On November 2, 2023, Southern Co (SO, Financial) released its third-quarter earnings report for 2023. The company reported earnings of $1.4 billion, or $1.30 per share, compared with earnings of $1.5 billion, or $1.36 per share, in the third quarter of 2022. For the nine months ended September 30, 2023, Southern Co (SO) reported earnings of $3.1 billion, or $2.86 per share, compared with $3.6 billion, or $3.38 per share, for the same period in 2022.
Financial Performance
Excluding certain items, Southern Co (SO, Financial) earned $1.5 billion, or $1.42 per share, during the third quarter of 2023, compared with $1.4 billion, or $1.31 per share, during the third quarter of 2022. For the nine months ended September 30, 2023, excluding these items, Southern Co (SO) earned $3.3 billion, or $3.01 per share, compared with $3.6 billion, or $3.35 per share, for the same period in 2022.
Operating Revenues
Third-quarter 2023 operating revenues were $7.0 billion, compared with $8.4 billion for the third quarter of 2022, a decrease of 16.7 percent. For the nine months ended September 30, 2023, operating revenues were $19.2 billion, compared with $22.2 billion for the corresponding period in 2022, a decrease of 13.6 percent. These decreases were primarily due to lower fuel costs in 2023.
Company's Commentary
“Our premier state-regulated electric and gas utilities continued to perform well during the third quarter, and Southern Power made strategic additions to its portfolio of renewable generation assets,” said President and CEO Christopher C. Womack. “It is also significant to note that the accelerated economic development we have seen in the Southeast over the last couple of years has contributed to a projected growth in electricity usage that is significantly larger than historic levels,” added Womack.
Looking Forward
Despite the decrease in net income and operating revenues, Southern Co (SO, Financial) remains optimistic about its future. The company is focusing on strategic additions to its portfolio of renewable generation assets and is expecting a significant growth in electricity usage due to accelerated economic development in the Southeast.
Explore the complete 8-K earnings release (here) from Southern Co for further details.
