Southern Company Reports Fourth-Quarter and Full-Year 2024 Earnings
Friday, February 21st, 2025
Southern Company today reported fourth-quarter earnings of $534 million, or 49 cents per share, in 2024 compared with earnings of $855 million, or 78 cents per share, in the fourth quarter of 2023. Southern Company also reported full-year 2024 earnings of $4.4 billion, or $4.02 per share, compared with $4.0 billion, or $3.64 per share, in 2023.
Excluding the items described under "Net Income – Excluding Items" in the table below, Southern Company earned $544 million, or 50 cents per share, during the fourth quarter of 2024, compared with $700 million, or 64 cents per share, during the fourth quarter of 2023. For the full-year 2024, excluding these items, Southern Company earned $4.4 billion, or $4.05 per share, compared with $4.0 billion, or $3.65 per share, for 2023.
|
Non-GAAP Financial Measures |
Three Months Ended December |
Year-to-Date December |
|||
|
Net Income – Excluding Items (in millions) |
2024 |
2023 |
2024 |
2023 |
|
|
Net Income – As Reported |
$ 534 |
$ 855 |
$ 4,401 |
$ 3,976 |
|
|
Less: |
|||||
|
Estimated Loss on Plants Under Construction |
(4) |
222 |
7 |
51 |
|
|
Tax Impact |
1 |
(56) |
(15) |
(13) |
|
|
Acquisition and Disposition Impacts |
— |
1 |
— |
(1) |
|
|
Tax Impact |
— |
32 |
— |
33 |
|
|
Loss on Extinguishment of Debt |
— |
— |
— |
(5) |
|
|
Tax Impact |
— |
— |
— |
1 |
|
|
Estimated Loss on Qualifying Infrastructure Plant |
— |
(58) |
— |
(96) |
|
|
Tax Impact |
— |
14 |
— |
24 |
|
|
Impairments |
— |
— |
(36) |
— |
|
|
Tax Impact |
— |
— |
9 |
— |
|
|
Accelerated Depreciation from Repowering |
(9) |
— |
(9) |
— |
|
|
Tax Impact |
2 |
— |
2 |
— |
|
|
Net Income – Excluding Items |
$ 544 |
$ 700 |
$ 4,443 |
$ 3,982 |
|
|
Average Shares Outstanding – (in millions) |
1,098 |
1,092 |
1,096 |
1,092 |
|
|
Basic Earnings Per Share – Excluding Items |
$ 0.50 |
$ 0.64 |
$ 4.05 |
$ 3.65 |
|
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 2024, as compared with 2023, were higher utility revenues, partially offset by increased non-fuel operations and maintenance expenses, interest expense, depreciation and amortization, and income taxes.
Fourth-quarter 2024 operating revenues were $6.3 billion, compared with $6.0 billion for the fourth quarter of 2023, an increase of 4.9%. Operating revenues for the full year 2024 were $26.7 billion, compared with $25.3 billion in 2023, an increase of 5.8%.
"The hard work and dedication of our team members across our company made 2024 an outstanding year for Southern Company," said Christopher C. Womack, chairman, president and CEO. "We delivered the exceptional value that our customers depend on, and, looking ahead, we believe our commitment to sustainably meeting the growing energy needs of our local economies will support our continued success for years to come."
Southern Company's fourth-quarter and full-year earnings slides with supplemental financial information, including earnings guidance, are available at 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 investor.southerncompany.com. A replay of the webcast will be available on the site for 12 months.
