Oct 29, 2020 SOURCE: PR NewsWire
Southern Company reports third-quarter 2020 earnings
ATLANTA, Oct. 29, 2020 /PRNewswire/ -- Southern Company today reported third-quarter 2020 earnings of $1.25 billion, or $1.18 per share, compared with $1.32 billion, or $1.26 per share, in the third quarter of 2019. For the nine months ended September 30, 2020, Southern Company reported earnings of $2.73 billion, or $2.58 per share, compared with earnings of $4.30 billion, or $4.12 per share, for the same period in 2019.
Excluding the items described in the "Net Income - Excluding Items" table below, Southern Company earned $1.29 billion, or $1.22 per share, during the third quarter of 2020, compared with $1.40 billion, or $1.34 per share, during the third quarter of 2019. For the nine months ended September 30, 2020, excluding these items, Southern Company earned $2.94 billion, or $2.78 per share, compared with $2.97 billion, or $2.84 per share, for the same period in 2019.
Non-GAAP Financial Measures Three Months Ended September Year-to-Date
September
Net Income - Excluding Items (in millions) 2020 2019 2020 2019
Net Income - As Reported $1,251 $1,316 $2,732 $4,298
Less:
Acquisition and Disposition Impacts (5) 38 2,477
Tax Impact (7) (16) (1,130)
Estimated Loss on Plants Under Construction 3 (3) (151) (16)
Tax Impact (1) 1 39 4
Wholesale Gas Services (62) (14) (61) 79
Tax Impact 17 5 16 (18)
Asset Impairment (92) (154) (92)
Tax Impact 27 80 27
Net Income - Excluding Items $1,294 $1,404 $2,941 $2,967
Average Shares Outstanding - (in millions) 1,058 1,048 1,058 1,043
Basic Earnings Per Share - Excluding Items $1.22 $1.34 $2.78 $2.84
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 2020 were negatively impacted by a decline in sales related to the COVID-19 pandemic and milder weather, largely offset by diligent cost control and constructive state regulatory actions completed in 2019 at the company's utilities.
"During the third quarter and much of this year, unprecedented circumstances, including the COVID-19 pandemic and an exceptionally active storm season, have confronted our customers and communities. Employees throughout the Southern Company system have responded by continuing to deliver industry-leading reliability and service to those customers we are privileged to serve," said Chairman, President and CEO Thomas A. Fanning. "Our priorities moving forward include maintaining best-in-class service levels and cost discipline at our utilities while continuing to work diligently to bring Vogtle Units 3 and 4 online by the November 2021 and November 2022 regulatory-approved in-service dates."
Third-quarter 2020 operating revenues were $5.6 billion, compared with $6.0 billion for the third quarter of 2019, a decrease of 6.3 percent. For the nine months ended September 30, 2020, operating revenues were $15.3 billion, compared with $16.5 billion for the corresponding period in 2019, a decrease of 7.6 percent. These decreases were primarily due to lower fuel costs and a sales decline resulting from milder weather and COVID-19.
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 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, Fortune's "World's Most Admired Companies" list, Forbes and the Women's Choice Award. To learn more, visit www.southerncompany.com. 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
September September
---
Net Income-As Reported (See Notes) 2020 2019 2020 2019
---
Traditional Electric Operating Companies $
1,284 $
1,373 $
2,571 $
2,719
Southern Power 74 86 212 316
Southern Company Gas 14 (29) 360 347
Total 1,372 1,430 3,143 3,382
Parent Company and Other (121) (114) (411) 916
Net Income-As Reported $
1,251 $
1,316 $
2,732 $
4,298
Basic Earnings Per Share(1) $
1.18 $
1.26 $
2.58 $
4.12
Average Shares Outstanding (in millions) 1,058 1,048 1,058 1,043
End of Period Shares Outstanding (in millions) 1,056 1,049
Non-GAAP Financial Measures Three Months Ended Year-to-Date
September September
---
Net Income-Excluding Items (See Notes) 2020 2019 2020 2019
---
Net Income-As Reported $
1,251 $
1,316 $
2,732 $
4,298
Less:
Acquisition and Disposition Impacts(2) - (5) 38 2,477
Tax Impact - (7) (16) (1,130)
Estimated Loss on Plants Under Construction(3) 3 (3) (151) (16)
Tax Impact (1) 1 39 4
Wholesale Gas Services4 (62) (14) (61) 79
Tax Impact 17 5 16 (18)
Asset Impairment5 - (92) (154) (92)
Tax Impact - 27 80 27
Net Income-Excluding Items $
1,294 $
1,404 $
2,941 $
2,967
Basic Earnings Per Share-Excluding Items $
1.22 $
1.34 $
2.78 $
2.84
-See Notes on the following page.
Southern Company
Financial Highlights
Notes
---
(1) For the three and nine months ended
September 30, 2020 and 2019,
dilution does not change basic
earnings per share by more than
$0.03 and is not material. Diluted
earnings per share was $1.18 and
$2.57 in the third quarter and
year-to-date 2020, respectively,
and $1.25 and $4.09 in the third
quarter and year-to-date 2019,
respectively.
(2) Earnings for the nine months ended
September 30, 2020 primarily
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 September 30,
2019 include an $18 million pre-
tax and after-tax impairment
charge in contemplation of the sale
of PowerSecure, Inc.'s lighting
business, partially offset by $13
million pre tax ($6 million after
tax) of other acquisition and
disposition impacts. Earnings for
the nine months ended September 30,
2019 include a $2.5 billion pre-
tax ($1.3 billion after-tax) gain
on the sale of Gulf Power Company,
a $23 million pre-tax ($88 million
after-tax) gain on the sale of
Southern Power Company's Plant
Nacogdoches, and $17 million pre
tax ($7 million after tax) of other
acquisition and disposition
impacts, partially offset by pre-
tax and after-tax impairment
charges totaling $50 million
related to the sale and
contemplated sale of PowerSecure,
Inc.'s utility infrastructure
services and lighting businesses,
respectively.
(3) Earnings for the three and nine
months ended September 30, 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. Earnings for the nine
months ended September 30, 2020
also include a $149 million pre-
tax ($111 million after-tax)
charge for an estimated probable
loss on Georgia Power Company's
construction of Plant Vogtle Units
3 and 4, which significantly
impacted earnings and earnings per
share. Mississippi Power Company
expects to substantially complete
mine reclamation activities in 2020
and dismantlement of the abandoned
gasifier-related assets and site
restoration activities in 2025. The
additional pre-tax period costs
associated with these activities,
including related costs for
compliance and safety, asset
retirement obligation accretion,
and property taxes, are estimated
to total $3 million for the
remainder of 2020 and $10 million
to $15 million annually for 2021
through 2025. Further charges for
Georgia Power Company's
construction of Plant Vogtle Units
3 and 4 may occur; however, the
amount and timing of any such
charges are uncertain.
(4) Earnings for the three and nine
months ended September 30, 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 nine months ended
September 30, 2020 include a pre-
tax impairment charge of $154
million ($74 million after tax)
related to a leveraged lease.
Earnings for the three and nine
months ended September 30, 2019
include a pre-tax impairment
charge of $92 million ($65 million
after tax) associated with Southern
Company Gas' natural gas storage
facility in Louisiana. Further
charges associated with this
facility are not expected. Southern
Company Gas has two other natural
gas storage facilities which could
be impacted by ongoing U.S. natural
gas storage market changes that may
imply impacts to future rates and/
or asset values, and, if sustained,
could trigger impairment.
Southern Company
Significant Factors Impacting EPS
Three Months Ended
Year-to-Date
September September
---
2020 2019 Change 2020 2019 Change
---
Earnings Per Share-
As Reported1 (See Notes) $
1.18 $
1.26 $
(0.08) $
2.58 $
4.12 $
(1.54)
Significant Factors:
Traditional Electric Operating Companies $
(0.09) $
(0.14)
Southern Power (0.01) (0.10)
Southern Company Gas 0.04 0.01
Parent Company and Other (0.01) (1.28)
Increase in Shares (0.01) (0.03)
Total-As Reported $
(0.08) $
(1.54)
Three Months Ended
Year-to-Date
September September
---
Non-GAAP Financial Measures 2020 2019 Change 2020 2019 Change
---
Earnings Per Share-
Excluding Items (See Notes) $
1.22 $
1.34 $
(0.12) $
2.78 $
2.84 $
(0.06)
Total-As Reported $
(0.08) $
(1.54)
Less:
Acquisition and Disposition Impacts(2) 0.01 (1.27)
Estimated Loss on Plants Under Construction(3) (0.10)
Wholesale Gas Services4 (0.03) (0.10)
Asset Impairment5 0.06 (0.01)
Total-Excluding Items $
(0.12) $
(0.06)
- See Notes on the following page.
Southern Company
Significant Factors Impacting EPS
Notes
---
(1) For the three and nine months ended
September 30, 2020 and 2019,
dilution does not change basic
earnings per share by more than
$0.03 and is not material. Diluted
earnings per share was $1.18 and
$2.57 in the third quarter and
year-to-date 2020, respectively,
and $1.25 and $4.09 in the third
quarter and year-to-date 2019,
respectively.
(2) Earnings for the nine months ended
September 30, 2020 primarily
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 September 30,
2019 include an $18 million pre-
tax and after-tax impairment
charge in contemplation of the sale
of PowerSecure, Inc.'s lighting
business, partially offset by $13
million pre tax ($6 million after
tax) of other acquisition and
disposition impacts. Earnings for
the nine months ended September 30,
2019 include a $2.5 billion pre-
tax ($1.3 billion after-tax) gain
on the sale of Gulf Power Company,
a $23 million pre-tax ($88 million
after-tax) gain on the sale of
Southern Power Company's Plant
Nacogdoches, and $17 million pre
tax ($7 million after tax) of other
acquisition and disposition
impacts, partially offset by pre-
tax and after-tax impairment
charges totaling $50 million
related to the sale and
contemplated sale of PowerSecure,
Inc.'s utility infrastructure
services and lighting businesses,
respectively.
(3) Earnings for the three and nine
months ended September 30, 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. Earnings for the nine
months ended September 30, 2020
also include a $149 million pre-
tax ($111 million after-tax)
charge for an estimated probable
loss on Georgia Power Company's
construction of Plant Vogtle Units
3 and 4, which significantly
impacted earnings and earnings per
share. Mississippi Power Company
expects to substantially complete
mine reclamation activities in 2020
and dismantlement of the abandoned
gasifier-related assets and site
restoration activities in 2025. The
additional pre-tax period costs
associated with these activities,
including related costs for
compliance and safety, asset
retirement obligation accretion,
and property taxes, are estimated
to total $3 million for the
remainder of 2020 and $10 million
to $15 million annually for 2021
through 2025. Further charges for
Georgia Power Company's
construction of Plant Vogtle Units
3 and 4 may occur; however, the
amount and timing of any such
charges are uncertain.
(4) Earnings for the three and nine
months ended September 30, 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 nine months ended
September 30, 2020 include a pre-
tax impairment charge of $154
million ($74 million after tax)
related to a leveraged lease.
Earnings for the three and nine
months ended September 30, 2019
include a pre-tax impairment
charge of $92 million ($65 million
after tax) associated with Southern
Company Gas' natural gas storage
facility in Louisiana. Further
charges associated with this
facility are not expected. Southern
Company Gas has two other natural
gas storage facilities which could
be impacted by ongoing U.S. natural
gas storage market changes that may
imply impacts to future rates and/
or asset values, and, if sustained,
could trigger impairment.
Southern Company
EPS Earnings Analysis
Description
Three Months Ended
Year-to-Date
September September
2020 vs. 2019
2020 vs. 2019
--- ---
Retail Sales $(0.04) $(0.12)
Retail Revenue Impacts 0.04 0.24
Weather (0.10) (0.21)
Non-Fuel O&M - 0.06
Depreciation and Amortization, Interest Expense, Other (0.04) (0.16)
Income Taxes 0.05 0.15
Total Traditional Electric Operating Companies $(0.09) $(0.04)
---
Southern Power (0.01) (0.02)
Southern Company Gas 0.01 0.05
Parent and Other (0.02) (0.01)
Increase in Shares (0.01) (0.04)
Total Change in EPS (Excluding Items) $(0.12) $(0.06)
---
Acquisition and Disposition Impacts(1) 0.01 (1.27)
Estimated Loss on Plants Under Construction(2) - (0.10)
Wholesale Gas Services(3) (0.03) (0.10)
Asset Impairment4 0.06 (0.01)
Total Change in EPS (As Reported) $(0.08) $(1.54)
---
- See Notes on the following page.
Southern Company
EPS Earnings Analysis
Notes
---
(1) Earnings for the nine months ended
September 30, 2020 primarily
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 September 30,
2019 include an $18 million pre-
tax and after-tax impairment
charge in contemplation of the sale
of PowerSecure, Inc.'s lighting
business, partially offset by $13
million pre tax ($6 million after
tax) of other acquisition and
disposition impacts. Earnings for
the nine months ended September 30,
2019 include a $2.5 billion pre-
tax ($1.3 billion after-tax) gain
on the sale of Gulf Power Company,
a $23 million pre-tax ($88 million
after-tax) gain on the sale of
Southern Power Company's Plant
Nacogdoches, and $17 million pre
tax ($7 million after tax) of other
acquisition and disposition
impacts, partially offset by pre-
tax and after-tax impairment
charges totaling $50 million
related to the sale and
contemplated sale of PowerSecure,
Inc.'s utility infrastructure
services and lighting businesses,
respectively.
(2) Earnings for the three and nine
months ended September 30, 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. Earnings for the nine
months ended September 30, 2020
also include a $149 million pre-
tax ($111 million after-tax)
charge for an estimated probable
loss on Georgia Power Company's
construction of Plant Vogtle Units
3 and 4, which significantly
impacted earnings and earnings per
share. Mississippi Power Company
expects to substantially complete
mine reclamation activities in 2020
and dismantlement of the abandoned
gasifier-related assets and site
restoration activities in 2025. The
additional pre-tax period costs
associated with these activities,
including related costs for
compliance and safety, asset
retirement obligation accretion,
and property taxes, are estimated
to total $3 million for the
remainder of 2020 and $10 million
to $15 million annually for 2021
through 2025. Further charges for
Georgia Power Company's
construction of Plant Vogtle Units
3 and 4 may occur; however, the
amount and timing of any such
charges are uncertain.
(3) Earnings for the three and nine
months ended September 30, 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 nine months ended
September 30, 2020 include a pre-
tax impairment charge of $154
million ($74 million after tax)
related to a leveraged lease.
Earnings for the three and nine
months ended September 30, 2019
include a pre-tax impairment
charge of $92 million ($65 million
after tax) associated with Southern
Company Gas' natural gas storage
facility in Louisiana. Further
charges associated with this
facility are not expected. Southern
Company Gas has two other natural
gas storage facilities which could
be impacted by ongoing U.S. natural
gas storage market changes that may
imply impacts to future rates and/
or asset values, and, if sustained,
could trigger impairment.
Southern Company
Consolidated Earnings
As Reported
(In Millions of Dollars)
Three Months Ended September
Year-to-Date
September
---
2020 2019 Change 2020 2019 Change
---
Income Account-
Retail Electric Revenues-
Fuel $
949 $
1,083 $
(134) $
2,301 $
2,807 $
(506)
Non-Fuel 3,294 3,429 (135) 8,202 8,329 (127)
Wholesale Electric Revenues 584 625 (41) 1,473 1,667 (194)
Other Electric Revenues 164 163 1 484 492 (8)
Natural Gas Revenues 477 498 (21) 2,362 2,661 (299)
Other Revenues 152 197 (45) 436 549 (113)
Total Revenues 5,620 5,995 (375) 15,258 16,505 (1,247)
Fuel and Purchased Power 1,163 1,326 (163) 2,801 3,461 (660)
Cost of Natural Gas 71 79 (8) 654 956 (302)
Cost of Other Sales 72 114 (42) 201 316 (115)
Non-Fuel O&M 1,286 1,296 (10) 3,785 3,898 (113)
Depreciation and Amortization 889 760 129 2,619 2,267 352
Taxes Other Than Income Taxes 304 303 1 932 931 1
Estimated Loss on Plant Vogtle Units 3 and 4 - 149 149
Impairment Charges - 110 (110) 142 (142)
(Gain) Loss on Dispositions, net - (6) 6 (39) (2,512) 2,473
Total Operating Expenses 3,785 3,982 (197) 11,102 9,459 1,643
Operating Income 1,835 2,013 (178) 4,156 7,046 (2,890)
Allowance for Equity Funds Used During Construction 38 33 5 106 96 10
Earnings from Equity Method Investments 33 39 (6) 105 120 (15)
Interest Expense, Net of Amounts Capitalized 443 434 9 1,343 1,294 49
Impairment of Leveraged Lease - 154 154
Other Income (Expense), net 113 61 52 319 239 80
Income Taxes 293 367 (74) 443 1,872 (1,429)
Net Income 1,283 1,345 (62) 2,746 4,335 (1,589)
Less:
Dividends on Preferred Stock of Subsidiaries 4 4 11 11
Net Income (Loss) Attributable to Noncontrolling Interests 28 25 3 3 26 (23)
NET INCOME ATTRIBUTABLE TO SOUTHERN COMPANY $
1,251 $
1,316 $
(65) $
2,732 $
4,298 $
(1,566)
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 September
Year-to-Date September
---
2020 2019 Change Weather 2020 2019 Change Weather
Adjusted Adjusted
Change Change
---
Kilowatt-Hour Sales-
Total Sales 53,099 56,703 (6.4) 140,910 150,303 (6.2)
% %
Total Retail Sales- 40,218 43,090 (6.7) (3.0) 106,724 114,207 (6.6) (3.4)
% % % %
Residential 14,740 15,368 (4.1) 3.5 36,485 37,790 (3.5)
% %
% % 3.7
Commercial 13,140 14,404 (8.8) (5.1) 34,611 37,776 (8.4) (5.9)
% % % %
Industrial 12,177 13,133 (7.3) (7.3) 35,129 38,084 (7.8) (7.8)
% % % %
Other 161 185 (12.6) (12.3) 499 557 (10.5) (10.3)
% % % %
Total Wholesale Sales 12,881 13,613 (5.4) N/A 34,186 36,096 (5.3)
% % N/A
(In Thousands of Customers)
Period Ended September
2020 2019 Change
Regulated Utility Customers-
Total Utility Customers- 8,580 8,462 1.4%
Total Traditional Electric 4,322 4,254 1.6%
Southern Company Gas 4,258 4,208 1.2%
Southern Company
Financial Overview
As Reported
(In Millions of Dollars)
Three Months Ended September
Year-to-Date
September
---
2020 2019 % Change 2020 2019 % Change
---
Southern Company1, 2 -
Operating Revenues $
5,620 $
5,995 (6.3) $
15,258 $
16,505 (7.6)
% %
Earnings Before Income Taxes 1,576 1,712 (7.9)
%
% 3,189 6,207 (48.6)
Net Income Available to Common 1,251 1,316 (4.9)
%
% 2,732 4,298 (36.4)
Alabama Power -
Operating Revenues $
1,729 $
1,841 (6.1) $
4,445 $
4,762 (6.7)
% %
Earnings Before Income Taxes 578 617 (6.3)
%
% 1,340 1,288 4.0
Net Income Available to Common 444 469 (5.3)
%
% 1,022 982 4.1
Georgia Power -
Operating Revenues $
2,617 $
2,755 (5.0) $
6,371 $
6,706 (5.0)
% %
Earnings Before Income Taxes 945 1,094 (13.6) 1,609 2,064 (22.0)
% %
Net Income Available to Common 773 839 (7.9)
%
% 1,411 1,598 (11.7)
Mississippi Power -
Operating Revenues $
336 $
370 (9.2) $
895 $
970 (7.7)
% %
Earnings Before Income Taxes 79 80 (1.3) 158 166 (4.8)
% %
Net Income Available to Common 67 65 3.1 138 139 (0.7)
%
%
Southern Power(2) -
Operating Revenues $
523 $
574 (8.9)
%
% $
1,337 $
1,527 (12.4)
Earnings Before Income Taxes 116 130 (10.8) 242 301 (19.6)
% %
Net Income Available to Common 74 86 (14.0) 212 316 (32.9)
% %
Southern Company Gas -
Operating Revenues $
477 $
498 (4.2)
%
% $
2,362 $
2,661 (11.2)
Earnings (Loss) Before Income Taxes 17 (51) N/M 458 408 12.3
%
Net Income (Loss) Available to Common 14 (29) N/M 360 347 3.7
%
N/M - Not meaningful
Notes
---
-See Financial Highlights pages for discussion
of certain significant items occurring during
the periods presented.
(1) Year-to-date earnings comparisons
to the prior year were
significantly impacted by the
preliminary 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
Company's dispositions of Plant
Nacogdoches on June 13, 2019 and
Plant Mankato on January 17, 2020.
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SOURCE Southern Company
