ATLANTA, Feb. 15,
2024 /PRNewswire/ -- Southern Company today reported
fourth-quarter earnings of $855
million, or 78 cents per
share, in 2023 compared with a loss of $87
million, or 8 cents per share,
in the fourth quarter of 2022. Southern Company also reported
full-year 2023 earnings of $4.0
billion, or $3.64 per share,
compared with $3.5 billion, or
$3.28 per share, in 2022.
Excluding the items described under "Net Income – Excluding
Items" in the table below, Southern Company earned $700 million, or 64
cents per share, during the fourth quarter of 2023, compared
with $285 million, or 26 cents per share, during the fourth quarter of
2022. For the full-year 2023, excluding these items, Southern
Company earned $4.0 billion, or
$3.65 per share, compared with
$3.9 billion, or $3.60 per share, for 2022.
Non-GAAP Financial
Measures
|
|
Three Months
Ended
December
|
|
Year-to-Date
December
|
Net Income -
Excluding Items (in millions)
|
|
2023
|
2022
|
|
2023
|
2022
|
Net Income - As
Reported
|
|
$855
|
$(87)
|
|
$3,976
|
$3,524
|
Less:
|
|
|
|
|
|
|
Estimated
Loss on Plants Under Construction
|
|
222
|
(205)
|
|
51
|
(199)
|
Tax
Impact
|
|
(56)
|
52
|
|
(13)
|
51
|
Acquisition and Disposition Impacts
|
|
1
|
(134)
|
|
(1)
|
(115)
|
Tax
Impact
|
|
32
|
34
|
|
33
|
32
|
Loss on
Extinguishment of Debt
|
|
-
|
-
|
|
(5)
|
-
|
Tax
Impact
|
|
-
|
-
|
|
1
|
-
|
Estimated
Loss on Qualifying Infrastructure Plant and Other Capital
Investments
|
|
(58)
|
-
|
|
(96)
|
-
|
Tax
Impact
|
|
14
|
-
|
|
24
|
-
|
Impairments
|
|
-
|
(119)
|
|
-
|
(119)
|
Tax
Impact
|
|
-
|
-
|
|
-
|
-
|
Net Income –
Excluding Items
|
|
$700
|
$285
|
|
$3,982
|
$3,874
|
Average Shares
Outstanding – (in millions)
|
|
1,092
|
1,090
|
|
1,092
|
1,075
|
Basic Earnings Per
Share – Excluding Items
|
|
$0.64
|
$0.26
|
|
$3.65
|
$3.60
|
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 full year 2023, as compared
with 2022, were higher utility revenues, lower non-fuel operations
and maintenance costs and income taxes, partially offset by
increased depreciation and amortization and interest expense, and
milder than normal weather at the company's regulated electric
utilities.
Fourth-quarter 2023 operating revenues were $6.0 billion, compared with $7.0 billion for the fourth quarter of 2022, a
decrease of 14.2 percent. Operating revenues for the full year 2023
were $25.3 billion, compared with
$29.3 billion in 2022, a decrease of
13.8 percent. These decreases were primarily due to lower fuel
costs in 2023.
"Last year was an exceptional year for Southern Company," said
Chairman, President and CEO Christopher C.
Womack. "In 2023, we once again demonstrated that we can
accomplish extraordinary things. In addition to delivering strong
financial results in the face of unprecedented headwinds, we
completed Plant Vogtle Unit 3 – the first newly-constructed nuclear
unit in the United States in over
three decades."
Southern Company's fourth-quarter and full-year earnings slides
with supplemental financial information, including 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 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 http://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
distribution 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, DiversityInc, Black
Enterprise, J.D. Power, Fortune, Human Rights Campaign and more. To
learn more, visit www.southerncompany.com.
|
|
Southern
Company
|
Financial
Highlights
|
(In Millions of
Dollars Except Earnings Per Share)
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
December
|
|
Year-To-Date
December
|
Net Income (Loss)–As
Reported (See Notes)
|
2023
|
|
2022
|
|
2023
|
|
2022
|
Traditional
Electric Operating Companies
|
$
785
|
|
$
62
|
|
$
3,637
|
|
$
3,318
|
Southern
Power
|
69
|
|
89
|
|
357
|
|
354
|
Southern Company
Gas
|
140
|
|
56
|
|
615
|
|
572
|
Total
|
994
|
|
207
|
|
4,609
|
|
4,244
|
Parent Company
and Other
|
(139)
|
|
(294)
|
|
(633)
|
|
(720)
|
Net Income
(Loss)–As Reported
|
$
855
|
|
$
(87)
|
|
$
3,976
|
|
$
3,524
|
|
|
|
|
|
|
|
|
Basic Earnings
(Loss) Per Share1
|
$
0.78
|
|
$
(0.08)
|
|
$
3.64
|
|
$
3.28
|
Average Shares
Outstanding (in millions)
|
1,092
|
|
1,090
|
|
1,092
|
|
1,075
|
End of Period
Shares Outstanding (in millions)
|
|
|
|
|
1,091
|
|
1,089
|
|
|
|
|
|
|
|
|
Non-GAAP Financial
Measures
|
Three Months
Ended
December
|
|
Year-To-Date
December
|
Net Income–Excluding
Items (See Notes)
|
2023
|
|
2022
|
|
2023
|
|
2022
|
Net Income
(Loss)–As Reported
|
$
855
|
|
$
(87)
|
|
$
3,976
|
|
$
3,524
|
Less:
|
|
|
|
|
|
|
|
Estimated Loss on
Plants Under Construction2
|
222
|
|
(205)
|
|
51
|
|
(199)
|
Tax Impact
|
(56)
|
|
52
|
|
(13)
|
|
51
|
Acquisition and
Disposition Impacts3
|
1
|
|
(134)
|
|
(1)
|
|
(115)
|
Tax Impact
|
32
|
|
34
|
|
33
|
|
32
|
Loss on Extinguishment
of Debt4
|
—
|
|
—
|
|
(5)
|
|
—
|
Tax Impact
|
—
|
|
—
|
|
1
|
|
—
|
Estimated Loss on
Qualifying Infrastructure Plant and Other Capital
Investments5
|
(58)
|
|
—
|
|
(96)
|
|
—
|
Tax Impact
|
14
|
|
—
|
|
24
|
|
—
|
Impairments6
|
—
|
|
(119)
|
|
—
|
|
(119)
|
Tax Impact
|
—
|
|
—
|
|
—
|
|
—
|
Net
Income–Excluding Items
|
$
700
|
|
$
285
|
|
$
3,982
|
|
$
3,874
|
|
|
|
|
|
|
|
|
Basic Earnings
Per Share–Excluding Items
|
$
0.64
|
|
$
0.26
|
|
$
3.65
|
|
$
3.60
|
- See Notes on the
following page
|
Southern Company
Financial
Highlights
Notes
- Dilution is not material in any period presented. Diluted
earnings (loss) per share was $0.78
and $3.62 for the three and twelve
months ended December 31, 2023,
respectively, and was $(0.08) and
$3.26 for the three and twelve months
ended December 31, 2022,
respectively.
- Earnings for the three and twelve months ended December 31, 2023 include a credit of
$228 million pre tax ($170 million after tax) and a net credit of
$68 million pre tax ($50 million after tax), respectively, and
earnings for the three and twelve months ended December 31, 2022 include a charge of
$201 million pre tax ($150 million after tax) and net charges of
$183 million pre tax ($137 million after tax), respectively, 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 twelve months ended December 31, 2023 and 2022 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, net of
salvage, totaling approximately $15
million annually through 2025.
- Earnings for the three and twelve months ended December 31, 2023 include a $35 million favorable tax impact related to a
reversal of an uncertain tax position associated with the 2019 sale
of Gulf Power Company. Earnings for the three and twelve months
ended December 31, 2022 include
impairment charges totaling $131
million pre-tax ($99 million
after-tax) and other disposition impacts associated with the sales
of Southern Company Gas' natural gas storage facilities. Earnings
for the twelve months ended December 31,
2022 also include a $14
million pre-tax ($11 million
after-tax) gain as a result of the early termination of the
transition services agreement related to the 2019 sale of Gulf
Power Company. Further impacts may result from future acquisition
and disposition activities; however, the amount and timing of any
such impacts are uncertain.
- Earnings for the twelve months ended December 31, 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.
- Earnings for the three and twelve months ended December 31, 2023 include a charge of
$58 million pre tax ($44 million after tax) and charges totaling
$96 million pre tax ($72 million after tax), respectively, for
estimated losses at Southern Company Gas associated with the
Illinois Commerce Commission disallowances related to (1) its
review of the Qualifying Infrastructure Plant (QIP) capital
investments by Nicor Gas under the QIP rider, or Investing in
Illinois program and (2) Nicor
Gas' general base rate case proceeding. Further charges may occur;
however, the amount and timing of any such charges are
uncertain.
- Earnings for the three and twelve months ended December 31, 2022 include an impairment charge of
$119 million (pre tax and after tax)
associated with goodwill at PowerSecure, Inc. 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
December
|
|
Year-To-Date
December
|
|
2023
|
|
2022
|
|
Change
|
|
2023
|
|
2022
|
|
Change
|
Earnings (Loss) Per
Share–
|
|
|
|
|
|
|
|
|
|
|
|
As
Reported1 (See Notes)
|
$
0.78
|
|
$(0.08)
|
|
$
0.86
|
|
$
3.64
|
|
$ 3.28
|
|
$
0.36
|
|
|
|
|
|
|
|
|
|
|
|
|
Significant
Factors:
|
|
|
|
|
|
|
|
|
|
|
|
Traditional
Electric Operating Companies
|
|
|
|
|
$
0.66
|
|
|
|
|
|
$
0.30
|
Southern
Power
|
|
|
|
|
(0.02)
|
|
|
|
|
|
—
|
Southern Company
Gas
|
|
|
|
|
0.08
|
|
|
|
|
|
0.04
|
Parent Company and
Other
|
|
|
|
|
0.14
|
|
|
|
|
|
0.08
|
Increase in
Shares
|
|
|
|
|
—
|
|
|
|
|
|
(0.06)
|
Total–As
Reported
|
|
|
|
|
$
0.86
|
|
|
|
|
|
$
0.36
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
December
|
|
Year-To-Date
December
|
Non-GAAP Financial
Measures
|
2023
|
|
2022
|
|
Change
|
|
2023
|
|
2022
|
|
Change
|
Earnings Per
Share–
|
|
|
|
|
|
|
|
|
|
|
|
Excluding Items (See
Notes)
|
$
0.64
|
|
$ 0.26
|
|
$
0.38
|
|
$
3.65
|
|
$ 3.60
|
|
$
0.05
|
|
|
|
|
|
|
|
|
|
|
|
|
Total–As
Reported
|
|
|
|
|
$
0.86
|
|
|
|
|
|
$
0.36
|
Less:
|
|
|
|
|
|
|
|
|
|
|
|
Estimated Loss on
Plants Under Construction2
|
|
|
|
|
0.29
|
|
|
|
|
|
0.17
|
Acquisition and
Disposition Impacts3
|
|
|
|
|
0.12
|
|
|
|
|
|
0.10
|
Loss on Extinguishment
of Debt4
|
|
|
|
|
—
|
|
|
|
|
|
—
|
Estimated Loss on
Qualifying Infrastructure Plant and Other Capital
Investments5
|
|
|
|
|
(0.04)
|
|
|
|
|
|
(0.07)
|
Impairments6
|
|
|
|
|
0.11
|
|
|
|
|
|
0.11
|
Total–Excluding Items
|
|
|
|
|
$
0.38
|
|
|
|
|
|
$
0.05
|
- See Notes on the
following page
|
Southern Company
Significant Factors
Impacting EPS
Notes
- Dilution is not material in any period presented. Diluted
earnings (loss) per share was $0.78
and $3.62 for the three and twelve
months ended December 31, 2023,
respectively, and was $(0.08) and
$3.26 for the three and twelve months
ended December 31, 2022,
respectively.
- Earnings for the three and twelve months ended December 31, 2023 include a credit of
$228 million pre tax ($170 million after tax) and a net credit of
$68 million pre tax ($50 million after tax), respectively, and
earnings for the three and twelve months ended December 31, 2022 include a charge of
$201 million pre tax ($150 million after tax) and net charges of
$183 million pre tax ($137 million after tax), respectively, 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 twelve months ended
December 31, 2023 and 2022 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, net of
salvage, totaling approximately $15
million annually through 2025.
- Earnings for the three and twelve months ended December 31, 2023 include a $35 million favorable tax impact related to a
reversal of an uncertain tax position associated with the 2019 sale
of Gulf Power Company. Earnings for the three and twelve months
ended December 31, 2022 include
impairment charges totaling $131
million pre-tax ($99 million
after-tax) and other disposition impacts associated with the sales
of Southern Company Gas' natural gas storage facilities. Earnings
for the twelve months ended December 31,
2022 also include a $14
million pre-tax ($11 million
after-tax) gain as a result of the early termination of the
transition services agreement related to the 2019 sale of Gulf
Power Company. Further impacts may result from future acquisition
and disposition activities; however, the amount and timing of any
such impacts are uncertain.
- Earnings for the twelve months ended December 31, 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.
- Earnings for the three and twelve months ended December 31, 2023 include a charge of
$58 million pre tax ($44 million after tax) and charges totaling
$96 million pre tax ($72 million after tax), respectively, for
estimated losses at Southern Company Gas associated with the
Illinois Commerce Commission disallowances related to (1) its
review of the Qualifying Infrastructure Plant (QIP) capital
investments by Nicor Gas under the QIP rider, or Investing in
Illinois program and (2) Nicor
Gas' general base rate case proceeding. Further charges may occur;
however, the amount and timing of any such charges are
uncertain.
- Earnings for the three and twelve months ended December 31, 2022 include an impairment charge of
$119 million (pre tax and after tax)
associated with goodwill at PowerSecure, Inc. 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
December 2023 vs.
2022
|
|
Year-To-Date
December 2023 vs.
2022
|
|
|
|
|
Retail Sales
|
—¢
|
|
(2)¢
|
|
|
|
|
Retail Revenue
Impacts
|
26
|
|
30
|
|
|
|
|
Weather
|
(2)
|
|
(16)
|
|
|
|
|
Wholesale & Other
Operating Revenues
|
1
|
|
10
|
|
|
|
|
Non-Fuel
O&M(*)
|
20
|
|
35
|
|
|
|
|
Depreciation and
Amortization
|
(15)
|
|
(59)
|
|
|
|
|
Interest Expense and
Other
|
(2)
|
|
(10)
|
|
|
|
|
Income Taxes
|
9
|
|
25
|
|
|
|
|
Total Traditional
Electric Operating Companies
|
37¢
|
|
13¢
|
|
|
|
|
Southern
Power
|
(2)
|
|
—
|
|
|
|
|
Southern Company
Gas
|
3
|
|
2
|
|
|
|
|
Parent Company and
Other
|
—
|
|
(4)
|
|
|
|
|
Increase in
Shares
|
—
|
|
(6)
|
|
|
|
|
Total Change in EPS
(Excluding Items)
|
38¢
|
|
5¢
|
|
|
|
|
Estimated Loss on
Plants Under Construction1
|
29
|
|
17
|
|
|
|
|
Acquisition and
Disposition Impacts2
|
12
|
|
10
|
|
|
|
|
Loss on Extinguishment
of Debt3
|
—
|
|
—
|
|
|
|
|
Estimated Loss on
Qualifying Infrastructure Plant and Other
Capital Investments4
|
(4)
|
|
(7)
|
|
|
|
|
Impairments5
|
11
|
|
11
|
|
|
|
|
Total Change in EPS
(As Reported)
|
86¢
|
|
36¢
|
(*) Includes
non-service cost-related benefits income
|
|
|
|
- See additional Notes
on the following page
|
|
|
|
Southern Company
EPS Earnings
Analysis
Notes
- Earnings for the three and twelve months ended December 31, 2023 include a credit of
$228 million pre tax ($170 million after tax) and a net credit of
$68 million pre tax ($50 million after tax), respectively, and
earnings for the three and twelve months ended December 31, 2022 include a charge of
$201 million pre tax ($150 million after tax) and net charges of
$183 million pre tax ($137 million after tax), respectively, 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 twelve months ended December 31, 2023 and 2022 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, net of
salvage, totaling approximately $15
million annually through 2025.
- Earnings for the three and twelve months ended December 31, 2023 include a $35 million favorable tax impact related to a
reversal of an uncertain tax position associated with the 2019 sale
of Gulf Power Company. Earnings for the three and twelve months
ended December 31, 2022 include
impairment charges totaling $131
million pre-tax ($99 million
after-tax) and other disposition impacts associated with the sales
of Southern Company Gas' natural gas storage facilities. Earnings
for the twelve months ended December 31,
2022 also include a $14
million pre-tax ($11 million
after-tax) gain as a result of the early termination of the
transition services agreement related to the 2019 sale of Gulf
Power Company. Further impacts may result from future acquisition
and disposition activities; however, the amount and timing of any
such impacts are uncertain.
- Earnings for the twelve months ended December 31, 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.
- Earnings for the three and twelve months ended December 31, 2023 include a charge of
$58 million pre tax ($44 million after tax) and charges totaling
$96 million pre tax ($72 million after tax), respectively, for
estimated losses at Southern Company Gas associated with the
Illinois Commerce Commission disallowances related to (1) its
review of the Qualifying Infrastructure Plant (QIP) capital
investments by Nicor Gas under the QIP rider, or Investing in
Illinois program and (2) Nicor
Gas' general base rate case proceeding. Further charges may occur;
however, the amount and timing of any such charges are
uncertain.
- Earnings for the three and twelve months ended December 31, 2022 include an impairment charge of
$119 million (pre tax and after tax)
associated with goodwill at PowerSecure, Inc. 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
December
|
|
Year-To-Date
December
|
|
2023
|
|
2022
|
|
Change
|
|
2023
|
|
2022
|
|
Change
|
Retail Electric
Revenues-
|
|
|
|
|
|
|
|
|
|
|
|
Fuel
|
$
1,018
|
|
$
1,460
|
|
$
(442)
|
|
$
4,430
|
|
$
6,402
|
|
$ (1,972)
|
Non-Fuel
|
2,728
|
|
2,374
|
|
354
|
|
11,913
|
|
11,795
|
|
118
|
Wholesale Electric
Revenues
|
537
|
|
843
|
|
(306)
|
|
2,467
|
|
3,641
|
|
(1,174)
|
Other Electric
Revenues
|
190
|
|
193
|
|
(3)
|
|
792
|
|
747
|
|
45
|
Natural Gas
Revenues
|
1,285
|
|
1,964
|
|
(679)
|
|
4,702
|
|
5,962
|
|
(1,260)
|
Other
Revenues
|
287
|
|
213
|
|
74
|
|
949
|
|
732
|
|
217
|
Total Operating
Revenues
|
6,045
|
|
7,047
|
|
(1,002)
|
|
25,253
|
|
29,279
|
|
(4,026)
|
Fuel and Purchased
Power
|
1,192
|
|
1,894
|
|
(702)
|
|
5,248
|
|
8,428
|
|
(3,180)
|
Cost of Natural
Gas
|
445
|
|
1,164
|
|
(719)
|
|
1,644
|
|
3,004
|
|
(1,360)
|
Cost of Other
Sales
|
179
|
|
121
|
|
58
|
|
560
|
|
396
|
|
164
|
Non-Fuel
O&M
|
1,741
|
|
2,005
|
|
(264)
|
|
6,093
|
|
6,573
|
|
(480)
|
Depreciation and
Amortization
|
1,160
|
|
935
|
|
225
|
|
4,525
|
|
3,663
|
|
862
|
Taxes Other Than Income
Taxes
|
349
|
|
338
|
|
11
|
|
1,425
|
|
1,411
|
|
14
|
Estimated Loss on Plant
Vogtle Units 3 and 4
|
(228)
|
|
201
|
|
(429)
|
|
(68)
|
|
183
|
|
(251)
|
Impairment
Charges
|
—
|
|
251
|
|
(251)
|
|
—
|
|
251
|
|
(251)
|
Total Operating
Expenses
|
4,838
|
|
6,909
|
|
(2,071)
|
|
19,427
|
|
23,909
|
|
(4,482)
|
Operating
Income
|
1,207
|
|
138
|
|
1,069
|
|
5,826
|
|
5,370
|
|
456
|
Allowance for Equity
Funds Used During Construction
|
68
|
|
61
|
|
7
|
|
268
|
|
224
|
|
44
|
Earnings from Equity
Method Investments
|
34
|
|
42
|
|
(8)
|
|
144
|
|
151
|
|
(7)
|
Interest Expense, Net
of Amounts Capitalized
|
634
|
|
561
|
|
73
|
|
2,446
|
|
2,022
|
|
424
|
Other Income (Expense),
net
|
125
|
|
86
|
|
39
|
|
553
|
|
500
|
|
53
|
Income Taxes
(Benefit)
|
4
|
|
(96)
|
|
100
|
|
496
|
|
795
|
|
(299)
|
Net Income
(Loss)
|
796
|
|
(138)
|
|
934
|
|
3,849
|
|
3,428
|
|
421
|
Dividends on Preferred
Stock of Subsidiaries
|
—
|
|
1
|
|
(1)
|
|
—
|
|
11
|
|
(11)
|
Net Loss Attributable
to Noncontrolling Interests
|
(59)
|
|
(52)
|
|
(7)
|
|
(127)
|
|
(107)
|
|
(20)
|
NET INCOME (LOSS)
ATTRIBUTABLE TO SOUTHERN COMPANY
|
$ 855
|
|
$ (87)
|
|
$ 942
|
|
$
3,976
|
|
$
3,524
|
|
$ 452
|
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
December
|
|
Year-To-Date
December
|
|
2023
|
|
2022
|
|
Change
|
|
Weather
Adjusted
Change
|
|
2023
|
|
2022
|
|
Change
|
|
Weather
Adjusted
Change
|
Kilowatt-Hour
Sales-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Sales
|
45,351
|
|
47,398
|
|
(4.3) %
|
|
|
|
195,507
|
|
204,273
|
|
(4.3) %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Retail
Sales-
|
33,817
|
|
34,264
|
|
(1.3) %
|
|
(0.3) %
|
|
144,531
|
|
147,981
|
|
(2.3) %
|
|
(0.4) %
|
Residential
|
10,622
|
|
11,000
|
|
(3.4) %
|
|
(1.0) %
|
|
47,080
|
|
49,633
|
|
(5.1) %
|
|
(0.5) %
|
Commercial
|
11,294
|
|
11,219
|
|
0.7 %
|
|
1.4 %
|
|
48,343
|
|
48,279
|
|
0.1 %
|
|
1.3 %
|
Industrial
|
11,765
|
|
11,899
|
|
(1.1) %
|
|
(1.1) %
|
|
48,556
|
|
49,474
|
|
(1.9) %
|
|
(1.9) %
|
Other
|
136
|
|
146
|
|
(6.2) %
|
|
(5.9) %
|
|
552
|
|
595
|
|
(7.2) %
|
|
(6.8) %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Wholesale
Sales
|
11,534
|
|
13,134
|
|
(12.2) %
|
|
N/A
|
|
50,976
|
|
56,292
|
|
(9.4) %
|
|
N/A
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In Thousands of
Customers)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period Ended
December
|
|
|
|
|
|
|
|
|
|
|
|
2023
|
|
2022
|
|
Change
|
|
|
Regulated Utility
Customers-
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Utility
Customers-
|
|
|
|
|
|
|
|
8,861
|
|
8,795
|
|
0.8 %
|
|
|
Total Traditional
Electric
|
|
|
|
|
|
4,487
|
|
4,437
|
|
1.1 %
|
|
|
Southern Company
Gas
|
|
|
|
|
|
|
|
4,374
|
|
4,358
|
|
0.4 %
|
|
|
|
|
|
|
|
|
|
|
Southern
Company
|
Financial
Overview
|
As
Reported
|
(In Millions of
Dollars)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December
|
|
Year-To-Date
December
|
|
2023
|
|
2022
|
|
% Change
|
|
2023
|
|
2022
|
|
% Change
|
Southern Company
–
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Revenues
|
$
6,045
|
|
$
7,047
|
|
(14.2) %
|
|
$
25,253
|
|
$ 29,279
|
|
(13.8) %
|
Earnings (Loss) Before
Income Taxes
|
800
|
|
(234)
|
|
N/M
|
|
4,345
|
|
4,223
|
|
2.9 %
|
Net Income (Loss)
Available to Common
|
855
|
|
(87)
|
|
N/M
|
|
3,976
|
|
3,524
|
|
12.8 %
|
|
|
|
|
|
|
|
|
|
|
|
|
Alabama Power
–
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Revenues
|
$
1,630
|
|
$
1,794
|
|
(9.1) %
|
|
$
7,050
|
|
$
7,817
|
|
(9.8) %
|
Earnings Before Income
Taxes
|
216
|
|
114
|
|
89.5 %
|
|
1,451
|
|
1,774
|
|
(18.2) %
|
Net Income Available to
Common
|
238
|
|
84
|
|
183.3 %
|
|
1,370
|
|
1,340
|
|
2.2 %
|
|
|
|
|
|
|
|
|
|
|
|
|
Georgia Power
–
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Revenues
|
$
2,313
|
|
$
2,366
|
|
(2.2) %
|
|
$
10,118
|
|
$ 11,584
|
|
(12.7) %
|
Earnings (Loss) Before
Income Taxes
|
636
|
|
(89)
|
|
N/M
|
|
2,528
|
|
2,183
|
|
15.8 %
|
Net Income (Loss)
Available to Common
|
533
|
|
(38)
|
|
N/M
|
|
2,080
|
|
1,813
|
|
14.7 %
|
|
|
|
|
|
|
|
|
|
|
|
|
Mississippi Power
–
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Revenues
|
$ 337
|
|
$ 415
|
|
(18.8) %
|
|
$
1,474
|
|
$
1,694
|
|
(13.0) %
|
Earnings Before Income
Taxes
|
16
|
|
13
|
|
23.1 %
|
|
224
|
|
201
|
|
11.4 %
|
Net Income Available to
Common
|
15
|
|
14
|
|
7.1 %
|
|
188
|
|
164
|
|
14.6 %
|
|
|
|
|
|
|
|
|
|
|
|
|
Southern Power
–
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Revenues
|
$ 503
|
|
$ 751
|
|
(33.0) %
|
|
$
2,189
|
|
$
3,369
|
|
(35.0) %
|
Earnings (Loss) Before
Income Taxes
|
(16)
|
|
8
|
|
N/M
|
|
242
|
|
267
|
|
(9.4) %
|
Net Income Available to
Common
|
69
|
|
89
|
|
(22.5) %
|
|
357
|
|
354
|
|
0.8 %
|
|
|
|
|
|
|
|
|
|
|
|
|
Southern Company Gas
–
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Revenues
|
$
1,285
|
|
$
1,964
|
|
(34.6) %
|
|
$
4,702
|
|
$
5,962
|
|
(21.1) %
|
Earnings Before Income
Taxes
|
191
|
|
75
|
|
154.7 %
|
|
826
|
|
752
|
|
9.8 %
|
Net Income Available to
Common
|
140
|
|
56
|
|
150.0 %
|
|
615
|
|
572
|
|
7.5 %
|
N/M - Not
Meaningful
|
Notes - See
Financial Highlights pages for discussion of certain significant
items occurring during the periods.
|
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SOURCE Southern Company