Southern Company reports first-quarter 2021 earnings
Southern Company today reported first-quarter 2021 earnings of $1.14 billion, or $1.07 per share, compared with $868 million, or 82 cents per share, in the first quarter of 2020.
Excluding the items described under “Net Income – Excluding Items” in the table below, Southern Company earned $1.04 billion, or 98 cents per share, during the first quarter of 2021, compared with $825 million, or 78 cents per share, during the first quarter of 2020.
Non-GAAP Financial Measures |
|
Three Months Ended March |
|
Net Income - Excluding Items (in millions) |
|
2021 |
2020 |
Net Income - As Reported |
|
$1,135 |
$868 |
Less: |
|
|
|
Estimated Loss on Plants Under Construction |
|
(45) |
(3) |
Tax Impact |
|
11 |
1 |
Acquisition and Disposition Impacts |
|
- |
38 |
Tax Impact |
|
- |
(16) |
Wholesale Gas Services |
|
166 |
31 |
Tax Impact |
|
(40) |
(8) |
Net Income – Excluding Items |
|
$1,043 |
$825 |
Average Shares Outstanding – (in millions) |
|
1,060 |
1,057 |
Basic Earnings Per Share – Excluding Items |
|
$0.98 |
$0.78 |
NOTE: For more information regarding these non-GAAP adjustments, see the footnotes accompanying the Financial Highlights page of the earnings package.
Earnings drivers for the first quarter of 2021, as compared with 2020, were robust customer growth, higher residential sales and colder weather, partially offset by lower commercial and industrial sales.
“Southern Company experienced a strong start to the year,” said Chairman, President and CEO, Thomas A. Fanning. “The economies in our service territories are starting to recover from the COVID-19 pandemic,” added Fanning. “Customer demand is improving faster than we anticipated. Importantly, programs we implemented to keep customers connected during the pandemic – including alternative payment arrangements – have helped those in need of assistance as we have continued to reliably provide for their energy needs. I am extremely proud of our employees and the ways we have partnered with our communities during this time.”
First-quarter 2021 operating revenues were $5.9 billion, compared with $5.0 billion for the first quarter of 2020, an increase of 17.8 percent. This increase was primarily due to colder weather and higher fuel costs.
Southern Company’s first-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, 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.