Southern Company reports third-quarter 2024 earnings

Southern Company today reported third-quarter earnings of $1.5 billion, or $1.40 per share, in 2024 compared with earnings of $1.4 billion, or $1.30 per share, in the third quarter of 2023. For the nine months ended September 30, 2024, Southern Company reported earnings of $3.9 billion, or $3.53 per share, compared with $3.1 billion, or $2.86 per share, for the same period in 2023.

Excluding the items described under “Net Income – Excluding Items” in the table below, Southern Company earned $1.6 billion, or $1.43 per share, during the third quarter of 2024, compared with $1.5 billion, or $1.42 per share, during the third quarter of 2023. For the nine months ended September 30, 2024, excluding these items, Southern Company earned $3.9 billion, or $3.56 per share, compared with $3.3 billion, or $3.01 per share, for the same period in 2023.

 

Non-GAAP Financial Measures	Three Months Ended September		Year-to-Date September
Net Income – Excluding Items (in millions)	2024	2023		2024	2023
Net Income – As Reported	$                 1,535	$                 1,422		$                 3,867	$                 3,121
Less:
Estimated Loss on Plants Under Construction	(3)	(166)		11	(171)
Tax Impact	1	42		(16)	43
Acquisition and Disposition Impacts	—	(2)		—	(2)
Tax Impact	—	1		—	1
Loss on Extinguishment of Debt	—	—		—	(5)
Tax Impact	—	—		—	1
Estimated Loss on Qualifying Infrastructure Plant	—	—		—	(38)
Tax Impact	—	—		—	10
Impairments	(36)	—		(36)	—
Tax Impact	9	—		9	—
Net Income – Excluding Items	$                 1,564	$                 1,547		$                 3,899	$                 3,282
Average Shares Outstanding – (in millions)	1,097	1,092		1,096	1,092
Basic Earnings Per Share - Excluding Items	$                   1.43	$                   1.42		$                   3.56	$                   3.01

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 third quarter of 2024, as compared with the same period in 2023, were higher utility revenues, partially offset by increased interest expense, depreciation and amortization, non-fuel operations and maintenance expenses, and income taxes.

Third-quarter 2024 operating revenues were $7.3 billion, compared with $7.0 billion for the third quarter of 2023, an increase of 4.2%. For the nine months ended September 30, 2024, operating revenues were $20.4 billion, compared with $19.2 billion for the corresponding period in 2023, an increase of 6.1%.

“Our entire company, including our premier, state-regulated electric and gas utilities, continued to perform well during the third quarter,” said Christopher C. Womack, chairman, president and CEO.

“Employees across the Southern Company system came together in response to Hurricane Helene, a storm of exceptional magnitude which proved to be the most destructive in Georgia Power’s history,” added Womack. “We are thankful for the thousands of lineworkers, technicians and support staff who joined first responders, emergency management agencies and officials from the local, state and federal government, industry partners and an extraordinary mutual assistance workforce with tireless dedication to restore service to customers across Georgia. We are proud to continue to provide additional assistance to the individuals and families impacted by this devastating storm through contributions to aid organizations and other support. Our commitment to communities and customers has never been more important."

Southern Company’s third-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.