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Southern Company reports first-quarter 2022 earnings

Southern Company today reported first-quarter 2022 earnings of $1.03 billion, or 97 cents per share, compared with earnings of $1.14 billion, or $1.07 per share, in the first quarter of 2021. 

Excluding the items described under “Net Income – Excluding Items” in the table below, Southern Company earned $1.03 billion, or 97 cents per share, during the first quarter of 2022, compared with $1.04 billion, or 98 cents per share, during the first quarter of 2021.  

Non-GAAP Financial Measures

 

 

Three Months Ended March

Net Income - Excluding Items (in millions)

 

 

2022

2021

Net Income - As Reported

 

 

$1,032

$1,135

Less:

 

 

 

 

   Estimated Loss on Plants Under Construction

 

 

(1)

(45)

  Tax Impact

 

 

-

11

   Wholesale Gas Services

 

 

-

166

       Tax Impact

 

 

-

(40)

Net Income – Excluding Items

 

 

$1,033

$1,043

       Average Shares Outstanding – (in millions)                     

 

 

1,063

1,060

Basic Earnings Per Share – Excluding Items

 

 

$0.97

$0.98

           

 

 

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 first quarter 2022, as compared with 2021, were higher non-fuel operations and maintenance costs, which reflects a trend towards more normal operating conditions relative to significantly reduced levels during the first quarter 2021, largely offset by constructive state regulatory actions and robust customer growth at our state regulated utilities.

First-quarter 2022 operating revenues were $6.6 billion, compared with $5.9 billion for the first quarter of 2021, an increase of 12.5 percent. These increases were primarily due to higher fuel costs.

“Southern Company saw strong adjusted earnings results for the first quarter 2022,” said Chairman, President and CEO, Thomas A. Fanning. “The economies within our Southeast service territories are among the best in the United States, and we believe we are well-positioned to achieve our financial objectives for 2022,” added Fanning.

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 1 p.m. Eastern Time today, during which Fanning 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 https://investor.southerncompany.com/events-and-presentations/default.aspx. A replay of the webcast will be available on the site for 12 months.