Southern Co. Profit Falls 5.5%
27 Aprile 2016 - 5:04PM
Dow Jones News
By Tess Stynes
Southern Co. said its first-quarter earnings fell 5.5% amid a
decline in revenue that the power company attributed mostly to
lower fuel costs.
However, per-share earnings, excluding certain one-time items,
and revenue beat expectations.
The Atlanta company also posted more charges related to its
Kemper County project, a clean-coal power plant under construction
in Mississippi. The latest period also included charges related to
the company's pending acquisition of natural-gas utility AGL
Resources Inc.
Southern in August struck a deal to buy AGL Resources for about
$8 billion in a move to access fast-growing gas markets from New
Jersey to Florida. The companies expect the deal to close in the
second half of this year.
The company, one of the biggest utilities in the U.S., said mild
weather contributed to a decline in electricity sales during the
latest quarter. Total electricity sales volume dropped 1.7%. Retail
electricity sales fell 3%, including a 7.2% decline in residential
volume. Wholesale volume improved by 5.7%
Over all, Southern reported a profit of $496 million, down from
$525 million a year earlier. On a per-share basis, which reflects
preferred dividends, per-share earnings declined to 53 cents from
56 cents. Excluding items such as acquisition-related expenses and
charges related to the clean-coal project in Kemper, Miss.,
adjusted per-share earnings were 58 cents. Revenue decreased 5.2%
to $3.97 billion.
Analysts polled by Thomson Reuters expected per-share profit of
53 cents and revenue of $4.26 billion.
Write to Tess Stynes at tess.stynes@wsj.com
(END) Dow Jones Newswires
April 27, 2016 10:49 ET (14:49 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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