Southern Company Reports $916M Profit in Q3
Press release from the issuing company
Wednesday, October 26th, 2011
Southern Companytoday reported third quarter earnings of$916 million, or$1.07a share, compared with$817 million, or98 centsa share, for the same period a year ago.
For the nine months endedSept. 30, earnings totaled$1.94 billion, or$2.27a share, compared with$1.82 billion, or$2.20a share, for the same period a year ago.
Revenues for the third quarter were$5.43 billion, compared with$5.32 billionfor the same period a year ago, a 2.0 percent increase. For the first nine months of 2011, revenues were$13.96 billion, compared with$13.68 billionfor the same period last year, a 2.0 percent increase.
Earnings were positively influenced by regulatory actions at Georgia Power that became effectiveJan. 1, 2011. Earnings were negatively affected by relatively cooler weather – primarily during the month of September – compared to the third quarter of 2010.
"The economic recovery in the Southeast is continuing, but at a slower pace than expected," said Southern Company Chairman, President and CEOThomas A. Fanning. "In the meantime, we remain committed to our customer-focused business model of providing exceptional service, industry-leading reliability and prices below the national average."
Kilowatt-hour sales to retail customers in Southern Company's four-state service area decreased 3.3 percent in the third quarter of 2011 compared with the third quarter of 2010. Industrial electricity sales increased 1.6 percent, while residential sales decreased 6.9 percent and commercial sales decreased 3.4 percent.
Year-to-date kilowatt-hour sales to retail customers decreased 1.9 percent compared with sales during the first nine months of 2010. Industrial electricity sales increased 3.7 percent, while residential sales decreased 6.3 percent and commercial sales decreased 2.4 percent.
Total energy sales to Southern Company's customers, including wholesale sales, decreased 2.7 percent in the third quarter of 2011 compared with the same period in 2010. On a year-to-date basis, total sales of electricity decreased 3.0 percent compared with the same period in 2010.
Southern Company has also posted on its website detailed financial information on its third quarter performance. These materials are available atwww.southerncompany.com.


