Southern announces 3Q 2015 earnings

Southern Company today reported third quarter 2015 earnings of $959 million, or $1.05 per share, compared with earnings of $718 million, or 80 cents per share, in the third quarter of 2014. 

Southern management will discuss the results in a 1 p.m. ET earnings call with analysts on Oct. 28.

For the nine months ended Sept. 30, 2015, earnings were $2.1 billion, or $2.30 per share, compared with earnings of $1.7 billion, or $1.88 per share, for the same period in 2014.

Earnings for the three and nine months ended Sept. 30, 2015, include after-tax charges of $93 million (11 cents per share) and $112 million (13 cents per share), respectively, related to increased cost estimates for the construction of Mississippi Power’s Kemper County integrated gasification combined cycle (IGCC) project. Earnings for the three and nine months ended Sept. 30, 2014, include after-tax charges of $258 million (29 cents per share) and $493 million (55 cents per share), respectively, related to the Kemper County IGCC project. Earnings for the three and nine months ended Sept. 30, 2015, include after-tax charges of $12 million related to the proposed acquisition of AGL Resources Inc. Earnings for the nine months ended Sept. 30, 2015, also include a $4 million after-tax charge related to the discontinued operations of Mirant and the March 2009 settlement agreement with MC Asset Recovery, LLC.

Excluding these items, Southern Company earned $1.06 billion, or $1.17 per share, during the third quarter of 2015, compared with $976 million, or $1.09 per share, during the third quarter of 2014. For the first nine months of 2015, excluding these items, Southern Company earned $2.22 billion, or $2.45 per share, compared with earnings of $2.17 billion, or $2.43 per share, for the same period in 2014.

Earnings for the third quarter of 2015 were positively influenced by retail revenue effects at Southern Company’s traditional operating companies and stronger than expected performance of its Southern Power subsidiary. Earnings were negatively influenced by increased non-fuel operations and maintenance expenses.

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