ATLANTA, Aug. 1, 2024 (GLOBE NEWSWIRE) -- Southern Company (NYSE: NYSE:SO) today reported second-quarter earnings that topped analysts' estimates, driven by higher utility revenues and partially offset by increased expenses. The energy provider also reported a significant increase in its revenue compared to the same period last year.
Shares were down 0.5% following the release.
Southern Company reported adjusted EPS of $1.10, exceeding the analyst consensus estimate of $0.92 by $0.18 per share. This represents a notable 31% increase in EPS compared to the previous year's second quarter, when the company reported adjusted EPS of $0.79.
The company's total operating revenues for the second quarter reached $6.46 billion, surpassing the analyst estimate of $6.05 billion. This marks an impressive 12.4% increase from the $5.74 billion in revenue reported during the second quarter of 2023.
The growth in revenue was primarily attributed to higher utility revenues, reflecting increased demand for electricity and natural gas.
Southern Company's expenses also saw an increase during the quarter. However, the rise in expenses was partially offset by the higher revenues, resulting in the company's strong earnings performance.
Christopher C. Womack, Chairman, President, and CEO of Southern Company, commented on the results, expressing satisfaction with the company's performance and the strength of its business fundamentals. He highlighted the continued customer growth and robust economic development within the company's service territories, particularly in the Southeastern region.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.