Southern Company said consolidated net income attributable to Southern Company for Q1 2024 was $1.1 billion ($1.03 per share), up from $862 million ($0.79 per share) in 2023. The company cited retail electric rates and pricing, weather, sales growth and higher natural gas revenues from rate increases as factors behind the increase.

1. 01

   Southern Company said consolidated net income attributable to Southern Company for Q1 2024 was $1.1 billion ($1.03 per share), up from $862 million ($0.79 per share) in 2023. The company cited retail electric rates and pricing, weather, sales growth and higher natural gas revenues from rate increases as factors behind the increase.

2. 02

   The company said Georgia Power placed Plant Vogtle Unit 4 in service on April 29, 2024, that annual retail base revenues increased by about $730 million, and that average retail base rates were adjusted by about 5% effective May 1, 2024. The company said its estimate of Georgia Power's total project capital cost is $10.8 billion.

3. 03

   Southern Company said interest expense, net of amounts capitalized, for Q1 2024 was $665 million, up from $582 million in 2023. It attributed about $51 million of the increase to higher interest rates and $45 million to higher average outstanding borrowings. For the same quarter, income taxes were $223 million, up from $97 million.

4. 04

   The company said Southern Company's net cash provided from operating activities for Q1 2024 (3 months) increased $467 million from the prior-year period. It cited the timing of payments to vendors and higher fuel cost recovery as the main factors. Over the same period, long-term debt, including the portion due within 1 year(s), increased $1.6 billion.

Key figures

Quarter ended March 31, 2024

Revenue

$6.6B

Operating income

$1.7B

Net income

$1.1B

EPS

$1.03

Operating cash flow

$1.3B

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.