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Southern records Q2 loss due to Kemper, gas acquisition costs

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Southern records Q2 loss due to Kemper, gas acquisition costs

Southern Co. reported second-quarter 2017 net income, excluding losses related to certain generation projects and acquisitions, of $728 million, or 73 cents per share, compared to $704 million, or 75 cents per share, in the prior-year period. The S&P Capital IQ consensus normalized EPS estimate for the most recent quarter was 71 cents.

The result for the 2017 second quarter excludes a $3.01 billion estimated loss on the Plant Ratcliffe integrated gasification combined-cycle project in Kemper County, Miss., and $9 million in costs related to the acquisition and integration of Southern Co. Gas, among others.

On a GAAP basis, Southern posted a second-quarter 2017 consolidated net loss attributable to the company of $1.38 billion, or a loss of $1.38 per share, compared to net income of $623 million, or 67 cents per share, in the year-ago quarter.

Southern's second-quarter operating revenues grew 21.8% to $5.43 billion in 2017, from $4.46 billion in 2016, with Southern Co. Gas accounting for $716 million of the year-over-year increase.

The company recorded an operating loss of $1.59 billion in the most recent quarter, compared to operating income of $1.19 billion in the second quarter of 2016.

"Our premier state-regulated electric and gas operating companies performed well during the second quarter," said Chairman, President and CEO Thomas Fanning.