Southern Company reports first-quarter 2019 earnings
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 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.
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.
