Southern Co 3Q Net Down as Industrial Electric Sales Fall

By Rob Curran

Southern Co.'s third-quarter net income eased as higher retail electricity sales were offset by lower sales to industrial customers.

The Atlanta utility said earnings fell to $1.42 billion, or $1.29 a share, from $1.47 billion, or $1.35 a share, in the year-ago quarter.

Excluding certain items, Southern Co. posted earnings of $1.42 a share, above the average Wall Street target of $1.32 a share as tallied by FactSet.

Revenue fell to $6.98 billion from $8.37 billion a year earlier, compared to the average analyst estimate of $8.23 billion as per FactSet.

Residential electricity sales, the company's largest segment by kilowatt-hours, rose 4.6% from a year ago, while commercial sales rose 3.7% and industrial sales fell 2.3%.

"Adjusted earnings drivers for the third quarter 2023, as compared with the same period in 2022, were warmer than normal weather at the company's regulated electric utilities, changes in rates and pricing, and lower income taxes and non-fuel operations and maintenance costs, partially offset by increased depreciation and amortization," Southern said.

Write to Rob Curran at rob.curran@wsj.com

(END) Dow Jones Newswires

November 02, 2023 08:30 ET (12:30 GMT)

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