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Southern Co. Q1 earnings up YOY, beats estimates


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Southern Co. Q1 earnings up YOY, beats estimates

reported $532 million,or 58 cents per share, in first-quarter 2016 income excluding special items. Thiswould compare to the $514 million, or 56 cents per share, booked in the first quarterof 2015 and is above the S&P Global Market Intelligence normalized EPS consensusestimate of 53 cents.

The figuresexclude after-tax charges of $47 million, or 5 cents per share, related to the cost estimate of developingthe Kemper integrated gasification combined-cycle project and Southern Co.'s acquisition of and

Including those items, the company reported first-quarter 2016earnings of $485 million, or 53 cents per share, compared with earnings of $508million, or 56 cents per share, in the first quarter of 2015.

contributed $268million towards the result, followed by AlabamaPower Co. which contributed $155 million; Southern Power Co. and Gulf Power Co. contributed $50 million and $29 million, respectively;Mississippi Power Co.had the least contribution at $11 million.

GeorgiaPower had contributed $236 million towards Southern Co.'s earnings during the firstquarter of 2015 while Alabama Power had contributed $169 million; Southern Powerand Gulf Power had contributed $33 million and $37 million, respectively, and MississippiPower had contributed $35 million.

SouthernCo.'s first-quarter 2016 revenues dropped 5.2% year over year to $3.97 billion,primarily due to lower fuel costs. Kilowatt-hour sales to retail customers decreased3% year over year during the quarter, and so did residential and commercial energysales by 7.2% and 0.7%, respectively.

Industrialenergy sales decreased 0.8% year over year during the quarter, the company said.

The company'sfirst-quarter 2016 operating income narrowed to $930 million from $957 million inthe same quarter of 2015.

SouthernCo. will holdits first-quarter 2016 earnings call at 1 p.m. ET on April 27.