Nov 1, 2017 SOURCE: PR NewsWire
Southern Company reports third quarter 2017 earnings
ATLANTA, Nov. 1, 2017 /PRNewswire/ -- Southern Company today reported third quarter 2017 earnings of $1.07 billion, or $1.07 per share, compared with earnings of $1.14 billion, or $1.18 per share, in the third quarter of 2016. For the nine months ended September 30, 2017, Southern Company reported earnings of $347 million, or 35 cents per share, compared with earnings of $2.25 billion, or $2.40 per share, for the same period in 2016.
Excluding the items described in the "Net Income - Excluding Items" table below, Southern Company earned $1.13 billion, or $1.12 per share, during the third quarter of 2017, compared with $1.23 billion, or $1.27 per share, during the third quarter of 2016. For the nine months ended September 30, 2017, excluding these items, Southern Company earned $2.51 billion, or $2.51 per share, compared with earnings of $2.46 billion, or $2.62 per share, for the same period in 2016.
Non-GAAP Financial Measures Three Months Ended September Year-to-Date September
---------------------------- ----------------------
Net Income - Excluding Items (in millions) 2017 2016 2017 2016
---- ---- ---- ----
Net Income - As Reported $1,069 $1,139 $347 $2,251
Estimated Loss on Kemper IGCC 34 88 3,155 222
Tax Impact (13) (34) (951) (85)
Loss on Plant Scherer Unit 3 - - 33 -
Tax Impact - - (13) -
Acquisition and Integration Costs 6 43 19 107
Tax Impact 7 (14) 2 (34)
Wholesale Gas Services 38 18 (48) 18
Tax Impact (15) (7) 20 (7)
Earnings Guidance Comparability Item:
Equity Return Related to Kemper IGCC - (7) (47) (7)
Schedule Extension
Tax Impact - (1) (9) (1)
--- --- --- ---
Net Income - Excluding Items $1,126 $1,225 $2,508 $2,464
====== ====== ====== ======
Average Shares Outstanding - (in millions) 1,003 968 998 940
Basic Earnings Per Share - Excluding Items $1.12 $1.27 $2.51 $2.62
NOTE: For more information regarding these non-GAAP adjustments, see the footnotes accompanying the Financial Highlights page of the earnings package.
Earnings drivers year-over-year for the third quarter 2017 were positively influenced by retail revenue effects at Southern Company's traditional electric operating companies and were negatively influenced by mild weather, timing for Southern Power tax credits, increased interest expense and share issuances.
"Our premier, state-regulated electric and gas franchise operations and our competitive generation subsidiary, Southern Power, continued to perform at a high level in the third quarter of 2017, delivering on our commitment to provide clean, safe, reliable and affordable energy to customers," said Chairman, President and CEO Thomas A. Fanning. "This longstanding customer focus, as further manifested by the resiliency demonstrated in our hurricane restoration efforts during the past quarter, is the cornerstone for delivering on our long-term financial objectives as we continue to build America's energy future."
Third quarter 2017 operating revenues were $6.20 billion, compared with $6.26 billion for the third quarter of 2016, a decrease of 1.0 percent. This decrease in quarter-over-quarter revenues is primarily due to the effects of milder weather and electricity outages experienced during Hurricane Irma. For the nine months ended September 30, 2017, operating revenues were $17.4 billion, compared with $14.7 billion during the same period of 2016, an increase of 18.3 percent. Southern Company Gas accounted for $2.3 billion of the increase in operating revenues for the nine months ended September 30, 2017.
Southern Company's third quarter earnings slides with supplemental financial information 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 Art P. Beattie 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/webcasts. A replay of the webcast will be available on the site for 12 months.
About Southern Company
Southern Company (NYSE: SO) is America's premier energy company, with 46,000 megawatts of generating capacity and 1,500 billion cubic feet of combined natural gas consumption and throughput volume serving 9 million customers through its subsidiaries. The company provides clean, safe, reliable and affordable energy through electric operating companies in four states, natural gas distribution companies in seven states, a competitive generation company serving wholesale customers across America and a nationally recognized provider of customized energy solutions, as well as fiber optics and wireless communications. Southern Company brands are known for excellent customer service, high reliability and affordable prices that are below the national average. Through an industry-leading commitment to innovation, Southern Company and its subsidiaries are inventing America's energy future by developing the full portfolio of energy resources, including carbon-free nuclear, 21(st) century coal, natural gas, renewables and energy efficiency, and creating new products and services for the benefit of customers. Southern Company has been named by the U.S. Department of Defense and G.I. Jobs magazine as a top military employer, recognized among the Top 50 Companies for Diversity by DiversityInc, listed by Black Enterprise magazine as one of the 40 Best Companies for Diversity and designated a Top Employer for Hispanics by Hispanic Network. The company has earned a National Award of Nuclear Science and History from the National Atomic Museum Foundation for its leadership and commitment to nuclear development and is continually ranked among the top energy companies in Fortune's annual World's Most Admired Electric and Gas Utility rankings. Visit our website at www.southerncompany.com.
Southern Company
Financial Highlights
(In Millions of Dollars Except Earnings Per Share)
Three Months Ended Year-to-Date
September
September
Net Income-As Reported (See Notes) 2017 2016 2017 2016
---- ---- ---- ----
Traditional Electric Operating Companies $1,008 $1,022 $ - $2,086
Southern Power 124 176 276 315
Southern Company Gas(1) 15 4 303 4
--- --- --- ---
Total 1,147 1,202 579 2,405
Parent Company and Other (78) (63) (232) (154)
--- --- ---- ----
Net Income-As Reported $1,069 $1,139 $347 $2,251
====== ====== ==== ======
Basic Earnings Per Share(2) $1.07 $1.18 $0.35 $2.40
Average Shares Outstanding (in millions) 1,003 968 998 940
End of Period Shares Outstanding (in millions) 1,004 980
Non-GAAP Financial Measures Three Months Ended Year-to-Date
September September
Net Income-Excluding Items (See Notes) 2017 2016 2017 2016
---- ---- ---- ----
Net Income-As Reported $1,069 $1,139 $347 $2,251
Estimated Loss on Kemper IGCC(3) 34 88 3,155 222
Tax Impact (13) (34) (951) (85)
Loss on Plant Scherer Unit 34 - - 33 -
Tax Impact - - (13) -
Acquisition and Integration Costs5 6 43 19 107
Tax Impact 7 (14) 2 (34)
Wholesale Gas Services6 38 18 (48) 18
Tax Impact (15) (7) 20 (7)
Earnings Guidance Comparability Item:
Equity Return Related to Kemper IGCC - (7) (47) (7)
Schedule Extension7
Tax Impact - (1) (9) (1)
Net Income-Excluding Items $1,126 $1,225 $2,508 $2,464
====== ====== ====== ======
Basic Earnings Per Share-Excluding Items $1.12 $1.27 $2.51 $2.62
-See Notes on the following page.
Southern Company
Financial Highlights
Notes
-----
-In connection with the adoption in the fourth quarter 2016 of a new
accounting standard for stock compensation, previously reported
amounts for income tax expense were reduced by a total of $9 million
and $25 million for the three and nine months ended September 30,
2016, respectively.
-For comparative purposes, Net Income -Excluding Items and Basic
Earnings Per Share -Excluding Items in prior year periods do not
reflect any adjustments to exclude (1) Southern Company Gas
earnings, net of acquisition and integration costs and Wholesale Gas
Services ($0.04 per share for the three and nine months ended
September 30, 2016), (2) acquisition debt financing costs related to
the acquisition of Southern Company Gas ($0.05 and $0.07 per share
for the three and nine months ended September 30, 2016,
respectively), and (3) the impact of additional shares of common
stock issued to finance a portion of the purchase price for the 50%
interest in Southern Natural Gas Company, L.L.C. (SNG) ($0.02 and
(1) On July 1, 2016, Southern Company completed the acquisition of
Southern Company Gas.
(2) For the three and nine months ended September 30, 2017 and 2016,
dilution does not change basic earnings per share by more than 2
cents and is not material.
(3) Earnings for the three and nine months ended September 30, 2017
and 2016 include the estimated losses relating to Mississippi Power
Company's integrated coal gasification combined cycle facility
construction project in Kemper County, Mississippi (Kemper IGCC)
which significantly impacted the presentation of earnings and
earnings per share. Further charges of uncertain amounts may occur
in future periods in connection with the resolution of the
Mississippi Public Service Commission's Kemper Settlement Docket.
(4) Earnings for the nine months ended September 30, 2017 include a
$32.5 million write-down ($20 million after tax) of Gulf Power
Company's ownership of Plant Scherer Unit 3 as a result of the
retail rate case settlement approved by the Florida Public Service
Commission on April 4, 2017. Further charges are not expected to
occur.
(5) Earnings for the three and nine months ended September 30, 2017
and 2016 include costs related to the acquisition and integration of
Southern Company Gas. Further costs are expected to continue to
occur in connection with the related integration activities;
however, the amount and duration of such expenditures is uncertain.
(6) Earnings for the three and nine months ended September 30, 2017
and 2016 include the Wholesale Gas Services business of Southern
Company Gas. Presenting earnings and earnings per share excluding
Wholesale Gas Services provides investors with 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.
(7) Earnings for the nine months ended September 30, 2017 and the
three and nine months ended September 30, 2016 include additional
allowance for funds used during construction (AFUDC) equity as a
result of extending the schedule for the Kemper IGCC construction
project. AFUDC equity ceased in connection with the project's
suspension in June 2017. Southern Company's 2017 earnings guidance,
initially presented in October 2016, assumed construction would be
complete and AFUDC equity would cease by November 30, 2016. Southern
Company's 2016 earnings guidance, initially presented in February
2016, assumed construction would be complete and AFUDC equity would
cease by August 31, 2016. As a result, Southern Company believes
Southern Company
Significant Factors Impacting EPS
Three Months Ended Year-to-Date
September September
2017 2016 Change 2017 2016 Change
---- ---- ------ ---- ---- ------
Earnings Per Share-
As Reported1 (See Notes) $1.07 $1.18 $(0.11) $0.35 $2.40 $(2.05)
Significant Factors:
Traditional Electric Operating Companies $(0.01) $(2.22)
Southern Power (0.05) (0.04)
Southern Company Gas(2) 0.01 0.32
Parent Company and Other (0.02) (0.09)
Increase in Shares (0.04) (0.02)
Total-As Reported $(0.11) $(2.05)
====== ======
Three Months Ended Year-to-Date
September September
Non-GAAP Financial Measures 2017 2016 Change 2017 2016 Change
---- ---- ------ ---- ---- ------
Earnings Per Share-
Excluding Items (See Notes) $1.12 $1.27 $(0.15) $2.51 $2.62 $(0.11)
Total-As Reported $(0.11) $(2.05)
Kemper IGCC Impacts(3) (0.03) 2.02
Loss on Plant Scherer Unit 34 - 0.02
Acquisition and Integration Costs5 (0.02) (0.06)
Wholesale Gas Services6 0.01 (0.04)
Total-Excluding Items $(0.15) $(0.11)
====== ======
- See Notes on the following page.
Southern Company
Significant Factors Impacting EPS
Notes
-----
-In connection with the adoption in the fourth quarter 2016 of a new accounting standard for stock
compensation, previously reported amounts for income tax expense were reduced by a total of $9
million and $25 million for the three and nine months ended September 30, 2016, respectively.
-For comparative purposes, Net Income -Excluding Items and Basic Earnings Per Share -Excluding
Items in prior year periods do not reflect any adjustments to exclude (1) Southern Company Gas
earnings, net of acquisition and integration costs and Wholesale Gas Services ($0.04 per share for
the three and nine months ended September 30, 2016), (2) acquisition debt financing costs related
to the acquisition of Southern Company Gas ($0.05 and $0.07 per share for the three and nine
months ended September 30, 2016, respectively), and (3) the impact of additional shares of common
stock issued to finance a portion of the purchase price for the 50% interest in Southern Natural
Gas Company, L.L.C. (SNG) ($0.02 and $0.01 per share for the three and nine months ended September
30, 2016, respectively). These items were not contemplated in Southern Company's February 2016
guidance and, therefore, were previously excluded in the periods through December 31, 2016.
(1) For the three and nine months ended September 30, 2017 and 2016, dilution does not change basic
earnings per share by more than 2 cents and is not material.
(2) On July 1, 2016, Southern Company completed the acquisition of Southern Company Gas.
(3) Earnings for the three and nine months ended September 30, 2017 and 2016 include the estimated
losses relating to Mississippi Power Company's integrated coal gasification combined cycle
facility construction project in Kemper County, Mississippi (Kemper IGCC) which significantly
impacted the presentation of earnings and earnings per share. Further charges of uncertain amounts
may occur in future periods in connection with the resolution of the Mississippi Public Service
Commission's Kemper Settlement Docket.
Earnings for the nine months ended September 30, 2017 and the three and nine months ended September
30, 2016 include additional allowance for funds used during construction (AFUDC) equity as a
result of extending the schedule for the Kemper IGCC construction project. AFUDC equity ceased in
connection with the project's suspension in June 2017. Southern Company's 2017 earnings guidance,
initially presented in October 2016, assumed construction would be complete and AFUDC equity would
cease by November 30, 2016. Southern Company's 2016 earnings guidance, initially presented in
February 2016, assumed construction would be complete and AFUDC equity would cease by August 31,
2016. As a result, Southern Company believes presentation of earnings per share excluding AFUDC
equity subsequent to August 31, 2016 provides investors with information comparable to guidance.
Management also uses such measures to evaluate Southern Company's performance.
(4) Earnings for the nine months ended September 30, 2017 include a $32.5 million write-down ($20
million after tax) of Gulf Power Company's ownership of Plant Scherer Unit 3 as a result of the
retail rate case settlement approved by the Florida Public Service Commission on April 4, 2017.
Further charges are not expected to occur.
(5) Earnings for the three and nine months ended September 30, 2017 and 2016 include costs related
to the acquisition and integration of Southern Company Gas. Further costs are expected to continue
to occur in connection with the related integration activities; however, the amount and duration
of such expenditures is uncertain.
(6) Earnings for the three and nine months ended September 30, 2017 and 2016 include the Wholesale
Gas Services business of Southern Company Gas. Presenting earnings and earnings per share
excluding Wholesale Gas Services provides investors with 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.
Southern Company
EPS Earnings Analysis
Three Months Ended September 2017 vs. September 2016
Cents Description
----- -----------
(4)¢ Retail Sales
9¢ Retail Revenue Impacts
(10)¢ Weather
(1)¢ Wholesale Operations
4¢ Non-Fuel O&M
(1)¢ Depreciation and Amortization
1¢ Taxes Other Than Income Taxes
(2)¢ Other Income and Deductions
1¢ Interest Expense
(1)¢ Income Taxes
(4)¢ Total Traditional Electric
Operating Companies
--- ---------------------------
(5)¢ Southern Power
1¢ Southern Company Gas(1)
(3)¢ Parent and Other
(4)¢ Increase in Shares
(15)¢ Total Change in QTD EPS
(Excluding Items)
----- ------------------------
3¢ Kemper IGCC Impacts(2)
2¢ Acquisition and Integration
Costs(3)
(1)¢ Wholesale Gas Services4
(11)¢ Total Change in QTD EPS (As
Reported)
----- ----------------------------
- See Notes on the following page.
Southern Company
EPS Earnings Analysis
Three Months Ended September 2017
vs. September 2016
Notes
-----
-In connection with the adoption in
the fourth quarter 2016 of a new
accounting standard for stock
compensation, previously reported
amounts for income tax expense were
reduced by a total of $9 million
for the three months ended
September 30, 2016.
-For comparative purposes, Net
Income -Excluding Items and Basic
Earnings Per Share -Excluding
Items in prior year periods do not
reflect any adjustments to exclude
(1) Southern Company Gas earnings,
net of acquisition and integration
costs and Wholesale Gas Services
($0.04 per share for the three
months ended September 30, 2016),
(2) acquisition debt financing
costs related to the acquisition of
Southern Company Gas ($0.05 per
share for the three months ended
September 30, 2016), and (3) the
impact of additional shares of
common stock issued to finance a
portion of the purchase price for
the 50% interest in Southern
Natural Gas Company, L.L.C. (SNG)
($0.02 per share for the three
months ended September 30, 2016).
These items were not contemplated
in Southern Company's February 2016
guidance and, therefore, were
previously excluded in the periods
through December 31, 2016.
(1) On July 1, 2016, Southern
Company completed the acquisition
of Southern Company Gas.
(2) Earnings for the three months
ended September 30, 2017 and 2016
include the estimated losses
relating to Mississippi Power
Company's integrated coal
gasification combined cycle
facility construction project in
Kemper County, Mississippi (Kemper
IGCC) which significantly impacted
the presentation of earnings and
earnings per share. Further charges
of uncertain amounts may occur in
future periods in connection with
the resolution of the Mississippi
Public Service Commission's Kemper
Settlement Docket.
Earnings for the three months ended
September 30, 2016 include
additional allowance for funds used
during construction (AFUDC) equity
as a result of extending the
schedule for the Kemper IGCC
construction project. AFUDC equity
ceased in connection with the
project's suspension in June 2017.
Southern Company's 2017 earnings
guidance, initially presented in
October 2016, assumed construction
would be complete and AFUDC equity
would cease by November 30, 2016.
Southern Company's 2016 earnings
guidance, initially presented in
February 2016, assumed construction
would be complete and AFUDC equity
would cease by August 31, 2016. As
a result, Southern Company believes
presentation of earnings per share
excluding AFUDC equity subsequent
to August 31, 2016 provides
investors with information
comparable to guidance. Management
also uses such measures to evaluate
Southern Company's performance.
(3) Earnings for the three months
ended September 30, 2017 and 2016
include costs related to the
acquisition and integration of
Southern Company Gas. Further costs
are expected to continue to occur
in connection with the related
integration activities; however,
the amount and duration of such
expenditures is uncertain.
(4) Earnings for the three months
ended September 30, 2017 and 2016
include the Wholesale Gas Services
business of Southern Company Gas.
Presenting earnings and earnings
per share excluding Wholesale Gas
Services provides investors with 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.
Southern Company
Consolidated Earnings
As Reported
(In Millions of Dollars)
Three Months Ended Year-to-Date
September
September
2017 2016 Change 2017 2016 Change
---- ---- ------ ---- ---- ------
Income Account-
Retail Electric Revenues-
Fuel $1,185 $1,296 $(111) $3,130 $3,169 $(39)
Non-Fuel 3,430 3,512 (82) 8,656 8,763 (107)
Wholesale Electric Revenues 718 613 105 1,867 1,455 412
Other Electric Revenues 168 181 (13) 510 529 (19)
Natural Gas Revenues 532 518 14 2,746 518 2,228
Other Revenues 168 144 24 494 281 213
--- --- --- --- --- ---
Total Revenues 6,201 6,264 (63) 17,403 14,715 2,688
----- ----- --- ------ ------ -----
Fuel and Purchased Power 1,541 1,627 (86) 4,018 3,915 103
Cost of Natural Gas 134 133 1 1,085 133 952
Cost of Other Sales 90 84 6 293 161 132
Non-Fuel O & M 1,287 1,411 (124) 3,918 3,616 302
Depreciation and Amortization 767 695 72 2,236 1,805 431
Taxes Other Than Income Taxes 303 309 (6) 941 821 120
Estimated Loss on Kemper IGCC 34 88 (54) 3,155 222 2,933
--- --- --- ----- --- -----
Total Operating Expenses 4,156 4,347 (191) 15,646 10,673 4,973
----- ----- ---- ------ ------ -----
Operating Income 2,045 1,917 128 1,757 4,042 (2,285)
Allowance for Equity Funds Used During Construction 18 52 (34) 133 150 (17)
Earnings from Equity Method Investments 32 29 3 100 28 72
Interest Expense, Net of Amounts Capitalized 407 374 33 1,248 913 335
Other Income (Expense), net 11 (8) 19 2 (66) 68
Income Taxes 590 439 151 317 917 (600)
--- --- --- ----
Net Income 1,109 1,177 (68) 427 2,324 (1,897)
Less:
Dividends on Preferred and Preference 10 11 (1) 32 34 (2)
Stock of Subsidiaries
Net Income Attributable to Noncontrolling 30 27 3 48 39 9
Interests
NET INCOME ATTRIBUTABLE TO SOUTHERN COMPANY $1,069 $1,139 $(70) $347 $2,251 $(1,904)
====== ====== ==== ==== ====== =======
Notes
-----
- Certain prior year data may have been reclassified to conform with current year presentation.
- In connection with the adoption in the fourth quarter 2016 of a new accounting standard for stock compensation, previously reported amounts for income tax expense were reduced by a total of $9 million and $25 million for the three and nine months ended September 30, 2016, respectively.
Southern Company
Kilowatt-Hour Sales and Customers
(In Millions of KWHs)
Three Months Ended September Year-to-Date September
As Reported 2017 2016 Change Weather 2017 2016 Change Weather
Adjusted Adjusted
Change Change
------ ------
Kilowatt-Hour Sales-
Total Sales 58,276 58,648 (0.6)% 155,626 152,625 2.0%
Total Retail Sales- 44,449 47,071 (5.6)% (1.3)% 118,802 124,535 (4.6)% (1.0)%
Residential 15,499 17,213 (10.0)% (2.0)% 38,502 42,257 (8.9)% (0.6)%
Commercial 14,969 15,805 (5.3)% (1.4)% 40,007 41,509 (3.6)% (1.1)%
Industrial 13,770 13,833 (0.5)% (0.5)% 39,656 40,102 (1.1)% (1.1)%
Other 211 220 (4.1)% (3.8)% 637 667 (4.4)% (4.2)%
Total Wholesale Sales 13,827 11,577 19.4% N/A 36,824 28,090 31.1% N/A
(In Thousands of Customers)
Period Ended September
2017 2016 Change
---- ---- ------
Regulated Utility Customers-
Total Utility Customers- 9,187 9,106 0.9%
Total Traditional Electric 4,632 4,584 1.0%
Southern Company Gas 4,555 4,522 0.7%
Southern Company
Financial Overview
As Reported
(In Millions of Dollars)
Three Months Ended September Year-to-Date
September
2017 2016 % Change 2017 2016 % Change
---- ---- -------- ---- ---- --------
Southern Company -
Operating Revenues $6,201 $6,264 (1.0)% $17,403 $14,715 18.3%
Earnings Before Income Taxes 1,699 1,616 5.1% 744 3,241 (77.0)%
Net Income Available to Common 1,069 1,139 (6.1)% 347 2,251 (84.6)%
Alabama Power -
Operating Revenues $1,740 $1,785 (2.5)% $4,606 $4,561 1.0%
Earnings Before Income Taxes 546 575 (5.0)% 1,236 1,196 3.3%
Net Income Available to Common 325 352 (7.7)% 729 721 1.1%
Georgia Power -
Operating Revenues $2,546 $2,698 (5.6)% $6,426 $6,621 (2.9)%
Earnings Before Income Taxes 934 967 (3.4)% 1,906 1,964 (3.0)%
Net Income Available to Common 580 600 (3.3)% 1,188 1,217 (2.4)%
Gulf Power -
Operating Revenues $437 $436 0.2% $1,144 $1,136 0.7%
Earnings Before Income Taxes 103 77 33.8% 199 189 5.3%
Net Income Available to Common 63 45 40.0% 117 108 8.3%
Mississippi Power -
Operating Revenues $341 $352 (3.1)% $915 $885 3.4%
Earnings (Loss) Before Income Taxes 64 24 166.7% (2,918) 11 N/M
Net Income (Loss) Available to Common 40 26 53.8% (2,034) 39 N/M
Southern Power -
Operating Revenues $618 $500 23.6% $1,597 $1,189 34.3%
Earnings Before Income Taxes 115 101 13.9% 195 187 4.3%
Net Income Available to Common 124 176 (29.5)% 276 315 (12.4)%
Southern Company Gas(1) -
Operating Revenues $565 $543 4.1% $2,841 $543 N/M
Earnings Before Income Taxes 67 11 N/M 536 11 N/M
Net Income Available to Common 15 4 N/M 303 4 N/M
N/M - not meaningful
Notes
-----
- In connection with the adoption in the fourth quarter 2016 of a new accounting standard for stock compensation, previously reported amounts for income tax expense were reduced by a total of $9 million and $25 million for the three and nine months ended September 30, 2016, respectively.
(1) On July 1, 2016, Southern Company completed the acquisition of Southern Company Gas.
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SOURCE Southern Company
