Southern Company reports fourth-quarter and full-year 2020 earnings
ATLANTA, Feb. 18, 2021 /PRNewswire/ -- Southern Company today reported fourth-quarter 2020 earnings of $387 million, or 37 cents per share, compared with $440 million, or 42 cents per share, in the fourth quarter of 2019. Southern Company also reported full-year 2020 earnings of $3.12 billion, or $2.95 per share, compared with earnings of $4.74 billion, or $4.53 per share, in 2019.
Excluding the items described under "Net Income – Excluding Items" in the table below, Southern Company earned $497 million, or 47 cents per share, during the fourth quarter of 2020, compared with $283 million, or 27 cents per share, during the fourth quarter of 2019. For the full-year 2020, excluding these items, Southern Company earned $3.44 billion, or $3.25 per share, compared with $3.25 billion, or $3.11 per share, in 2019.
Non-GAAP Financial Measures |
Three Months Ended December |
Year-to-Date December |
|||
Net Income - Excluding Items (in millions) |
2020 |
2019 |
2020 |
2019 |
|
Net Income - As Reported |
$387 |
$440 |
$3,119 |
$4,739 |
|
Less: |
|||||
Acquisition and Disposition Impacts |
22 |
39 |
60 |
2,516 |
|
Tax Impact |
(6) |
48 |
(22) |
(1,081) |
|
Estimated Loss on Plants Under Construction |
(177) |
(11) |
(328) |
(27) |
|
Tax Impact |
45 |
(4) |
84 |
- |
|
Wholesale Gas Services |
78 |
136 |
17 |
215 |
|
Tax Impact |
(19) |
(34) |
(3) |
(52) |
|
Asset Impairments |
(52) |
(16) |
(206) |
(108) |
|
Tax Impact |
21 |
(1) |
101 |
26 |
|
Loss on Extinguishment of Debt |
(29) |
- |
(29) |
- |
|
Tax Impact |
7 |
- |
7 |
- |
|
Net Income – Excluding Items |
$497 |
$283 |
$3,438 |
$3,250 |
|
Average Shares Outstanding – (in millions) |
1,058 |
1,052 |
1,058 |
1,046 |
|
Basic Earnings Per Share – Excluding Items |
$0.47 |
$0.27 |
$3.25 |
$3.11 |
|
NOTE: |
For more information regarding these non-GAAP adjustments, see the footnotes accompanying the Financial Highlights page of the earnings package. |
Earnings drivers for the full year 2020 were positively influenced by diligent cost control and constructive state regulatory actions completed in 2019 at the company's utilities, more than offsetting the impact of a decline in sales related to the COVID-19 pandemic and milder weather.
"In a year that saw many challenges, Southern Company demonstrated significant resilience and operational excellence on multiple fronts," said Chairman, President and CEO, Thomas A. Fanning. "These efforts included prioritizing the health and safety of our workforce and communities, restoring electric service amid a record storm season and maintaining outstanding generation fleet reliability while delivering best-in-class customer service."
Fourth-quarter 2020 operating revenues were $5.1 billion, compared with $4.9 billion for the fourth quarter of 2019, an increase of 4.1 percent. Operating revenues for the full year were $20.4 billion, compared with $21.4 billion in 2019, a decrease of 4.9 percent. The full year decrease was primarily due to lower fuel costs and a sales decline resulting from milder weather and COVID-19.
Southern Company's fourth-quarter earnings slides with supplemental financial information, including earnings guidance for 2021, 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. Investors, media and the public may listen to a live webcast of the call and view associated slides at http://investor.southerncompany.com/webcasts. 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 |
Year-to-Date |
||||||||||||||
Net Income–As Reported (See Notes) |
2020 |
2019 |
2020 |
2019 |
|||||||||||
Traditional Electric Operating Companies |
$ |
306 |
$ |
210 |
$ |
2,877 |
$ |
2,929 |
|||||||
Southern Power |
26 |
23 |
238 |
339 |
|||||||||||
Southern Company Gas |
230 |
238 |
590 |
585 |
|||||||||||
Total |
562 |
471 |
3,705 |
3,853 |
|||||||||||
Parent Company and Other |
(175) |
(31) |
(586) |
886 |
|||||||||||
Net Income–As Reported |
$ |
387 |
$ |
440 |
$ |
3,119 |
$ |
4,739 |
|||||||
Basic Earnings Per Share1 |
$ |
0.37 |
$ |
0.42 |
$ |
2.95 |
$ |
4.53 |
|||||||
Average Shares Outstanding (in millions) |
1,058 |
1,052 |
1,058 |
1,046 |
|||||||||||
End of Period Shares Outstanding (in millions) |
1,056 |
1,053 |
|||||||||||||
Non-GAAP Financial Measures |
Three Months Ended |
Year-to-Date |
|||||||||||||
Net Income–Excluding Items (See Notes) |
2020 |
2019 |
2020 |
2019 |
|||||||||||
Net Income–As Reported |
$ |
387 |
$ |
440 |
$ |
3,119 |
$ |
4,739 |
|||||||
Less: |
|||||||||||||||
Acquisition and Disposition Impacts2 |
22 |
39 |
60 |
2,516 |
|||||||||||
Tax Impact |
(6) |
48 |
(22) |
(1,081) |
|||||||||||
Estimated Loss on Plants Under Construction3 |
(177) |
(11) |
(328) |
(27) |
|||||||||||
Tax Impact |
45 |
(4) |
84 |
— |
|||||||||||
Wholesale Gas Services4 |
78 |
136 |
17 |
215 |
|||||||||||
Tax Impact |
(19) |
(34) |
(3) |
(52) |
|||||||||||
Asset Impairments5 |
(52) |
(16) |
(206) |
(108) |
|||||||||||
Tax Impact |
21 |
(1) |
101 |
26 |
|||||||||||
Loss on Extinguishment of Debt6 |
(29) |
— |
(29) |
— |
|||||||||||
Tax Impact |
7 |
— |
7 |
— |
|||||||||||
Net Income–Excluding Items |
$ |
497 |
$ |
283 |
$ |
3,438 |
$ |
3,250 |
|||||||
Basic Earnings Per Share–Excluding Items |
$ |
0.47 |
$ |
0.27 |
$ |
3.25 |
$ |
3.11 |
|||||||
-See Notes on the following page. |
|||||||||||||||
Southern Company |
|
Notes |
|
(1) |
Dilution is not material in any period presented. Diluted earnings per share was $0.36 and $2.93 for the three and twelve months ended December 31, 2020, respectively, and $0.42 and $4.50 for the three and twelve months ended December 31, 2019, respectively. |
(2) |
Earnings for the three and twelve months ended December 31, 2020 primarily include a $22 million pre-tax ($16 million after-tax) gain on the sale of Southern Company Gas' natural gas storage facility in Louisiana. Earnings for the twelve months ended December 31, 2020 also include a $39 million pre-tax ($23 million after-tax) gain on the sale of Southern Power Company's Plant Mankato. Earnings for the three months ended December 31, 2019 include: (i) a $70 million pre-tax ($102 million after-tax) increase in the gain on the sale of Gulf Power Company; (ii) a $24 million pre-tax ($17 million after-tax) impairment charge in contemplation of the sale of Pivotal LNG and Atlantic Coast Pipeline; and (iii) a net $7 million pre-tax reduction to earnings (net $2 million after-tax increase to earnings) of other acquisition and disposition impacts. Earnings for the twelve months ended December 31, 2019 include: (i) a $2.6 billion pre-tax ($1.4 billion after-tax) gain on the sale of Gulf Power Company; (ii) a $23 million pre-tax ($88 million after-tax) gain on the sale of Southern Power Company's Plant Nacogdoches; and (iii) $18 million pre tax ($11 million after tax) of other acquisition and disposition impacts, partially offset by: (i) a $58 million pre-tax ($52 million after-tax) net loss, including impairment charges, associated with the sales of PowerSecure, Inc.'s utility infrastructure services and lighting businesses and (ii) a $24 million pre-tax ($17 million after-tax) impairment charge in contemplation of the sale of Pivotal LNG and Atlantic Coast Pipeline. |
(3) |
Earnings for the three and twelve months ended December 31, 2020 include charges of $176 million pre tax ($131 million after tax) and $325 million pre tax ($242 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, 2020 and 2019 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. |
(4) |
Earnings for the three and twelve months ended December 31, 2020 and 2019 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. |
(5) |
Earnings for the three and twelve months ended December 31, 2020 include impairment charges related to two leveraged leases. Earnings for the twelve months ended December 31, 2019 include a pre-tax impairment charge of $91 million ($69 million after tax) associated with a natural gas storage facility in Louisiana and earnings for the three months ended December 31, 2019 include an adjustment of $(1) million ($4 million after tax) of this impairment charge. Additionally, earnings for the three and twelve months ended December 31, 2019 include a pre-tax impairment charge of $17 million ($13 million after tax) related to a leveraged lease. Further charges associated with this natural gas storage facility and these leveraged leases are not expected. |
(6) |
Earnings for the three and twelve months ended December 31, 2020 include costs associated with the extinguishment of debt at Southern Company. Further costs may occur; however, the amount and timing of any such costs are uncertain. |
Southern Company |
|||||||||||||||||||||||
Significant Factors Impacting EPS |
|||||||||||||||||||||||
Three Months Ended |
Year-to-Date |
||||||||||||||||||||||
2020 |
2019 |
Change |
2020 |
2019 |
Change |
||||||||||||||||||
Earnings Per Share– |
|||||||||||||||||||||||
As Reported1 (See Notes) |
$ |
0.37 |
$ |
0.42 |
$ |
(0.05) |
$ |
2.95 |
$ |
4.53 |
$ |
(1.58) |
|||||||||||
Significant Factors: |
|||||||||||||||||||||||
Traditional Electric Operating Companies |
$ |
0.09 |
$ |
(0.05) |
|||||||||||||||||||
Southern Power |
— |
(0.10) |
|||||||||||||||||||||
Southern Company Gas |
(0.01) |
0.01 |
|||||||||||||||||||||
Parent Company and Other |
(0.13) |
(1.41) |
|||||||||||||||||||||
Increase in Shares |
— |
(0.03) |
|||||||||||||||||||||
Total–As Reported |
$ |
(0.05) |
$ |
(1.58) |
|||||||||||||||||||
Three Months Ended |
Year-to-Date |
||||||||||||||||||||||
Non-GAAP Financial Measures |
2020 |
2019 |
Change |
2020 |
2019 |
Change |
|||||||||||||||||
Earnings Per Share– |
|||||||||||||||||||||||
Excluding Items (See Notes) |
$ |
0.47 |
$ |
0.27 |
$ |
0.20 |
$ |
3.25 |
$ |
3.11 |
$ |
0.14 |
|||||||||||
Total–As Reported |
$ |
(0.05) |
$ |
(1.58) |
|||||||||||||||||||
Less: |
|||||||||||||||||||||||
Acquisition and Disposition Impacts2 |
(0.07) |
(1.33) |
|||||||||||||||||||||
Estimated Loss on Plants Under Construction3 |
(0.11) |
(0.20) |
|||||||||||||||||||||
Wholesale Gas Services4 |
(0.04) |
(0.15) |
|||||||||||||||||||||
Asset Impairments5 |
(0.01) |
(0.02) |
|||||||||||||||||||||
Loss on Extinguishment of Debt6 |
$ |
(0.02) |
$ |
(0.02) |
|||||||||||||||||||
Total–Excluding Items |
$ |
0.20 |
$ |
0.14 |
|||||||||||||||||||
- See Notes on the following page. |
|||||||||||||||||||||||
Southern Company |
|
Notes |
|
(1) |
Dilution is not material in any period presented. Diluted earnings per share was $0.36 and $2.93 for the three and twelve months ended December 31, 2020, respectively, and $0.42 and $4.50 for the three and twelve months ended December 31, 2019, respectively. |
(2) |
Earnings for the three and twelve months ended December 31, 2020 primarily include a $22 million pre-tax ($16 million after-tax) gain on the sale of Southern Company Gas' natural gas storage facility in Louisiana. Earnings for the twelve months ended December 31, 2020 also include a $39 million pre-tax ($23 million after-tax) gain on the sale of Southern Power Company's Plant Mankato. Earnings for the three months ended December 31, 2019 include: (i) a $70 million pre-tax ($102 million after-tax) increase in the gain on the sale of Gulf Power Company; (ii) a $24 million pre-tax ($17 million after-tax) impairment charge in contemplation of the sale of Pivotal LNG and Atlantic Coast Pipeline; and (iii) a net $7 million pre-tax reduction to earnings (net $2 million after-tax increase to earnings) of other acquisition and disposition impacts. Earnings for the twelve months ended December 31, 2019 include: (i) a $2.6 billion pre-tax ($1.4 billion after-tax) gain on the sale of Gulf Power Company; (ii) a $23 million pre-tax ($88 million after-tax) gain on the sale of Southern Power Company's Plant Nacogdoches; and (iii) $18 million pre tax ($11 million after tax) of other acquisition and disposition impacts, partially offset by: (i) a $58 million pre-tax ($52 million after-tax) net loss, including impairment charges, associated with the sales of PowerSecure, Inc.'s utility infrastructure services and lighting businesses and (ii) a $24 million pre-tax ($17 million after-tax) impairment charge in contemplation of the sale of Pivotal LNG and Atlantic Coast Pipeline. |
(3) |
Earnings for the three and twelve months ended December 31, 2020 include charges of $176 million pre tax ($131 million after tax) and $325 million pre tax ($242 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, 2020 and 2019 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. |
(4) |
Earnings for the three and twelve months ended December 31, 2020 and 2019 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. |
(5) |
Earnings for the three and twelve months ended December 31, 2020 include impairment charges related to two leveraged leases. Earnings for the twelve months ended December 31, 2019 include a pre-tax impairment charge of $91 million ($69 million after tax) associated with a natural gas storage facility in Louisiana and earnings for the three months ended December 31, 2019 include an adjustment of $(1) million ($4 million after tax) of this impairment charge. Additionally, earnings for the three and twelve months ended December 31, 2019 include a pre-tax impairment charge of $17 million ($13 million after tax) related to a leveraged lease. Further charges associated with this natural gas storage facility and these leveraged leases are not expected. |
(6) |
Earnings for the three and twelve months ended December 31, 2020 include costs associated with the extinguishment of debt at Southern Company. Further costs may occur; however, the amount and timing of any such costs are uncertain. |
Southern Company EPS Earnings Analysis |
|||||
Description |
Three Months Ended |
Year-to-Date |
|||
Retail Sales |
$(0.03) |
$(0.14) |
|||
Retail Revenue Impacts |
0.15 |
0.39 |
|||
Weather |
0.01 |
(0.21) |
|||
Wholesale & Other Operating Revenues |
0.03 |
0.02 |
|||
Non-Fuel O&M |
0.06 |
0.12 |
|||
Depreciation and Amortization, Interest Expense, Other |
(0.06) |
(0.21) |
|||
Income Taxes |
0.04 |
0.19 |
|||
Total Traditional Electric Operating Companies |
$0.20 |
$0.16 |
|||
Southern Power |
0.01 |
(0.02) |
|||
Southern Company Gas |
— |
0.05 |
|||
Parent and Other |
(0.01) |
(0.01) |
|||
Increase in Shares |
— |
(0.04) |
|||
Total Change in EPS (Excluding Items) |
$0.20 |
$0.14 |
|||
Acquisition and Disposition Impacts1 |
(0.07) |
(1.33) |
|||
Estimated Loss on Plants Under Construction2 |
(0.11) |
(0.20) |
|||
Wholesale Gas Services3 |
(0.04) |
(0.15) |
|||
Asset Impairments5 |
(0.01) |
(0.02) |
|||
Loss on Extinguishment of Debt6 |
(0.02) |
(0.02) |
|||
Total Change in EPS (As Reported) |
$(0.05) |
$(1.58) |
|||
|
|||||
Southern Company |
|
Notes |
|
(1) |
Earnings for the three and twelve months ended December 31, 2020 primarily include a $22 million pre-tax ($16 million after-tax) gain on the sale of Southern Company Gas' natural gas storage facility in Louisiana. Earnings for the twelve months ended December 31, 2020 also include a $39 million pre-tax ($23 million after-tax) gain on the sale of Southern Power Company's Plant Mankato. Earnings for the three months ended December 31, 2019 include: (i) a $70 million pre-tax ($102 million after-tax) increase in the gain on the sale of Gulf Power Company; (ii) a $24 million pre-tax ($17 million after-tax) impairment charge in contemplation of the sale of Pivotal LNG and Atlantic Coast Pipeline; and (iii) a net $7 million pre-tax reduction to earnings (net $2 million after-tax increase to earnings) of other acquisition and disposition impacts. Earnings for the twelve months ended December 31, 2019 include: (i) a $2.6 billion pre-tax ($1.4 billion after-tax) gain on the sale of Gulf Power Company; (ii) a $23 million pre-tax ($88 million after-tax) gain on the sale of Southern Power Company's Plant Nacogdoches; and (iii) $18 million pre tax ($11 million after tax) of other acquisition and disposition impacts, partially offset by: (i) a $58 million pre-tax ($52 million after-tax) net loss, including impairment charges, associated with the sales of PowerSecure, Inc.'s utility infrastructure services and lighting businesses and (ii) a $24 million pre-tax ($17 million after-tax) impairment charge in contemplation of the sale of Pivotal LNG and Atlantic Coast Pipeline. |
(2) |
Earnings for the three and twelve months ended December 31, 2020 include charges of $176 million pre tax ($131 million after tax) and $325 million pre tax ($242 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, 2020 and 2019 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 three and twelve months ended December 31, 2020 and 2019 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. |
(4) |
Earnings for the three and twelve months ended December 31, 2020 include impairment charges related to two leveraged leases. Earnings for the twelve months ended December 31, 2019 include a pre-tax impairment charge of $91 million ($69 million after tax) associated with a natural gas storage facility in Louisiana and earnings for the three months ended December 31, 2019 include an adjustment of $(1) million ($4 million after tax) of this impairment charge. Additionally, earnings for the three and twelve months ended December 31, 2019 include a pre-tax impairment charge of $17 million ($13 million after tax) related to a leveraged lease. Further charges associated with this natural gas storage facility and these leveraged leases are not expected. |
(5) |
Earnings for the three and twelve months ended December 31, 2020 include costs associated with the extinguishment of debt at Southern Company. Further costs may occur; however, the amount and timing of any such costs are uncertain. |
Southern Company |
|||||||||||||||||||||||
Consolidated Earnings |
|||||||||||||||||||||||
As Reported |
|||||||||||||||||||||||
(In Millions of Dollars) |
|||||||||||||||||||||||
Three Months Ended December |
Year-to-Date |
||||||||||||||||||||||
2020 |
2019 |
Change |
2020 |
2019 |
Change |
||||||||||||||||||
Income Account- |
|||||||||||||||||||||||
Retail Electric Revenues- |
|||||||||||||||||||||||
Fuel |
$ |
786 |
$ |
784 |
$ |
2 |
$ |
3,087 |
$ |
3,591 |
$ |
(504) |
|||||||||||
Non-Fuel |
2,354 |
2,164 |
190 |
10,556 |
10,493 |
63 |
|||||||||||||||||
Wholesale Electric Revenues |
472 |
485 |
(13) |
1,945 |
2,152 |
(207) |
|||||||||||||||||
Other Electric Revenues |
188 |
144 |
44 |
672 |
636 |
36 |
|||||||||||||||||
Natural Gas Revenues |
1,072 |
1,131 |
(59) |
3,434 |
3,792 |
(358) |
|||||||||||||||||
Other Revenues |
245 |
206 |
39 |
681 |
755 |
(74) |
|||||||||||||||||
Total Revenues |
5,117 |
4,914 |
203 |
20,375 |
21,419 |
(1,044) |
|||||||||||||||||
Fuel and Purchased Power |
965 |
977 |
(12) |
3,766 |
4,438 |
(672) |
|||||||||||||||||
Cost of Natural Gas |
318 |
363 |
(45) |
972 |
1,319 |
(347) |
|||||||||||||||||
Cost of Other Sales |
126 |
119 |
7 |
327 |
435 |
(108) |
|||||||||||||||||
Non-Fuel O&M |
1,628 |
1,726 |
(98) |
5,413 |
5,624 |
(211) |
|||||||||||||||||
Depreciation and Amortization |
899 |
771 |
128 |
3,518 |
3,038 |
480 |
|||||||||||||||||
Taxes Other Than Income Taxes |
302 |
299 |
3 |
1,234 |
1,230 |
4 |
|||||||||||||||||
Estimated Loss on Plant Vogtle Units 3 and 4 |
176 |
— |
176 |
325 |
— |
325 |
|||||||||||||||||
Impairment Charges |
— |
26 |
(26) |
— |
168 |
(168) |
|||||||||||||||||
(Gain) Loss on Dispositions, net |
(26) |
(57) |
31 |
(65) |
(2,569) |
2,504 |
|||||||||||||||||
Total Operating Expenses |
4,388 |
4,224 |
164 |
15,490 |
13,683 |
1,807 |
|||||||||||||||||
Operating Income |
729 |
690 |
39 |
4,885 |
7,736 |
(2,851) |
|||||||||||||||||
Allowance for Equity Funds Used During Construction |
43 |
32 |
11 |
149 |
128 |
21 |
|||||||||||||||||
Earnings from Equity Method Investments |
48 |
42 |
6 |
153 |
162 |
(9) |
|||||||||||||||||
Interest Expense, Net of Amounts Capitalized |
478 |
442 |
36 |
1,821 |
1,736 |
85 |
|||||||||||||||||
Impairment of Leveraged Lease |
52 |
— |
52 |
206 |
— |
206 |
|||||||||||||||||
Other Income (Expense), net |
17 |
13 |
4 |
336 |
252 |
84 |
|||||||||||||||||
Income Taxes |
(50) |
(74) |
24 |
393 |
1,798 |
(1,405) |
|||||||||||||||||
Net Income |
357 |
409 |
(52) |
3,103 |
4,744 |
(1,641) |
|||||||||||||||||
Less: |
|||||||||||||||||||||||
Dividends on Preferred Stock of Subsidiaries |
4 |
5 |
(1) |
15 |
15 |
— |
|||||||||||||||||
Net Income (Loss) Attributable to Noncontrolling Interests |
(34) |
(36) |
2 |
(31) |
(10) |
(21) |
|||||||||||||||||
NET INCOME ATTRIBUTABLE TO SOUTHERN COMPANY |
$ |
387 |
$ |
440 |
$ |
(53) |
$ |
3,119 |
$ |
4,739 |
$ |
(1,620) |
|||||||||||
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 |
|||||||||||||||||||||||||||||||||||||||||||
2020 |
2019 |
Change |
Weather Adjusted Change |
2020 |
2019 |
Change |
Weather Adjusted Change |
|||||||||||||||||||||||||||||||||||||
Kilowatt-Hour Sales- |
||||||||||||||||||||||||||||||||||||||||||||
Total Sales |
45,315 |
46,185 |
(1.9) |
% |
186,225 |
196,488 |
(5.2) |
% |
||||||||||||||||||||||||||||||||||||
Total Retail Sales- |
33,823 |
34,254 |
(1.3) |
% |
(1.7) |
% |
140,546 |
148,461 |
(5.3) |
% |
(3.0) |
% |
||||||||||||||||||||||||||||||||
Residential |
10,987 |
10,738 |
2.3 |
% |
1.2 |
% |
47,472 |
48,528 |
(2.2) |
% |
3.1 |
% |
||||||||||||||||||||||||||||||||
Commercial |
10,824 |
11,324 |
(4.4) |
% |
(5.0) |
% |
45,434 |
49,101 |
(7.5) |
% |
(5.7) |
% |
||||||||||||||||||||||||||||||||
Industrial |
11,853 |
12,022 |
(1.4) |
% |
(1.4) |
% |
46,982 |
50,106 |
(6.2) |
% |
(6.2) |
% |
||||||||||||||||||||||||||||||||
Other |
159 |
170 |
(6.2) |
% |
(6.2) |
% |
658 |
726 |
(9.5) |
% |
(9.3) |
% |
||||||||||||||||||||||||||||||||
Total Wholesale Sales |
11,492 |
11,931 |
(3.7) |
% |
N/A |
45,679 |
48,027 |
(4.9) |
% |
N/A |
||||||||||||||||||||||||||||||||||
(In Thousands of Customers) |
||||||||||||||||||||||||||||||||||||||||||||
Period Ended December |
||||||||||||||||||||||||||||||||||||||||||||
2020 |
2019 |
Change |
||||||||||||||||||||||||||||||||||||||||||
Regulated Utility Customers- |
||||||||||||||||||||||||||||||||||||||||||||
Total Utility Customers- |
8,630 |
8,543 |
1.0% |
|||||||||||||||||||||||||||||||||||||||||
Total Traditional Electric |
4,322 |
4,266 |
1.3% |
|||||||||||||||||||||||||||||||||||||||||
Southern Company Gas |
4,308 |
4,277 |
0.7% |
|||||||||||||||||||||||||||||||||||||||||
Southern Company |
||||||||||||||||||||||||||||||||||||||||||
Financial Overview |
||||||||||||||||||||||||||||||||||||||||||
As Reported |
||||||||||||||||||||||||||||||||||||||||||
(In Millions of Dollars) |
||||||||||||||||||||||||||||||||||||||||||
Three Months Ended December |
Year-to-Date |
|||||||||||||||||||||||||||||||||||||||||
2020 |
2019 |
% Change |
2020 |
2019 |
% Change |
|||||||||||||||||||||||||||||||||||||
Southern Company1, 2 – |
||||||||||||||||||||||||||||||||||||||||||
Operating Revenues |
$ |
5,117 |
$ |
4,914 |
4.1 |
% |
$ |
20,375 |
$ |
21,419 |
(4.9) |
% |
||||||||||||||||||||||||||||||
Earnings Before Income Taxes |
307 |
335 |
(8.4) |
% |
3,496 |
6,542 |
(46.6) |
% |
||||||||||||||||||||||||||||||||||
Net Income Available to Common |
387 |
440 |
(12.0) |
% |
3,119 |
4,739 |
(34.2) |
% |
||||||||||||||||||||||||||||||||||
Alabama Power – |
||||||||||||||||||||||||||||||||||||||||||
Operating Revenues |
$ |
1,385 |
$ |
1,363 |
1.6 |
% |
$ |
5,830 |
$ |
6,125 |
(4.8) |
% |
||||||||||||||||||||||||||||||
Earnings Before Income Taxes |
162 |
67 |
141.8 |
% |
1,502 |
1,355 |
10.8 |
% |
||||||||||||||||||||||||||||||||||
Net Income Available to Common |
128 |
88 |
45.5 |
% |
1,150 |
1,070 |
7.5 |
% |
||||||||||||||||||||||||||||||||||
Georgia Power – |
||||||||||||||||||||||||||||||||||||||||||
Operating Revenues |
$ |
1,938 |
$ |
1,703 |
13.8 |
% |
$ |
8,309 |
$ |
8,408 |
(1.2) |
% |
||||||||||||||||||||||||||||||
Earnings Before Income Taxes |
118 |
128 |
(7.8) |
% |
1,727 |
2,192 |
(21.2) |
% |
||||||||||||||||||||||||||||||||||
Net Income Available to Common |
164 |
122 |
34.4 |
% |
1,575 |
1,720 |
(8.4) |
% |
||||||||||||||||||||||||||||||||||
Mississippi Power – |
||||||||||||||||||||||||||||||||||||||||||
Operating Revenues |
$ |
277 |
$ |
294 |
(5.8) |
% |
$ |
1,172 |
$ |
1,264 |
(7.3) |
% |
||||||||||||||||||||||||||||||
Earnings Before Income Taxes |
8 |
3 |
166.7 |
% |
166 |
169 |
(1.8) |
% |
||||||||||||||||||||||||||||||||||
Net Income Available to Common |
14 |
— |
N/M |
152 |
139 |
9.4 |
% |
|||||||||||||||||||||||||||||||||||
Southern Power2 – |
||||||||||||||||||||||||||||||||||||||||||
Operating Revenues |
$ |
396 |
$ |
411 |
(3.6) |
% |
$ |
1,733 |
$ |
1,938 |
(10.6) |
% |
||||||||||||||||||||||||||||||
Earnings (Loss) Before Income Taxes |
(32) |
(28) |
14.3 |
% |
210 |
273 |
(23.1) |
% |
||||||||||||||||||||||||||||||||||
Net Income Available to Common |
26 |
23 |
13.0 |
% |
238 |
339 |
(29.8) |
% |
||||||||||||||||||||||||||||||||||
Southern Company Gas – |
||||||||||||||||||||||||||||||||||||||||||
Operating Revenues |
$ |
1,072 |
$ |
1,131 |
(5.2) |
% |
$ |
3,434 |
$ |
3,792 |
(9.4) |
% |
||||||||||||||||||||||||||||||
Earnings Before Income Taxes |
305 |
307 |
(0.7) |
% |
763 |
715 |
6.7 |
% |
||||||||||||||||||||||||||||||||||
Net Income Available to Common |
230 |
238 |
(3.4) |
% |
590 |
585 |
0.9 |
% |
||||||||||||||||||||||||||||||||||
N/M - Not meaningful |
|
Notes |
|
- See Financial Highlights pages for discussion of certain significant items occurring during the periods presented. |
|
(1) |
Earnings comparisons to the prior year were significantly impacted by the gain associated with the sale of Gulf Power Company on January 1, 2019. |
(2) |
Earnings and revenue comparisons to the prior year were significantly impacted by Southern Power's dispositions of Plant Nacogdoches on June 13, 2019 and Plant Mankato on January 17, 2020. |
SOURCE Southern Company
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