News Column

Southern Company Posts Quarterly Financial Results

February 4, 2014

Southern Company reported fourth quarter 2013 earnings of $414 million , or 47 cents per share, compared with earnings of $383 million , or 44 cents per share, in the fourth quarter of 2012. In a release on January 29 , the Company reported that it also reported full-year 2013 earnings of $1.64 billion , or $1.88 per share, compared with earnings for 2012 of $2.35 billion , or $2.70 per share. Earnings for the fourth quarter of 2013 include after-tax charges of $25 million , or 3 cents per share and earnings for the full year 2013 include after-tax charges totaling $729 million , or 83 cents per share related to increased cost estimates for construction of the Kemper project. Earnings for the full year 2013 also include an after-tax charge of $16 million , or 2 cents per share, for the restructuring of a leveraged lease investment recorded in the first quarter of 2013. Earnings for the fourth quarter and full year 2013 include $12 million ( 2 cents per share) and earnings for the full year 2012 include $21 million ( 2 cents per share) of insurance recovery related to the March 2009 litigation settlement agreement with MC Asset Recovery. Excluding these items, earnings for the fourth quarter and full year 2013 were 48 cents and $2.71 per share, respectively, compared with 44 cents and $2.68 per share, respectively, for the same periods in 2012. Earnings for the fourth quarter 2013 were positively influenced by stronger economic growth and closer-to-normal weather compared to the same period in 2012. Full-year 2013 earnings were driven by milder-than-normal weather, offset by retail revenue associated with new generating capacity at Southern Company's traditional operating companies. " Southern Company remained focused on the fundamentals in 2013, delivering excellent reliability including record transmission and distribution reliability the best customer satisfaction among peer utilities and our safest year ever," said Southern Company Chairman, President and CEO Thomas A. Fanning . "We continued to raise the bar while experiencing one of the mildest summers in the past 20 years, the highest rainfall in nearly 100 years and slower-than-expected economic growth, especially during the first half of the year." Fanning said the company saw stronger economic growth in the second half of 2013 compared to the first six months of the year. This trend was highlighted by an increase in industrial activity, as well as continued improvement in housing markets. Operating revenues for the full year were $17.09 billion , compared with $16.54 billion in 2012, a 3.3 percent increase. Fourth quarter revenues were $3.93 billion , compared with $3.70 billion for the same period in 2012, an increase of 6.0 percent. Kilowatt-hour sales to retail customers in Southern Company's four-state service area increased 0.3 percent in 2013, compared with 2012. Residential and industrial energy sales increased 0.2 percent and 1.5 percent, respectively, while commercial energy sales decreased 0.9 percent. Total energy sales to Southern Company's customers in the Southeast, including wholesale sales, decreased 0.1 percent in 2013 compared with 2012. More information: www.southerncompany.com ((Comments on this story may be sent to newsdesk@closeupmedia.com ))


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