Southern Company reports second-quarter 2024 earnings

Southern Company today reported second-quarter earnings of $1.2 billion, or $1.10 per share, in 2024 compared with earnings of $838 million, or 77 cents per share, in the second quarter of 2023. For the six months ended June 30, 2024, Southern Company reported earnings of $2.3 billion, or $2.13 per share, compared with $1.7 billion, or $1.56 per share, for the same period in 2023.

Excluding the items described under “Net Income – Excluding Items” in the table below, Southern Company earned $1.2 billion, or $1.10 per share, during the second quarter of 2024, compared with $868 million, or 79 cents per share, during the second quarter of 2023. For the six months ended June 30, 2024, excluding these items, Southern Company earned $2.3 billion, or $2.13 per share, compared with $1.7 billion, or $1.59 per share, for the same period in 2023.

Non-GAAP Financial Measures	Three Months Ended June			Year-to-Date June
Net Income – Excluding Items (in millions)	2024	2023		2024	2023
Net Income – As Reported	$                1,203	$                   838		$                2,332	$                1,700
Less:
Estimated Loss on Plants Under Construction	17	(3)		14	(4)
Tax Impact	(18)	1		(17)	1
Loss on Extinguishment of Debt	—	—		—	(5)
Tax Impact	—	—		—	1
Estimated Loss on Qualifying Infrastructure Plant	—	(38)		—	(38)
Tax Impact	—	10		—	10
Net Income – Excluding Items	$                1,204	$                   868		$                2,335	$                1,735
Average Shares Outstanding – (in millions)	1,096	1,092		1,095	1,092
Basic Earnings Per Share - Excluding Items	$                  1.10	$                  0.79		$                  2.13	$                  1.59

NOTE: For more information regarding these non-GAAP adjustments, see the footnotes accompanying the Financial Highlights page of the earnings package.

Adjusted earnings drivers for the second quarter of 2024, as compared with the same period in 2023, were higher utility revenues, partially offset by increased interest expense, depreciation and amortization, and income taxes.

Second-quarter 2024 operating revenues were $6.5 billion, compared with $5.7 billion for the second quarter of 2023, an increase of 12.4%. For the six months ended June 30, 2024, operating revenues were $13.1 billion, compared with $12.2 billion for the corresponding period in 2023, an increase of 7.2%.

“Southern Company businesses performed well during the second quarter of 2024,” said Chairman, President and CEO Christopher C. Womack. “We are pleased with our business fundamentals, and the economies in our service territories, especially those within our Southeastern service footprint, remain strong with continuing customer growth and robust economic development.”

Southern Company’s second-quarter earnings slides with supplemental financial information are available at investor.southerncompany.com.

Southern Company’s financial analyst call will begin at 1 p.m. Eastern Time today, during which Womack and Chief Financial Officer Daniel S. Tucker 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 investor.southerncompany.com. A replay of the webcast will be available on the site for 12 months.