Jul 31, 2019 SOURCE: PR NewsWire
Southern Company reports second-quarter 2019 earnings
ATLANTA, July 31, 2019 /PRNewswire/ -- Southern Company today reported second-quarter 2019 earnings of $899 million, or 86 cents per share, compared with a loss of $154 million, or 15 cents per share, in the second quarter of 2018. For the six months ended June 30, 2019, Southern Company reported earnings of $2.98 billion, or $2.86 per share, compared with earnings of $784 million, or 77 cents per share, for the same period in 2018.
Excluding the items described in the "Net Income - Excluding Items" table below, Southern Company earned $833 million, or 80 cents per share, during the second quarter of 2019, compared with $815 million, or 80 cents per share, during the second quarter of 2018. For the six months ended June 30, 2019, excluding these items, Southern Company earned $1.56 billion, or $1.50 per share, compared with earnings of $1.71 billion, or $1.69 per share, for the same period in 2018.
Non-GAAP Financial Measures Three Months Ended June Year-to-Date
June
Net Income - Excluding Items (in millions) 2019 2018 2019 2018
Net Income (Loss) - As Reported $899 $(154) $2,982 $784
Acquisition, Disposition, and Integration Impacts 18 172 (2,481) 233
Tax Impact (67) 4 1,122 (1)
Estimated Loss on Plants Under Construction 8 1,060 13 1,105
Tax Impact (2) (270) (3) (281)
Wholesale Gas Services (29) 32 (93) (108)
Tax Impact 6 (11) 23 25
Litigation Settlement (24) (24)
Tax Impact 6 6
Earnings Guidance Comparability Items:
Adoption of Tax Reform (31)
Net Income - Excluding Items $833 $815 $1,563 $1,708
Average Shares Outstanding - (in millions) 1,044 1,014 1,041 1,012
Basic Earnings Per Share - Excluding Items $0.80 $0.80 $1.50 $1.69
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 second quarter 2019 were positively influenced by higher revenues associated with changes in rates and pricing, net of usage changes, as well as warmer than normal weather at Southern Company's regulated utilities. These impacts were partially offset by the impact of divested entities on earnings.
"We are very pleased with our financial and operational performance in the first half of 2019, as our premier, state-regulated electric and gas franchise operations continued to perform well in the second quarter," said Chairman, President and CEO Thomas A. Fanning. "In particular, our electrical system has proved to be very resilient in what has so far been a hot summer in the Southeast."
Second quarter 2019 operating revenues were $5.10 billion, compared with $5.63 billion for the second quarter of 2018, a decrease of 9.4 percent. For the six months ended June 30, 2019, operating revenues were $10.51 billion, compared with $12.00 billion for the corresponding period in 2018, a decrease of 12.4 percent. These decreases were primarily related to a reduction in revenue resulting from the sale of Gulf Power and other assets that are no longer affiliated with Southern Company.
Southern Company's second quarter earnings slides with supplemental financial information are available at http://investor.southerncompany.com.
Southern Company's financial analyst call will begin at 8 a.m. Eastern Time today, during which Fanning and Chief Financial Officer Andrew W. Evans 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 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
June June
Net Income-As Reported (See Notes) 2019 2018 2019 2018
Traditional Electric Operating Companies $
782 $
(48) $
1,346 $
563
Southern Power 174 22 230 143
Southern Company Gas 106 (31) 376 248
Total 1,062 (57) 1,952 954
Parent Company and Other (163) (97) 1,030 (170)
Net Income (Loss)-As Reported $
899 $
(154) $
2,982 $
784
Basic Earnings (Loss) Per Share(1) $
0.86 $
(0.15) $
2.86 $
0.77
Average Shares Outstanding (in millions) 1,044 1,014 1,041 1,012
End of Period Shares Outstanding (in millions) 1,045 1,014
Non-GAAP Financial Measures Three Months Ended Year-to-Date
June June
Net Income-Excluding Items (See Notes) 2019 2018 2019 2018
Net Income (Loss)-As Reported $
899 $
(154) $
2,982 $
784
Acquisition, Disposition, and Integration Impacts(2) 18 172 (2,481) 233
Tax Impact (67) 4 1,122 (1)
Estimated Loss on Plants Under Construction(3) 8 1,060 13 1,105
Tax Impact (2) (270) (3) (281)
Wholesale Gas Services4 (29) 32 (93) (108)
Tax Impact 6 (11) 23 25
Litigation Settlement5 (24) (24)
Tax Impact 6 6
Earnings Guidance Comparability Items:
Adoption of Tax Reform6 (31)
Net Income-Excluding Items $
833 $
815 $
1,563 $
1,708
Basic Earnings Per Share-Excluding Items $
0.80 $
0.80 $
1.50 $
1.69
-See Notes on the following page.
Southern Company
Financial Highlights
Notes
---
(1) For the three and six months
ended June 30, 2019 and 2018,
dilution does not change basic
earnings per share by more than
2 cents and is not material.
(2) Earnings for the three months
ended June 30, 2019 primarily
include a $23 million pre-tax
($88 million after tax) gain on
the sale of Southern Power
Company's Plant Nacogdoches and
a $32 million pre-tax and
after-tax goodwill impairment
charge in contemplation of the
sale of the utility
infrastructure services business
unit at PowerSecure, Inc.
Earnings for the six months
ended June 30, 2019 also include
a $2.5 billion pre-tax gain
($1.3 billion after tax) on the
sale of Gulf Power Company.
Earnings for the three months
ended June 30, 2018 include: (i)
a pre-tax loss of $36 million
($76 million after tax)
associated with the sale of
Pivotal Home Solutions; (ii) a
$119 million pre-tax ($89
million after tax) impairment
charge associated with the
disposition of Plants Stanton
and Oleander; and (iii) $17
million pre-tax ($11 million
after tax) of other acquisition,
disposition, and integration
costs. Earnings for the six
months ended June 30, 2018 also
include a $42 million (pre tax
and after tax) goodwill
impairment charge associated
with the Pivotal Home Solutions
transaction and (ii) an
additional $19 million pre tax
($14 million after tax) of other
acquisition, disposition, and
integration costs. Further
impacts are expected to be
recorded in 2019 in connection
with the sales of Gulf Power
Company and Plant Nacogdoches,
as well as the pending sale of
Plant Mankato. Further costs are
also expected to continue to
occur in connection with the
integration of Southern Company
Gas; however, the amount and
duration of such expenditures is
uncertain.
(3) Earnings for the three and six
months ended June 30, 2019 and
for the six months ended June
30, 2018 include charges and
associated legal expenses
related to Mississippi Power
Company's integrated coal
gasification combined cycle
facility project in Kemper
County, Mississippi (Kemper
IGCC). Earnings for the three
and six months ended June 30,
2018 also include a $1.1 billion
charge ($0.8 billion after tax)
for an estimated probable loss
on Georgia Power Company's
construction of Plant Vogtle
Units 3 and 4. All of these
charges significantly impacted
the presentation of earnings and
earnings per share. Additional
pre-tax closure costs,
including mine reclamation, of
up to $25 million for
Mississippi Power Company's
Kemper IGCC may occur through
2020. Mississippi Power Company
is also currently evaluating its
options regarding the final
disposition of the carbon
dioxide pipeline and is in
discussions with the Department
of Energy regarding property
closeout and disposition, for
which the related costs could be
material. Further charges for
Georgia Power Company's Plant
Vogtle Units 3 and 4 may occur;
however, the amount and timing
of any such charges is
uncertain.
(4) Earnings for the three and six
months ended June 30, 2019 and
2018 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.
(5) Earnings for the three and six
months ended June 30, 2018
include the settlement proceeds
of Mississippi Power Company's
claim for lost revenue resulting
from the 2010 Deepwater Horizon
oil spill in the Gulf of Mexico.
Further proceeds are not
expected.
(6) Earnings for the six months ended
June 30, 2018 include additional
net tax benefits as a result of
implementing federal tax reform
legislation, which was signed
into law in December 2017.
During 2018, Southern Company
obtained and analyzed additional
information that was not
initially available or reported
as provisional amounts at
December 31, 2017. Additional
adjustments are not expected.
Southern Company
Significant Factors Impacting EPS
Three Months Ended
Year-to-Date
June June
2019 2018 Change 2019 2018 Change
Earnings (Loss) Per Share-
As Reported1 (See Notes) $
0.86 $
(0.15) $
1.01 $
2.86 $
0.77 $
2.09
Significant Factors:
Traditional Electric Operating Companies $
0.82 $
0.77
Southern Power 0.15 0.09
Southern Company Gas 0.13 0.13
Parent Company and Other (0.06) 1.18
Increase in Shares (0.03) (0.08)
Total-As Reported $
1.01 $
2.09
Three Months Ended
Year-to-Date
June June
Non-GAAP Financial Measures 2019 2018 Change 2019 2018 Change
Earnings Per Share-
Excluding Items (See Notes) $
0.80 $
0.80
$ $
1.50 $
1.69 $
(0.19)
Total-As Reported $
1.01 $
2.09
Acquisition, Disposition, and Integration (0.22) (1.53)
Impacts(2)
Estimated Loss on Plants Under Construction(3) (0.77) (0.81)
Wholesale Gas Services4 (0.04) 0.01
Litigation Settlement5 0.02 0.02
Adoption of Tax Reform6 0.03
Total-Excluding Items
$ $
(0.19)
- See Notes on the following page.
Southern Company
Significant Factors Impacting EPS
Notes
---
(1) For the three and six months
ended June 30, 2019 and 2018,
dilution does not change basic
earnings per share by more than
2 cents and is not material.
(2) Earnings for the three months
ended June 30, 2019 primarily
include a $23 million pre-tax
($88 million after tax) gain on
the sale of Southern Power
Company's Plant Nacogdoches and
a $32 million pre-tax and
after-tax goodwill impairment
charge in contemplation of the
sale of the utility
infrastructure services business
unit at PowerSecure, Inc.
Earnings for the six months
ended June 30, 2019 also include
a $2.5 billion pre-tax gain
($1.3 billion after tax) on the
sale of Gulf Power Company.
Earnings for the three months
ended June 30, 2018 include: (i)
a pre-tax loss of $36 million
($76 million after tax)
associated with the sale of
Pivotal Home Solutions; (ii) a
$119 million pre-tax ($89
million after tax) impairment
charge associated with the
disposition of Plants Stanton
and Oleander; and (iii) $17
million pre-tax ($11 million
after tax) of other acquisition,
disposition, and integration
costs. Earnings for the six
months ended June 30, 2018 also
include a $42 million (pre tax
and after tax) goodwill
impairment charge associated
with the Pivotal Home Solutions
transaction and (ii) an
additional $19 million pre tax
($14 million after tax) of other
acquisition, disposition, and
integration costs. Further
impacts are expected to be
recorded in 2019 in connection
with the sales of Gulf Power
Company and Plant Nacogdoches,
as well as the pending sale of
Plant Mankato. Further costs are
also expected to continue to
occur in connection with the
integration of Southern Company
Gas; however, the amount and
duration of such expenditures is
uncertain.
(3) Earnings for the three and six
months ended June 30, 2019 and
for the six months ended June
30, 2018 include charges and
associated legal expenses
related to Mississippi Power
Company's integrated coal
gasification combined cycle
facility project in Kemper
County, Mississippi (Kemper
IGCC). Earnings for the three
and six months ended June 30,
2018 also include a $1.1 billion
charge ($0.8 billion after tax)
for an estimated probable loss
on Georgia Power Company's
construction of Plant Vogtle
Units 3 and 4. All of these
charges significantly impacted
the presentation of earnings and
earnings per share. Additional
pre-tax closure costs,
including mine reclamation, of
up to $25 million for
Mississippi Power Company's
Kemper IGCC may occur through
2020. Mississippi Power Company
is also currently evaluating its
options regarding the final
disposition of the carbon
dioxide pipeline and is in
discussions with the Department
of Energy regarding property
closeout and disposition, for
which the related costs could be
material. Further charges for
Georgia Power Company's Plant
Vogtle Units 3 and 4 may occur;
however, the amount and timing
of any such charges is
uncertain.
(4) Earnings for the three and six
months ended June 30, 2019 and
2018 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.
(5) Earnings for the three and six
months ended June 30, 2018
include the settlement proceeds
of Mississippi Power Company's
claim for lost revenue resulting
from the 2010 Deepwater Horizon
oil spill in the Gulf of Mexico.
Further proceeds are not
expected.
(6) Earnings for the six months ended
June 30, 2018 include additional
net tax benefits as a result of
implementing federal tax reform
legislation, which was signed
into law in December 2017.
During 2018, Southern Company
obtained and analyzed additional
information that was not
initially available or reported
as provisional amounts at
December 31, 2017. Additional
adjustments are not expected.
Southern Company
EPS Earnings Analysis
Description Three Months Ended Year-to-Date
June
2019 vs. 2018 June
2019 vs. 2018
---
Retail Sales $(0.03) $(0.04)
Retail Revenue Impacts 0.10 0.14
Weather 0.03 (0.04)
Wholesale and Other Operating
Revenues 0.01 0.03
Non-Fuel O&M (0.02) (0.03)
Interest Expense,
Depreciation and
Amortization, Other
Income Taxes 0.01 0.03
Gulf Power Earnings (0.04) (0.08)
Total Traditional Electric
Operating Companies $0.06 $0.01
---
Southern Power (0.03) (0.10)
Southern Company Gas 0.01
Parent and Other (0.02) (0.06)
Increase in Shares (0.02) (0.04)
Total Change in EPS
(Excluding Items)
$- $(0.19)
---
Acquisition, Disposition, and
Integration Impacts(1) 0.22 1.53
Estimated Loss on Plants
Under Construction(2) 0.77 0.81
Wholesale Gas Services(3) 0.04 (0.01)
Litigation Settlement4 (0.02) (0.02)
Adoption of Tax Reform5 (0.03)
Total Change in EPS (As
Reported) $1.01 $2.09
---
- See Notes on the following page.
Southern Company
EPS Earnings Analysis
Three and Six Months Ended
June 2019 vs. June 2018
Notes
---
(1) Earnings for the three months
ended June 30, 2019
primarily include a $23
million pre-tax ($88
million after tax) gain on
the sale of Southern Power
Company's Plant Nacogdoches
and a $32 million pre-tax
and after-tax goodwill
impairment charge in
contemplation of the sale of
the utility infrastructure
services business unit at
PowerSecure, Inc. Earnings
for the six months ended
June 30, 2019 also include a
$2.5 billion pre-tax gain
($1.3 billion after tax) on
the sale of Gulf Power
Company. Earnings for the
three months ended June 30,
2018 include: (i) a pre-tax
loss of $36 million ($76
million after tax)
associated with the sale of
Pivotal Home Solutions; (ii)
a $119 million pre-tax ($89
million after tax)
impairment charge associated
with the disposition of
Plants Stanton and Oleander;
and (iii) $17 million pre-
tax ($11 million after tax)
of other acquisition,
disposition, and integration
costs. Earnings for the six
months ended June 30, 2018
also include a $42 million
(pre tax and after tax)
goodwill impairment charge
associated with the Pivotal
Home Solutions transaction
and (ii) an additional $19
million pre tax ($14 million
after tax) of other
acquisition, disposition,
and integration costs.
Further impacts are expected
to be recorded in 2019 in
connection with the sales of
Gulf Power Company and Plant
Nacogdoches, as well as the
pending sale of Plant
Mankato. Further costs are
also expected to continue to
occur in connection with the
integration of Southern
Company Gas; however, the
amount and duration of such
expenditures is uncertain.
(2) Earnings for the three and
six months ended June 30,
2019 and for the six months
ended June 30, 2018 include
charges and associated legal
expenses related to
Mississippi Power Company's
integrated coal gasification
combined cycle facility
project in Kemper County,
Mississippi (Kemper IGCC).
Earnings for the three and
six months ended June 30,
2018 also include a $1.1
billion charge ($0.8 billion
after tax) for an estimated
probable loss on Georgia
Power Company's construction
of Plant Vogtle Units 3 and
4. All of these charges
significantly impacted the
presentation of earnings and
earnings per share.
Additional pre-tax closure
costs, including mine
reclamation, of up to $25
million for Mississippi
Power Company's Kemper IGCC
may occur through 2020.
Mississippi Power Company is
also currently evaluating
its options regarding the
final disposition of the
carbon dioxide pipeline and
is in discussions with the
Department of Energy
regarding property closeout
and disposition, for which
the related costs could be
material. Further charges
for Georgia Power Company's
Plant Vogtle Units 3 and 4
may occur; however, the
amount and timing of any
such charges is uncertain.
(3) Earnings for the three and
six months ended June 30,
2019 and 2018 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.
(4) Earnings for the three and
six months ended June 30,
2018 include the settlement
proceeds of Mississippi
Power Company's claim for
lost revenue resulting from
the 2010 Deepwater Horizon
oil spill in the Gulf of
Mexico. Further proceeds are
not expected.
(5) Earnings for the six months
ended June 30, 2018 include
additional net tax benefits
as a result of implementing
federal tax reform
legislation, which was
signed into law in December
2017. During 2018, Southern
Company obtained and
analyzed additional
information that was not
initially available or
reported as provisional
amounts at December 31,
2017. Additional adjustments
are not expected.
Southern Company
Consolidated Earnings
As Reported
(In Millions of Dollars)
Three Months Ended
Year-to-Date
June June
2019 2018 Change 2019 2018 Change
Income Account-
Retail Electric Revenues-
Fuel $
919 $
1,022 $
(103) $
1,723 $
2,049 $
(326)
Non-Fuel 2,621 2,718 (97) 4,900 5,259 (359)
Wholesale Electric Revenues 542 616 (74) 1,041 1,239 (198)
Other Electric Revenues 161 170 (9) 331 330 1
Natural Gas Revenues 689 706 (17) 2,163 2,314 (151)
Other Revenues 166 395 (229) 352 808 (456)
Total Revenues 5,098 5,627 (529) 10,510 11,999 (1,489)
Fuel and Purchased Power 1,115 1,339 (224) 2,135 2,707 (572)
Cost of Natural Gas 191 228 (37) 877 949 (72)
Cost of Other Sales 84 279 (195) 203 568 (365)
Non-Fuel O & M 1,316 1,523 (207) 2,628 2,972 (344)
Depreciation and Amortization 755 783 (28) 1,506 1,552 (46)
Taxes Other Than Income Taxes 299 316 (17) 628 671 (43)
Estimated Loss on Plants Under Construction 4 1,060 (1,056) 6 1,105 (1,099)
(Gain) Loss on Dispositions, net (8) 36 (44) (2,506) 36 (2,542)
Total Operating Expenses 3,756 5,564 (1,808) 5,477 10,560 (5,083)
Operating Income 1,342 63 1,279 5,033 1,439 3,594
Allowance for Equity Funds Used During Construction 31 32 (1) 63 63
Earnings from Equity Method Investments 33 31 2 81 72 9
Interest Expense, Net of Amounts Capitalized 429 470 (41) 859 928 (69)
Other Income (Expense), net 99 78 21 176 138 38
Income Taxes (Benefit) 145 (139) 284 1,505 (25) 1,530
Net Income (Loss) 931 (127) 1,058 2,989 809 2,180
Less:
Dividends on Preferred Stock of Subsidiaries 3 4 (1) 7 8 (1)
Net Income Attributable to Noncontrolling 29 23 6 17 (17)
Interests
NET INCOME (LOSS) ATTRIBUTABLE TO $
899 $
(154) $
1,053 $
2,982 $
784 $
2,198
SOUTHERN COMPANY
Notes
---
- Certain prior year data may have been reclassified to conform with current year presentation.
Southern Company
Kilowatt-Hour Sales
(In Millions of KWHs)
Three Months Ended June
As Reported
Adjusted(1)
2019 2018 Change Weather 2018 Change Weather
Adjusted Adjusted
Change Change
Kilowatt-Hour Sales-
Total Sales 48,434 52,260 (7.3) 49,289 (1.7)
% %
Total Retail Sales- 36,752 39,624 (7.2) (8.5) 36,809 (0.2) (1.5)
% % % %
Residential 11,520 12,691 (9.2) (11.9) 11,321 1.8 (1.0)
%
% % %
Commercial 12,386 13,373 (7.4) (8.6) 12,373 0.1 (1.3)
% % % %
Industrial 12,662 13,363 (5.2) (5.2) 12,925 (2.0) (2.0)
% % % %
Other 184 197 (6.2) (6.2) 190 (3.0) (3.0)
% % % %
Total Wholesale Sales 11,682 12,636 (7.6) N/A 12,480 (6.4)
% % N/A
Year-to-Date June
As Reported
Adjusted(1)
2019 2018 Change Weather 2018 Change Weather
Adjusted Adjusted
Change Change
Kilowatt-Hour Sales-
Total Sales 93,601 103,104 (9.2) 97,511 (4.0)
% %
Total Retail Sales- 71,117 78,014 (8.8) (7.9) 72,731 (2.2) (1.3)
% % % %
Residential 22,421 25,657 (12.6) (10.1) 23,072 (2.8) (0.3)
% %
% %
Commercial 23,372 25,660 (8.9) (8.5) 23,814 (1.9) (1.6)
% % % %
Industrial 24,951 26,295 (5.1) (5.1) 25,458 (2.0) (2.0)
% % % %
Other 373 402 (7.3) (7.1) 387 (3.8) (3.6)
% % % %
Total Wholesale Sales 22,484 25,090 (10.4) N/A 24,780 (9.3)
%
% N/A
Notes
---
(1) Kilowatt-hour sales comparisons to the prior year were significantly impacted by the disposition of
Gulf Power Company on January 1, 2019. These 2018 kilowatt-hour sales and changes exclude Gulf Power
Company.
Southern Company
Customers
(In Thousands of Customers)
Period Ended June
2019 2018
Change
Regulated Utility Customers-
Total Utility Customers- 8,477 9,276 (8.6)%
Total Traditional Electric(1) 4,246 4,667 (9.0)%
Southern Company Gas(2) 4,231 4,609 (8.2)%
Notes
---
(1) Includes approximately 466,000 customers at June 30, 2018 related to Gulf Power Company, which was sold on January 1, 2019.
(2) Includes approximately 407,000 total customers at June 30, 2018 related to Elizabethtown Gas, Elkton Gas, and Florida City Gas, which were sold in July 2018.
Southern Company
Financial Overview
As Reported
(In Millions of Dollars)
Three Months Ended
Year-to-Date
June June
2019 2018 % Change 2019 2018 % Change
Southern Company(1) -
Operating Revenues $
5,098 $
5,627 (9.4)
%
% $
10,510 $
11,999 (12.4)
Earnings (Loss) Before Income Taxes 1,076 (266) N/M 4,494 784 N/M
Net Income (Loss) Available to Common 899 (154) N/M 2,982 784 N/M
Alabama Power -
Operating Revenues $
1,513 $
1,503 0.7 $
2,921 $
2,976 (1.8)
%
%
Earnings Before Income Taxes 388 326 19.0 671 636 5.5
% %
Net Income Available to Common 296 259 14.3 513 484 6.0
% %
Georgia Power -
Operating Revenues $
2,117 $
2,048 3.4 $
3,951 $
4,008 (1.4)
%
%
Earnings (Loss) Before Income Taxes 577 (539) N/M 970 (94) N/M
Net Income (Loss) Available to Common 448 (396) N/M 759 (44) N/M
Mississippi Power -
Operating Revenues $
313 $
297 5.4 $
600 $
598 0.3
% %
Earnings Before Income Taxes 42 60 (30.0) 86 49 75.5
% %
Net Income Available to Common 37 46 (19.6) 74 39 89.7
% %
Southern Power(1) -
Operating Revenues $
510 $
555 (8.1)
%
% $
953 $
1,064 (10.4)
Earnings (Loss) Before Income Taxes 152 (28) N/M 170 (12) N/M
Net Income Available to Common 174 22 N/M 230 143 60.8
%
Southern Company Gas(1) -
Operating Revenues $
689 $
730 (5.6) $
2,163 $
2,369 (8.7)
% %
Earnings Before Income Taxes 112 24 N/M 459 407 12.8
%
Net Income (Loss) Available to Common 106 (31) N/M 376 248 51.6
%
N/M - not meaningful
Notes
---
- See Financial Highlights pages for discussion of certain significant items occurring during the periods presented.
(1) Financial
comparisons
to the prior
year were
impacted by
(i) Southern
Company Gas'
disposition
of: (a)
Pivotal Home
Solutions on
June 4, 2018,
(b)
Elizabethtown
Gas and
Elkton Gas on
July 1, 2018,
and (c)
Florida City
Gas on July
29, 2018;
(ii) the
disposition
of Southern
Power
Company's
ownership
interest in
Plants
Oleander and
Stanton on
December 4,
2018; (iii)
Southern
Power
Company's
sale of (a) a
33% equity
interest in a
limited
partnership
indirectly
owning
substantially
all of its
solar
facilities on
May 22, 2018
and (b) a
noncontrolling
interest in
its
subsidiary
owning eight
operating
wind
facilities on
December 11,
2018; and
(iv) the
disposition
of Gulf Power
Company on
January 1,
2019.
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SOURCE Southern Company
