ATLANTA, July 29, 2021 /PRNewswire/ -- Southern Company
today reported second-quarter 2021 earnings of $372 million, or 35
cents per share, compared with $612
million, or 58 cents per
share, in the second quarter of 2020. For the six months ended
June 30, 2021, Southern Company
reported earnings of $1.51 billion,
or $1.42 per share, compared with
earnings of $1.48 billion, or
$1.40 per share, for the same period
in 2020.
Excluding the items described under "Net Income – Excluding
Items" in the table below, Southern Company earned $891 million, or 84
cents per share, during the second quarter of 2021, compared
with $822 million, or 78 cents per share, during the second quarter of
2020. For the six months ended June 30,
2021, excluding these items, Southern Company earned
$1.93 billion, or $1.82 per share, compared with $1.65 billion, or $1.56 per share, for the same period in 2020.
Non-GAAP Financial
Measures
|
|
Three Months Ended
June
|
|
Year-to-Date
June
|
Net Income -
Excluding Items (in millions)
|
|
2021
|
2020
|
|
2021
|
2020
|
Net Income - As
Reported
|
|
$372
|
$612
|
|
$1,508
|
$1,480
|
Less:
|
|
|
|
|
|
|
Estimated Loss on Plants Under Construction
|
|
(462)
|
(152)
|
|
(507)
|
(155)
|
Tax
Impact
|
|
118
|
39
|
|
130
|
40
|
Acquisition and Disposition Impacts
|
|
1
|
-
|
|
1
|
38
|
Tax
Impact
|
|
-
|
-
|
|
-
|
(16)
|
Wholesale Gas Services
|
|
(147)
|
(31)
|
|
19
|
-
|
Tax
Impact
|
|
35
|
8
|
|
(5)
|
-
|
Asset
Impairments
|
|
(89)
|
(154)
|
|
(89)
|
(154)
|
Tax
Impact
|
|
25
|
80
|
|
25
|
80
|
Net Income –
Excluding Items
|
|
$891
|
$822
|
|
$1,934
|
$1,647
|
Average Shares
Outstanding – (in
millions)
|
|
1,061
|
1,058
|
|
1,060
|
1,057
|
Basic Earnings Per
Share – Excluding Items
|
|
$0.84
|
$0.78
|
|
$1.82
|
$1.56
|
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 second quarter of 2021,
as compared with 2020, were strong customer usage, as well as
robust customer growth and constructive state regulatory actions.
These impacts were partially offset by higher non-fuel operations
and maintenance costs as the emerging economic recovery resulted in
a return to more normal business operations. Earnings for the
second quarter of 2021 were also significantly impacted by a
$343 million after-tax charge related
to Georgia Power's construction of Plant Vogtle units 3 and 4.
"The Southern Company system achieved solid operational
performance in the second quarter of 2021," said Chairman,
President and CEO, Thomas A.
Fanning. "We saw a year-over-year increase in retail
electric sales, as the economies in our service territories
continue to recover from the effects of the COVID-19 pandemic, and
we experienced strong customer growth in our Southeastern
footprint".
"We're also pleased to report that the integrated operation of
Plant Vogtle Unit 3 has now been demonstrated with the successful
completion of hot functional testing, our most significant project
milestone to date," added Fanning.
Second-quarter 2021 operating revenues were $5.2 billion, compared with $4.6 billion for the second quarter of 2020, an
increase of 12.5 percent. For the six months ended June 30, 2021, operating revenues were
$11.11 billion, compared with
$9.64 billion for the corresponding
period in 2020, an increase of 15.3 percent. These
increases were primarily due to higher fuel costs. Colder
weather in the first quarter 2021 also contributed to the increase
for the six months ended June 30,
2021.
Southern Company's second-quarter earnings slides with
supplemental financial information, including long-term earnings
guidance, 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, including an update on the
Vogtle units 3 and 4 construction project and earnings guidance.
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.
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, Forbes and the Women's Choice Award. To learn more,
visit www.southerncompany.com.
|
|
Southern
Company
|
Financial
Highlights
|
(In Millions of
Dollars Except Earnings Per Share)
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June
|
|
Year-to-Date
June
|
Net Income–As
Reported (See Notes)
|
2021
|
|
2020
|
|
2021
|
|
2020
|
Traditional
Electric Operating Companies
|
$
|
511
|
|
|
$
|
645
|
|
|
$
|
1,267
|
|
|
$
|
1,287
|
|
Southern
Power
|
36
|
|
|
63
|
|
|
133
|
|
|
138
|
|
Southern Company
Gas
|
(65)
|
|
|
71
|
|
|
333
|
|
|
346
|
|
Total
|
482
|
|
|
779
|
|
|
1,733
|
|
|
1,771
|
|
Parent Company
and Other
|
(110)
|
|
|
(167)
|
|
|
(225)
|
|
|
(291)
|
|
Net
Income–As Reported
|
$
|
372
|
|
|
$
|
612
|
|
|
$
|
1,508
|
|
|
$
|
1,480
|
|
|
|
|
|
|
|
|
|
Basic Earnings
Per Share1
|
$
|
0.35
|
|
|
$
|
0.58
|
|
|
$
|
1.42
|
|
|
$
|
1.40
|
|
Average Shares
Outstanding (in millions)
|
1,061
|
|
|
1,058
|
|
|
1,060
|
|
|
1,057
|
|
End of Period
Shares Outstanding (in millions)
|
|
|
|
|
1,059
|
|
|
1,056
|
|
|
|
|
|
|
|
|
|
Non-GAAP Financial
Measures
|
Three Months Ended
June
|
|
Year-to-Date
June
|
Net
Income–Excluding Items (See Notes)
|
2021
|
|
2020
|
|
2021
|
|
2020
|
Net Income–As
Reported
|
$
|
372
|
|
|
$
|
612
|
|
|
$
|
1,508
|
|
|
$
|
1,480
|
|
Less:
|
|
|
|
|
|
|
|
Estimated Loss on
Plants Under Construction2
|
(462)
|
|
|
(152)
|
|
|
(507)
|
|
|
(155)
|
|
Tax Impact
|
118
|
|
|
39
|
|
|
130
|
|
|
40
|
|
Acquisition and
Disposition Impacts3
|
1
|
|
|
—
|
|
|
1
|
|
|
38
|
|
Tax Impact
|
—
|
|
|
—
|
|
|
—
|
|
|
(16)
|
|
Wholesale Gas
Services4
|
(147)
|
|
|
(31)
|
|
|
19
|
|
|
—
|
|
Tax Impact
|
35
|
|
|
8
|
|
|
(5)
|
|
|
—
|
|
Asset
Impairments5
|
(89)
|
|
|
(154)
|
|
|
(89)
|
|
|
(154)
|
|
Tax Impact
|
25
|
|
|
80
|
|
|
25
|
|
|
80
|
|
Net
Income–Excluding Items
|
$
|
891
|
|
|
$
|
822
|
|
|
$
|
1,934
|
|
|
$
|
1,647
|
|
|
|
|
|
|
|
|
|
Basic Earnings
Per Share–Excluding Items
|
$
|
0.84
|
|
|
$
|
0.78
|
|
|
$
|
1.82
|
|
|
$
|
1.56
|
|
-See Notes on the
following page.
|
Southern
Company
|
Financial
Highlights
|
|
Notes
|
(1)
|
Dilution is not
material in any period presented. Diluted earnings per share was
$0.35 and $1.41 for the three and six months ended June 30, 2021
and was $0.58 and $1.39 for the three and six months ended June 30,
2020, respectively.
|
(2)
|
Earnings for the
three months ended June 30, 2021 include a charge of $460 million
pre tax ($343 million after tax), earnings for the six months ended
June 30, 2021 include charges totaling $508 million pre tax ($379
million after tax), and earnings for the three and six months ended
June 30, 2020 include a charge of $149 million pre tax ($111
million after tax) for estimated probable losses on Georgia Power
Company's construction of Plant Vogtle Units 3 and 4. Further
charges may occur; however, the amount and timing of any such
charges are uncertain. Earnings for the three and six months
ended June 30, 2021 and 2020 also 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. Mississippi Power Company expects to incur
additional pre-tax period costs to complete dismantlement of the
abandoned gasifier-related assets and site restoration activities,
including related costs for compliance and safety, asset retirement
obligation accretion, and property taxes, totaling $10 million to
$20 million annually through 2025.
|
(3)
|
Earnings for the six
months ended June 30, 2020 primarily include a $39 million pre-tax
($23 million after-tax) gain on the sale of Southern Power
Company's Plant Mankato. Further impacts may be recorded in future
periods in connection with acquisition and disposition
activity.
|
(4)
|
Earnings for the
three and six months ended June 30, 2021 and 2020 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. This business
was sold on July 1, 2021.
|
(5)
|
Earnings for the
three and six months ended June 30, 2021 includes pre-tax
impairment charges of $82 million ($58 million after tax) related
to Southern Company Gas' investment in the PennEast Pipeline
project and $7 million ($6 million after tax) related to a
leveraged lease investment. Earnings for the three and six
months ended June 30, 2020 include a pre-tax impairment charge of
$154 million ($74 million after tax) related to another leveraged
lease investment. Impairment charges may occur in the future;
however, the amount and timing of any such charges are
uncertain.
|
|
|
Southern
Company
|
Significant
Factors Impacting EPS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June
|
|
Year-to-Date
June
|
|
2021
|
|
2020
|
|
Change
|
|
2021
|
|
2020
|
|
Change
|
Earnings Per
Share–
|
|
|
|
|
|
|
|
|
|
|
|
As
Reported1 (See Notes)
|
$
|
0.35
|
|
|
$
|
0.58
|
|
|
$
|
(0.23)
|
|
|
$
|
1.42
|
|
|
$
|
1.40
|
|
|
$
|
0.02
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Significant
Factors:
|
|
|
|
|
|
|
|
|
|
|
|
Traditional
Electric Operating Companies
|
|
|
|
|
$
|
(0.13)
|
|
|
|
|
|
|
$
|
(0.02)
|
|
Southern
Power
|
|
|
|
|
(0.03)
|
|
|
|
|
|
|
—
|
|
Southern Company
Gas
|
|
|
|
|
(0.13)
|
|
|
|
|
|
|
(0.01)
|
|
Parent Company and
Other
|
|
|
|
|
0.06
|
|
|
|
|
|
|
0.06
|
|
Increase in
Shares
|
|
|
|
|
—
|
|
|
|
|
|
|
(0.01)
|
|
Total–As
Reported
|
|
|
|
|
$
|
(0.23)
|
|
|
|
|
|
|
$
|
0.02
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June
|
|
Year-to-Date
June
|
Non-GAAP Financial
Measures
|
2021
|
|
2020
|
|
Change
|
|
2021
|
|
2020
|
|
Change
|
Earnings Per
Share–
|
|
|
|
|
|
|
|
|
|
|
|
Excluding Items
(See Notes)
|
$
|
0.84
|
|
|
$
|
0.78
|
|
|
$
|
0.06
|
|
|
$
|
1.82
|
|
|
$
|
1.56
|
|
|
$
|
0.26
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total–As
Reported
|
|
|
|
|
$
|
(0.23)
|
|
|
|
|
|
|
$
|
0.02
|
|
Less:
|
|
|
|
|
|
|
|
|
|
|
|
Estimated Loss on
Plants Under Construction2
|
|
|
|
|
(0.21)
|
|
|
|
|
|
|
(0.24)
|
|
Acquisition and
Disposition Impacts3
|
|
|
|
|
—
|
|
|
|
|
|
|
(0.02)
|
|
Wholesale Gas
Services4
|
|
|
|
|
(0.09)
|
|
|
|
|
|
|
0.01
|
|
Asset
Impairments5
|
|
|
|
|
0.01
|
|
|
|
|
|
|
0.01
|
|
Total–Excluding Items
|
|
|
|
|
$
|
0.06
|
|
|
|
|
|
|
$
|
0.26
|
|
- See Notes on the
following page.
|
Southern
Company
|
Significant
Factors Impacting EPS
|
Notes
|
(1)
|
Dilution is not
material in any period presented. Diluted earnings per share was
$0.35 and $1.41 for the three and six months ended June 30, 2021
and was $0.58 and $1.39 for the three and six months ended June 30,
2020, respectively.
|
(2)
|
Earnings for the
three months ended June 30, 2021 include a charge of $460 million
pre tax ($343 million after tax), earnings for the six months ended
June 30, 2021 include charges totaling $508 million pre tax ($379
million after tax), and earnings for the three and six months ended
June 30, 2020 include a charge of $149 million pre tax ($111
million after tax) for estimated probable losses on Georgia Power
Company's construction of Plant Vogtle Units 3 and 4. Further
charges may occur; however, the amount and timing of any such
charges are uncertain. Earnings for the three and six months
ended June 30, 2021 and 2020 also 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. Mississippi Power Company expects to incur
additional pre-tax period costs to complete dismantlement of the
abandoned gasifier-related assets and site restoration activities,
including related costs for compliance and safety, asset retirement
obligation accretion, and property taxes, totaling $10 million to
$20 million annually through 2025.
|
(3)
|
Earnings for the six
months ended June 30, 2020 primarily include a $39 million pre-tax
($23 million after-tax) gain on the sale of Southern Power
Company's Plant Mankato. Further impacts may be recorded in future
periods in connection with acquisition and disposition
activity.
|
(4)
|
Earnings for the
three and six months ended June 30, 2021 and 2020 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. This business
was sold on July 1, 2021.
|
(5)
|
Earnings for the
three and six months ended June 30, 2021 includes pre-tax
impairment charges of $82 million ($58 million after tax) related
to Southern Company Gas' investment in the PennEast Pipeline
project and $7 million ($6 million after tax) related to a
leveraged lease investment. Earnings for the three and six
months ended June 30, 2020 include a pre-tax impairment charge of
$154 million ($74 million after tax) related to another leveraged
lease investment. Impairment charges may occur in the future;
however, the amount and timing of any such charges are
uncertain.
|
|
|
Southern
Company
|
EPS Earnings
Analysis
|
|
|
|
|
Description
|
Three Months
Ended
June 2021 vs. 2020
|
|
Year-To-Date
June 2021 vs. 2020
|
|
|
|
|
Retail
Sales
|
7¢
|
|
5¢
|
|
|
|
|
Retail Revenue
Impacts
|
7
|
|
9
|
|
|
|
|
Weather
|
1
|
|
8
|
|
|
|
|
Wholesale & Other
Operating Revenues
|
4
|
|
8
|
|
|
|
|
Non-Fuel
O&M
|
(11)
|
|
(11)
|
|
|
|
|
Depreciation and
Amortization, Interest Expense, Other
|
1
|
|
4
|
|
|
|
|
Total Traditional
Electric Operating Companies
|
9¢
|
|
23¢
|
|
|
|
|
Southern
Power
|
(3)
|
|
2
|
|
|
|
|
Southern Company
Gas
|
1
|
|
3
|
|
|
|
|
Parent and
Other
|
(1)
|
|
(1)
|
|
|
|
|
Increase in
Shares
|
—
|
|
(1)
|
|
|
|
|
Total Change in
EPS (Excluding Items)
|
6¢
|
|
26¢
|
|
|
|
|
Estimated Loss on
Plants Under Construction1
|
(21)
|
|
(24)
|
|
|
|
|
Acquisition and
Disposition Impacts2
|
—
|
|
(2)
|
|
|
|
|
Wholesale Gas
Services3
|
(9)
|
|
1
|
|
|
|
|
Asset
Impairments4
|
1
|
|
1
|
|
|
|
|
Total Change in
EPS (As Reported)
|
(23)¢
|
|
2¢
|
- See Notes on the
following page.
|
|
|
|
Southern
Company
|
EPS Earnings
Analysis
|
|
Notes
|
(1)
|
Earnings for the
three months ended June 30, 2021 include a charge of $460 million
pre tax ($343 million after tax), earnings for the six months ended
June 30, 2021 include charges totaling $508 million pre tax ($379
million after tax), and earnings for the three and six months ended
June 30, 2020 include a charge of $149 million pre tax ($111
million after tax) for estimated probable losses on Georgia Power
Company's construction of Plant Vogtle Units 3 and 4. Further
charges may occur; however, the amount and timing of any such
charges are uncertain. Earnings for the three and six months
ended June 30, 2021 and 2020 also 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. Mississippi Power Company expects to incur
additional pre-tax period costs to complete dismantlement of the
abandoned gasifier-related assets and site restoration activities,
including related costs for compliance and safety, asset retirement
obligation accretion, and property taxes, totaling $10 million to
$20 million annually through 2025.
|
(2)
|
Earnings for
the six months ended June 30, 2020 primarily include a $39 million
pre-tax ($23 million after-tax) gain on the sale of Southern Power
Company's Plant Mankato. Further impacts may be recorded in future
periods in connection with acquisition and disposition
activity.
|
(3)
|
Earnings for the
three and six months ended June 30, 2021 and 2020 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. This business
was sold on July 1, 2021.
|
(4)
|
Earnings for the
three and six months ended June 30, 2021 includes pre-tax
impairment charges of $82 million ($58 million after tax) related
to Southern Company Gas' investment in the PennEast Pipeline
project and $7 million ($6 million after tax) related to a
leveraged lease investment. Earnings for the three and six
months ended June 30, 2020 include a pre-tax impairment charge of
$154 million ($74 million after tax) related to another leveraged
lease investment. Impairment charges may occur in the future;
however, the amount and timing of any such charges are
uncertain.
|
|
|
Southern
Company
|
Consolidated
Earnings
|
As
Reported
|
(In Millions of
Dollars)
|
|
Three Months Ended
June
|
|
Year-to-Date
June
|
|
2021
|
|
2020
|
|
Change
|
|
2021
|
|
2020
|
|
Change
|
Income
Account-
|
|
|
|
|
|
|
|
|
|
|
|
Retail Electric
Revenues-
|
|
|
|
|
|
|
|
|
|
|
|
Fuel
|
$
|
875
|
|
|
$
|
676
|
|
|
$
|
199
|
|
|
$
|
1,712
|
|
|
$
|
1,353
|
|
|
$
|
359
|
|
Non-Fuel
|
2,724
|
|
|
2,506
|
|
|
218
|
|
|
5,229
|
|
|
4,907
|
|
|
322
|
|
Wholesale Electric
Revenues
|
546
|
|
|
472
|
|
|
74
|
|
|
1,091
|
|
|
889
|
|
|
202
|
|
Other Electric
Revenues
|
175
|
|
|
168
|
|
|
7
|
|
|
346
|
|
|
320
|
|
|
26
|
|
Natural Gas
Revenues
|
677
|
|
|
636
|
|
|
41
|
|
|
2,371
|
|
|
1,885
|
|
|
486
|
|
Other
Revenues
|
201
|
|
|
162
|
|
|
39
|
|
|
359
|
|
|
284
|
|
|
75
|
|
Total
Revenues
|
5,198
|
|
|
4,620
|
|
|
578
|
|
|
11,108
|
|
|
9,638
|
|
|
1,470
|
|
Fuel and Purchased
Power
|
1,065
|
|
|
821
|
|
|
244
|
|
|
2,120
|
|
|
1,638
|
|
|
482
|
|
Cost of Natural
Gas
|
231
|
|
|
144
|
|
|
87
|
|
|
814
|
|
|
583
|
|
|
231
|
|
Cost of Other
Sales
|
103
|
|
|
74
|
|
|
29
|
|
|
185
|
|
|
129
|
|
|
56
|
|
Non-Fuel
O&M
|
1,438
|
|
|
1,203
|
|
|
235
|
|
|
2,810
|
|
|
2,498
|
|
|
312
|
|
Depreciation and
Amortization
|
891
|
|
|
873
|
|
|
18
|
|
|
1,762
|
|
|
1,730
|
|
|
32
|
|
Taxes Other Than
Income Taxes
|
313
|
|
|
298
|
|
|
15
|
|
|
657
|
|
|
629
|
|
|
28
|
|
Estimated Loss on
Plant Vogtle Units 3 and 4
|
460
|
|
|
149
|
|
|
311
|
|
|
508
|
|
|
149
|
|
|
359
|
|
(Gain) Loss on
Dispositions, net
|
(11)
|
|
|
—
|
|
|
(11)
|
|
|
(54)
|
|
|
(39)
|
|
|
(15)
|
|
Total Operating
Expenses
|
4,490
|
|
|
3,562
|
|
|
928
|
|
|
8,802
|
|
|
7,317
|
|
|
1,485
|
|
Operating
Income
|
708
|
|
|
1,058
|
|
|
(350)
|
|
|
2,306
|
|
|
2,321
|
|
|
(15)
|
|
Allowance for Equity
Funds Used During Construction
|
45
|
|
|
35
|
|
|
10
|
|
|
90
|
|
|
68
|
|
|
22
|
|
Earnings (Loss) from
Equity Method Investments
|
(40)
|
|
|
30
|
|
|
(70)
|
|
|
5
|
|
|
72
|
|
|
(67)
|
|
Interest Expense, Net
of Amounts Capitalized
|
450
|
|
|
444
|
|
|
6
|
|
|
901
|
|
|
900
|
|
|
1
|
|
Impairment of
Leveraged Leases
|
7
|
|
|
154
|
|
|
(147)
|
|
|
7
|
|
|
154
|
|
|
(147)
|
|
Other Income
(Expense), net
|
108
|
|
|
101
|
|
|
7
|
|
|
167
|
|
|
204
|
|
|
(37)
|
|
Income Taxes
(Benefit)
|
(12)
|
|
|
5
|
|
|
(17)
|
|
|
178
|
|
|
150
|
|
|
28
|
|
Net
Income
|
376
|
|
|
621
|
|
|
(392)
|
|
|
1,482
|
|
|
1,461
|
|
|
(126)
|
|
Less:
|
|
|
|
|
|
|
|
|
|
|
|
Dividends on Preferred
Stock of Subsidiaries
|
4
|
|
|
4
|
|
|
—
|
|
|
7
|
|
|
7
|
|
|
—
|
|
Net Income (Loss)
Attributable to Noncontrolling Interests
|
—
|
|
|
5
|
|
|
(5)
|
|
|
(33)
|
|
|
(26)
|
|
|
(7)
|
|
NET INCOME
ATTRIBUTABLE TO SOUTHERN COMPANY
|
$
|
372
|
|
|
$
|
612
|
|
|
$
|
(240)
|
|
|
$
|
1,508
|
|
|
$
|
1,480
|
|
|
$
|
28
|
|
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
June
|
|
Year-to-Date
June
|
|
2021
|
|
2020
|
|
Change
|
|
Weather Adjusted
Change
|
|
2021
|
|
2020
|
|
Change
|
|
Weather Adjusted
Change
|
Kilowatt-Hour
Sales-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Sales
|
46,020
|
|
|
43,547
|
|
|
5.7
|
%
|
|
|
|
92,442
|
|
|
87,811
|
|
|
5.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Retail
Sales-
|
34,655
|
|
|
32,460
|
|
|
6.8
|
%
|
|
6.0
|
%
|
|
69,306
|
|
|
66,505
|
|
|
4.2
|
%
|
|
2.0
|
%
|
Residential
|
10,838
|
|
|
10,879
|
|
|
(0.4)
|
%
|
|
(2.0)
|
%
|
|
22,878
|
|
|
21,745
|
|
|
5.2
|
%
|
|
(0.4)
|
%
|
Commercial
|
11,500
|
|
|
10,531
|
|
|
9.2
|
%
|
|
8.7
|
%
|
|
22,243
|
|
|
21,470
|
|
|
3.6
|
%
|
|
2.7
|
%
|
Industrial
|
12,162
|
|
|
10,886
|
|
|
11.7
|
%
|
|
11.7
|
%
|
|
23,870
|
|
|
22,952
|
|
|
4.0
|
%
|
|
4.0
|
%
|
Other
|
155
|
|
|
164
|
|
|
(5.4)
|
%
|
|
(5.3)
|
%
|
|
315
|
|
|
338
|
|
|
(6.6)
|
%
|
|
(6.8)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Wholesale
Sales
|
11,365
|
|
|
11,087
|
|
|
2.5
|
%
|
|
N/A
|
|
23,136
|
|
|
21,306
|
|
|
8.6
|
%
|
|
N/A
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In Thousands
of Customers)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period Ended
June
|
|
|
|
|
|
|
|
|
|
|
|
2021
|
|
2020
|
|
Change
|
|
|
Regulated Utility
Customers-
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Utility
Customers-
|
|
|
|
|
|
|
|
8,659
|
|
8,580
|
|
0.9%
|
|
|
Total Traditional
Electric
|
|
|
|
|
|
4,359
|
|
4,305
|
|
1.3%
|
|
|
Southern Company
Gas
|
|
|
|
|
|
|
|
4,300
|
|
4,275
|
|
0.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
Southern
Company
|
|
Financial
Overview
|
|
As
Reported
|
|
(In Millions of
Dollars)
|
|
|
Three Months Ended
June
|
|
Year-to-Date
June
|
|
|
2021
|
|
2020
|
|
% Change
|
|
2021
|
|
2020
|
|
% Change
|
|
Southern Company
–
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Revenues
|
$
|
5,198
|
|
|
$
|
4,620
|
|
|
12.5
|
%
|
|
$
|
11,108
|
|
|
$
|
9,638
|
|
|
15.3
|
%
|
|
Earnings Before
Income Taxes
|
364
|
|
|
626
|
|
|
(41.9)
|
%
|
|
1,660
|
|
|
1,611
|
|
|
3.0
|
%
|
|
Net Income Available
to Common
|
372
|
|
|
612
|
|
|
(39.2)
|
%
|
|
1,508
|
|
|
1,480
|
|
|
1.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Alabama Power
–
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Revenues
|
$
|
1,556
|
|
|
$
|
1,365
|
|
|
14.0
|
%
|
|
$
|
3,115
|
|
|
$
|
2,716
|
|
|
14.7
|
%
|
|
Earnings Before
Income Taxes
|
439
|
|
|
395
|
|
|
11.1
|
%
|
|
910
|
|
|
762
|
|
|
19.4
|
%
|
|
Net Income Available
to Common
|
331
|
|
|
298
|
|
|
11.1
|
%
|
|
690
|
|
|
578
|
|
|
19.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Georgia Power
–
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Revenues
|
$
|
2,225
|
|
|
$
|
1,928
|
|
|
15.4
|
%
|
|
$
|
4,195
|
|
|
$
|
3,754
|
|
|
11.7
|
%
|
|
Earnings Before
Income Taxes
|
93
|
|
|
319
|
|
|
(70.8)
|
%
|
|
462
|
|
|
665
|
|
|
(30.5)
|
%
|
|
Net Income Available
to Common
|
143
|
|
|
308
|
|
|
(53.6)
|
%
|
|
494
|
|
|
638
|
|
|
(22.6)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mississippi Power
–
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Revenues
|
$
|
303
|
|
|
$
|
283
|
|
|
7.1
|
%
|
|
$
|
610
|
|
|
$
|
559
|
|
|
9.1
|
%
|
|
Earnings Before
Income Taxes
|
46
|
|
|
41
|
|
|
12.2
|
%
|
|
95
|
|
|
79
|
|
|
20.3
|
%
|
|
Net Income Available
to Common
|
38
|
|
|
39
|
|
|
(2.6)
|
%
|
|
83
|
|
|
71
|
|
|
16.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Southern Power
–
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Revenues
|
$
|
490
|
|
|
$
|
439
|
|
|
11.6
|
%
|
|
$
|
930
|
|
|
$
|
814
|
|
|
14.3
|
%
|
|
Earnings Before
Income Taxes
|
34
|
|
|
74
|
|
|
(54.1)
|
%
|
|
89
|
|
|
125
|
|
|
(28.8)
|
%
|
|
Net Income Available
to Common
|
36
|
|
|
63
|
|
|
(42.9)
|
%
|
|
133
|
|
|
138
|
|
|
(3.6)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Southern Company
Gas –
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Revenues
|
$
|
677
|
|
|
$
|
636
|
|
|
6.4
|
%
|
|
$
|
2,371
|
|
|
$
|
1,885
|
|
|
25.8
|
%
|
|
Earnings (Loss)
Before Income Taxes
|
(94)
|
|
|
87
|
|
|
N/M
|
|
425
|
|
|
441
|
|
|
(3.6)
|
%
|
|
Net Income (Loss)
Available to Common
|
(65)
|
|
|
71
|
|
|
N/M
|
|
333
|
|
|
346
|
|
|
(3.8)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
N/M - Not
Meaningful
Notes - See
Financial Highlights pages for discussion of certain significant
items occurring during the periods
|
View original content to download
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SOURCE Southern Company