1 percent. This decrease was primarily related to a reduction in revenue resulting from the sale of Gulf Power and other assets that are no longer affiliated with Southern Company.

Southern Company’s first quarter earnings slides with supplemental financial information are available at http://investor.southerncompany.com.

Southern Company’s financial analyst call will begin at 8 a.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.