Feb 18, 2021 SOURCE: PR NewsWire
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
For more information regarding these
non-GAAP adjustments, see the
footnotes accompanying the
Financial Highlights page of the
NOTE: 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
December
December
---
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 Share(1) $
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
December
December
---
Net Income-Excluding Items
(See Notes) 2020 2019 2020 2019
---
Net Income-As Reported $
387 $
440 $
3,119 $
4,739
Less:
Acquisition and Disposition
Impacts(2) 22 39 60 2,516
Tax Impact (6) 48 (22) (1,081)
Estimated Loss on Plants
Under Construction(3) (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
Financial Highlights
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
December
December
---
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
December
December
---
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 Impacts(2) (0.07) (1.33)
Estimated Loss on Plants Under
Construction(3) (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
Significant Factors Impacting EPS
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
December
December
2020 vs. 2019
2020 vs. 2019
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
Impacts(1) (0.07) (1.33)
Estimated Loss on Plants Under
Construction(2) (0.11) (0.20)
Wholesale Gas Services(3) (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)
- See Notes on the following page.
Southern Company
EPS Earnings Analysis
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
December
---
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 2020 2019 Change Weather Adjusted
Change 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 11,492 11,931 (3.7) N/A 45,679 48,027 (4.9)
Sales
% % 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
December
---
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 Power(2) -
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.
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SOURCE Southern Company
