Core Viewpoint - Southern Co. reported quarterly earnings of $0.91 per share, exceeding the Zacks Consensus Estimate of $0.87 per share, but down from $1.09 per share a year ago, indicating a +4.60% earnings surprise [1][2] Financial Performance - The company posted revenues of $6.97 billion for the quarter ended June 2025, surpassing the Zacks Consensus Estimate by 6.24%, compared to $6.46 billion in the same quarter last year [2] - Over the last four quarters, Southern Co. has exceeded consensus EPS estimates three times and topped revenue estimates four times [2] Stock Performance - Southern Co. shares have increased approximately 15.3% since the beginning of the year, outperforming the S&P 500's gain of 8.2% [3] - The current consensus EPS estimate for the upcoming quarter is $1.48 on revenues of $7.49 billion, and for the current fiscal year, it is $4.28 on revenues of $28.42 billion [7] Industry Outlook - The Utility - Electric Power industry, to which Southern Co. belongs, is currently ranked in the top 34% of over 250 Zacks industries, indicating a favorable outlook [8] - Empirical research suggests a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can impact stock performance [5][6]

Core Insights - Southern Company reported second-quarter earnings of $0.9 billion, or $0.80 per share, in 2025, a decrease from $1.2 billion, or $1.10 per share, in the same quarter of 2024 [1][2] - For the first half of 2025, earnings totaled $2.2 billion, or $2.01 per share, compared to $2.3 billion, or $2.13 per share, for the same period in 2024 [1][2] - Operating revenues for the second quarter of 2025 were $7.0 billion, reflecting a 7.9% increase from $6.5 billion in the second quarter of 2024 [5][26] - The company emphasized its commitment to balancing growth, reliability, and affordability for customers, while achieving operational and financial performance [6] Financial Performance - Excluding certain items, Southern Company earned $1.0 billion, or $0.92 per share, in the second quarter of 2025, down from $1.2 billion, or $1.10 per share, in the same quarter of 2024 [2][3] - For the six months ended June 30, 2025, excluding these items, earnings were $2.4 billion, or $2.15 per share, compared to $2.3 billion, or $2.13 per share, for the same period in 2024 [2][3] - The average shares outstanding increased slightly from 1,096 million in 2024 to 1,101 million in 2025 [3][12] Revenue Breakdown - Retail electric revenues for the second quarter of 2025 included $1.139 billion from fuel and $3.619 billion from non-fuel sources, contributing to total operating revenues of $6.973 billion [26] - Natural gas revenues increased to $979 million in the second quarter of 2025, up from $831 million in the same quarter of 2024 [26] - Total operating revenues for the first half of 2025 reached $14.748 billion, a 12.5% increase from $13.109 billion in the first half of 2024 [5][26] Operational Insights - Adjusted earnings drivers included higher non-fuel operations and maintenance expenses, prior year gains on transmission asset sales, milder weather, and increased income taxes, depreciation, and interest expenses [4] - The company reported a net income of $880 million for the second quarter of 2025, down from $1.203 billion in the same quarter of 2024 [12][26] - Significant factors impacting earnings per share included increased operations and maintenance expenses and higher interest expenses [16][20]

[PART I—FINANCIAL INFORMATION](index=9&type=section&id=PART%20I%E2%80%94FINANCIAL%20INFORMATION) This section presents the unaudited condensed consolidated financial statements and management's discussion and analysis for the company and its subsidiaries [Item 1. Financial Statements (Unaudited)](index=10&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) This section presents the unaudited condensed consolidated financial statements for The Southern Company and its subsidiary registrants for the quarterly period ended June 30, 2025, including statements of income, comprehensive income, cash flows, balance sheets, and stockholders' equity for the parent company and each major subsidiary, followed by combined notes to these statements [The Southern Company and Subsidiary Companies Financial Statements](index=10&type=section&id=The%20Southern%20Company%20and%20Subsidiary%20Companies%20Financial%20Statements) The Southern Company Consolidated Financial Highlights (in millions, except per share data) | Financial Metric | Q2 2025 | Q2 2024 | YTD 2025 | YTD 2024 | | :--- | :--- | :--- | :--- | :--- | | **Total Operating Revenues** | $6,973 | $6,463 | $14,748 | $13,109 | | **Operating Income** | $1,764 | $1,939 | $3,774 | $3,642 | | **Net Income Attributable to Southern Co.** | $880 | $1,203 | $2,214 | $2,332 | | **Diluted EPS** | $0.79 | $1.09 | $2.00 | $2.12 | | **Net Cash from Operating Activities** | N/A | N/A | $3,431 | $3,999 | - Total assets increased to **$148.85 billion** as of June 30, 2025, from **$145.18 billion** at December 31, 2024, primarily driven by an increase in Property, Plant, and Equipment[28](index=28&type=chunk) - Total long-term debt increased to **$63.0 billion** as of June 30, 2025, compared to **$58.8 billion** at the end of 2024[30](index=30&type=chunk) [Alabama Power Company Financial Statements](index=18&type=section&id=Alabama%20Power%20Company%20Financial%20Statements) Alabama Power Financial Highlights (in millions) | Financial Metric | Q2 2025 | Q2 2024 | YTD 2025 | YTD 2024 | | :--- | :--- | :--- | :--- | :--- | | **Total Operating Revenues** | $1,968 | $1,873 | $3,980 | $3,664 | | **Operating Income** | $547 | $536 | $1,086 | $1,009 | | **Net Income** | $381 | $369 | $755 | $702 | | **Net Cash from Operating Activities** | N/A | N/A | $678 | $877 | [Georgia Power Company Financial Statements](index=24&type=section&id=Georgia%20Power%20Company%20Financial%20Statements) Georgia Power Financial Highlights (in millions) | Financial Metric | Q2 2025 | Q2 2024 | YTD 2025 | YTD 2024 | | :--- | :--- | :--- | :--- | :--- | | **Total Operating Revenues** | $3,110 | $2,875 | $6,148 | $5,273 | | **Operating Income** | $927 | $1,052 | $1,707 | $1,653 | | **Net Income** | $607 | $762 | $1,204 | $1,199 | | **Net Cash from Operating Activities** | N/A | N/A | $1,335 | $1,680 | [Mississippi Power Company Financial Statements](index=30&type=section&id=Mississippi%20Power%20Company%20Financial%20Statements) Mississippi Power Financial Highlights (in millions) | Financial Metric | Q2 2025 | Q2 2024 | YTD 2025 | YTD 2024 | | :--- | :--- | :--- | :--- | :--- | | **Total Operating Revenues** | $400 | $364 | $821 | $706 | | **Operating Income** | $87 | $85 | $172 | $150 | | **Net Income** | $59 | $61 | $114 | $111 | | **Net Cash from Operating Activities** | N/A | N/A | $78 | $85 | [Southern Power Company and Subsidiary Companies Financial Statements](index=35&type=section&id=Southern%20Power%20Company%20and%20Subsidiary%20Companies%20Financial%20Statements) Southern Power Financial Highlights (in millions) | Financial Metric | Q2 2025 | Q2 2024 | YTD 2025 | YTD 2024 | | :--- | :--- | :--- | :--- | :--- | | **Total Operating Revenues** | $546 | $524 | $1,113 | $997 | | **Operating Income** | $43 | $111 | $88 | $161 | | **Net Income Attributable to Southern Power** | $51 | $86 | $138 | $182 | | **Net Cash from Operating Activities** | N/A | N/A | $232 | $230 | [Southern Company Gas and Subsidiary Companies Financial Statements](index=40&type=section&id=Southern%20Company%20Gas%20and%20Subsidiary%20Companies%20Financial%20Statements) Southern Company Gas Financial Highlights (in millions) | Financial Metric | Q2 2025 | Q2 2024 | YTD 2025 | YTD 2024 | | :--- | :--- | :--- | :--- | :--- | | **Total Operating Revenues** | $979 | $831 | $2,818 | $2,538 | | **Operating Income** | $190 | $180 | $773 | $747 | | **Net Income** | $106 | $108 | $524 | $517 | | **Net Cash from Operating Activities** | N/A | N/A | $1,210 | $1,270 | [Combined Notes to the Condensed Financial Statements](index=45&type=section&id=Combined%20Notes%20to%20the%20Condensed%20Financial%20Statements) - **Regulatory:** Georgia Power's Alternate Rate Plan (ARP) was extended through 2028, and the company requested certification for new generation and battery storage projects totaling approximately **$16.7 billion**[124](index=124&type=chunk)[130](index=130&type=chunk) - **Contingencies:** A class action complaint was filed against Southern Company and other nuclear operators alleging conspiracy to fix employee compensation, while a separate False Claims Act lawsuit related to DOE grants for the Kemper facility is ongoing[154](index=154&type=chunk)[155](index=155&type=chunk) - **Financing:** In May 2025, Southern Company issued **$1.65 billion** in convertible senior notes and used a portion of the proceeds to repurchase approximately **$1.11 billion** of older convertible notes, resulting in a **$129 million** loss on extinguishment of debt[195](index=195&type=chunk) - **Income Taxes:** Unrecognized tax positions for Southern Company increased significantly to **$382 million**, primarily related to the ability of Alabama Power and Georgia Power to meet prevailing wage requirements for existing zero-emission nuclear power Production Tax Credits (PTCs)[220](index=220&type=chunk) - **Acquisitions & Dispositions:** Mississippi Power completed the acquisition of FP&L's 50% interest in Plant Daniel Units 1 and 2, and Southern Power is continuing construction on the Millers Branch solar facility and several wind repowering projects[277](index=277&type=chunk)[278](index=278&type=chunk)[280](index=280&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=97&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the financial results for the second quarter and first half of 2025, comparing them to the same periods in 2024, covering all major segments, detailing drivers for changes in revenue, expenses, and net income, and addressing future earnings potential, financial condition, liquidity, capital requirements, and financing activities [Results of Operations](index=100&type=section&id=Results%20of%20Operations) - **Southern Company (Consolidated):** Q2 2025 net income decreased to **$880 million** from **$1.2 billion** in Q2 2024, primarily due to higher non-fuel O&M, depreciation, interest expense (including a **$129 million** debt extinguishment loss), and taxes, partially offset by higher retail electric and natural gas revenues[325](index=325&type=chunk)[326](index=326&type=chunk)[354](index=354&type=chunk) - **Alabama Power:** Q2 2025 net income increased to **$381 million** from **$369 million** year-over-year, driven by higher retail revenues from rates and customer usage, which offset increased non-fuel O&M expenses[360](index=360&type=chunk) - **Georgia Power:** Q2 2025 net income fell to **$607 million** from **$762 million** in Q2 2024, caused by higher O&M expenses (partly due to a prior-year asset sale gain), increased depreciation, and weather impacts, partially offset by higher base tariff revenues and the inclusion of Plant Vogtle Unit 4 in rates[385](index=385&type=chunk)[386](index=386&type=chunk) - **Southern Power:** Q2 2025 net income decreased to **$51 million** from **$86 million** year-over-year, mainly due to **$42 million** in accelerated depreciation for wind repowering projects and higher scheduled outage expenses[437](index=437&type=chunk)[453](index=453&type=chunk) - **Southern Company Gas:** Q2 2025 net income was relatively flat at **$106 million** compared to **$108 million** in Q2 2024, as increased income from gas distribution operations was offset by lower earnings from gas pipeline investments[460](index=460&type=chunk) [Future Earnings Potential](index=131&type=section&id=Future%20Earnings%20Potential) - Future earnings are influenced by constructive regulatory environments, recovery of increasing costs, and projected long-term demand growth, particularly from data centers and industrial activity[486](index=486&type=chunk)[489](index=489&type=chunk) - The One Big Beautiful Bill Act (OBBB), signed into law on July 4, 2025, restricts ITCs and PTCs for new solar and wind projects, requiring them to begin construction by July 2026 or be operational by the end of 2027 to qualify[516](index=516&type=chunk) - Alabama Power and Georgia Power expect to claim zero-emission nuclear power production tax credits (§45U PTCs) for 2024, with a base credit of **$75 million** for Southern Co., potentially increasing to **$373 million** if prevailing wage requirements are met[518](index=518&type=chunk) - Southern Power's wind repowering projects are expected to result in significant accelerated depreciation: approximately **$215 million** in 2025, **$320 million** in 2026, and **$25 million** in 2027[512](index=512&type=chunk) [Financial Condition and Liquidity](index=137&type=section&id=Financial%20Condition%20and%20Liquidity) - The company maintains a stable financial condition, with the Southern Company system having **$8.9 billion** in unused committed credit arrangements available for liquidity as of June 30, 2025[522](index=522&type=chunk)[534](index=534&type=chunk) - Significant future cash requirements include Georgia Power's newly requested projects, with estimated capital expenditures of **$14.3 billion** through 2029[526](index=526&type=chunk) Net Cash Flow Summary - YTD 2025 vs YTD 2024 (in millions) | Registrant | Operating Activities 2025 | Operating Activities 2024 | Investing Activities 2025 | Investing Activities 2024 | Financing Activities 2025 | Financing Activities 2024 | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **Southern Company** | $3,431 | $3,999 | $(5,734) | $(4,222) | $2,467 | $513 | | **Alabama Power** | $678 | $877 | $(1,169) | $(951) | $300 | $(46) | | **Georgia Power** | $1,335 | $1,680 | $(3,218) | $(2,199) | $1,859 | $551 | | **Mississippi Power** | $78 | $85 | $(145) | $(218) | $76 | $114 | | **Southern Power** | $232 | $230 | $(418) | $(127) | $161 | $(85) | | **Southern Co. Gas** | $1,210 | $1,270 | $(735) | $(696) | $(294) | $(574) | [Item 3. Quantitative and Qualitative Disclosures about Market Risk](index=147&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company reports no material changes to its disclosures about market risk during the six months ended June 30, 2025, referring to the more detailed discussion in its Annual Report on Form 10-K - There were no material changes to the market risk disclosures for Southern Company or its subsidiaries during the six months ended June 30, 2025[581](index=581&type=chunk) [Item 4. Controls and Procedures](index=147&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including the CEO and CFO of each registrant, evaluated the effectiveness of disclosure controls and procedures and concluded they were effective as of June 30, 2025, with no material changes made to internal control over financial reporting during the second quarter of 2025 - Management concluded that disclosure controls and procedures for each registrant are effective as of the end of the period[582](index=582&type=chunk) - No changes in internal control over financial reporting occurred during the second quarter of 2025 that have materially affected, or are reasonably likely to materially affect, internal controls[584](index=584&type=chunk) [PART II—OTHER INFORMATION](index=148&type=section&id=PART%20II%E2%80%94OTHER%20INFORMATION) This section covers legal proceedings, risk factors, other disclosures, and required exhibits [Item 1. Legal Proceedings](index=148&type=section&id=Item%201.%20Legal%20Proceedings) This section refers to the Notes to the Condensed Financial Statements for information regarding legal and administrative proceedings and states that the disclosure threshold for material environmental legal proceedings involving a governmental authority is **$1 million** - Information regarding legal proceedings is contained within the Notes to the Condensed Financial Statements[586](index=586&type=chunk) [Item 1A. Risk Factors](index=148&type=section&id=Item%201A.%20Risk%20Factors) The company reports that there have been no material changes to the risk factors previously disclosed in its Annual Report on Form 10-K - There have been no material changes to the risk factors previously disclosed in the Form 10-K[587](index=587&type=chunk) [Item 5. Other Information](index=148&type=section&id=Item%205.%20Other%20Information) This section discloses the adoption of a Rule 10b5-1 trading arrangement by one of Southern Company's executive officers during the second quarter of 2025 - Bryan D. Anderson, Executive Vice President, adopted a Rule 10b5-1 trading plan on May 30, 2025, covering the sale of 6,206 shares of common stock, with an expiration date of September 30, 2026[589](index=589&type=chunk) [Item 6. Exhibits](index=148&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including certifications by the CEO and CFO as required by the Sarbanes-Oxley Act, and interactive data files in XBRL format - Exhibits filed include Section 302 and Section 906 certifications, as well as Interactive Data Files (XBRL)[590](index=590&type=chunk)[601](index=601&type=chunk)[603](index=603&type=chunk)

Core Viewpoint - Southern Company is expected to report second-quarter results on July 31, with a consensus estimate of $0.93 earnings per share and $6.7 billion in revenues [1] Group 1: Previous Quarter Performance - In the last reported quarter, Southern Company exceeded consensus estimates with adjusted earnings per share of $1.23, which was $0.03 above expectations, and revenues of $7.8 billion, surpassing estimates by 11% [2] - The company has topped earnings estimates in three of the last four quarters, with an average earnings surprise of 7% [3] Group 2: Current Quarter Estimates - The consensus estimate for the second-quarter earnings has been revised downward by 5.1% in the past week, indicating a year-over-year decline of 14.7%, while revenue estimates suggest a 3.7% increase from the previous year [3][8] - The estimated total operating expenses for the second quarter are projected to be $4.9 billion, reflecting a 9.1% increase from $4.5 billion reported in the same quarter last year [5] Group 3: Market and Economic Factors - Southern Company serves nine million customers in the Southeast, benefiting from strong regional economic growth and capital investments exceeding $11 billion, which have created 4,000 new jobs in the first quarter of 2025 [4] - The demand from industrial and data centers is expected to continue driving long-term load expansion, positively impacting earnings and cash flows [4] Group 4: Earnings ESP and Zacks Rank - The Earnings ESP for Southern Company is -5.40%, indicating a lower likelihood of beating estimates, and it currently holds a Zacks Rank of 3 (Hold) [6][7]

Core Insights - Southern Cross Gold Consolidated Ltd has reported significant drilling results from the Christina prospect, extending mineralization to a depth of 600 meters with multiple high-grade intersections, including 2.9 m at 16.3 g/t Au and 2.5 m at 17.6 g/t Au [2][4][7]. Group 1: High-Grade Intersections - Drill hole SDDSC173 intersected visible gold in four separate locations, with grades reaching up to 58.0 g/t gold over 0.6 m, and multiple high-grade intervals including 2.9 m at 14.4 g/t gold equivalent [7][11]. - The gold-bearing corridor now extends 1.5 km from Apollo East to Christina West, with intersections including 7.1 m at 5.2 g/t gold equivalent, containing higher grades up to 74.8 g/t gold [7][14]. - The deepest high-grade gold intersections at Christina reached 926 meters depth, proving mineralization extends much deeper and further west than previously defined [7][11]. Group 2: Geological Continuity and Expansion - The results validate the geological model and confirm the robust vertical extent of the Sunday Creek system, with systematic infill drilling discovering additional vein sets beyond original interpretations [4][5]. - Multiple high-grade gold zones have been discovered well outside the current exploration area, indicating the deposit continues to grow beyond original geological interpretations [7][11]. - The drilling program is advancing with 33 holes currently pending assay results, indicating ongoing exploration potential [15]. Group 3: Strategic Importance of Antimony - Sunday Creek is positioned as one of the Western world's significant gold-antimony discoveries, with antimony contributing approximately 21% to 24% of the in situ recoverable value [26][32]. - The recent Chinese government announcement to place export limits on antimony products could positively impact Southern Cross Gold, as it may become one of the few large, high-quality antimony projects in the Western world [28][32]. - The dual-metal profile of Sunday Creek enhances its strategic value, especially in light of increasing demand for antimony in defense and semiconductor applications [32][33].

Company Performance - Southern Co. (SO) ended the recent trading session at $95.85, demonstrating a +1.12% change from the preceding day's closing price, outperforming the S&P 500 which gained 0.06% [1] - Over the past month, shares of Southern Co. gained 4.54%, surpassing the Utilities sector's gain of 1.55% but lagging behind the S&P 500's gain of 5.88% [1] Upcoming Earnings - Southern Co. is set to release its earnings on July 31, 2025, with projected EPS of $0.98, indicating a 10.09% drop compared to the same quarter of the previous year [2] - The consensus estimate for revenue is $6.77 billion, reflecting a 4.8% increase from the prior-year quarter [2] Full Year Estimates - For the full year, analysts expect earnings of $4.28 per share and revenue of $28.46 billion, marking changes of +5.68% and +6.51% respectively from last year [3] - Recent changes to analyst estimates for Southern Co. may indicate optimism about the business outlook [3] Valuation Metrics - Southern Co. currently has a Forward P/E ratio of 22.17, indicating a premium compared to its industry's Forward P/E of 18.52 [5] - The company has a PEG ratio of 3.28, higher than the average PEG ratio of 2.67 for Utility - Electric Power stocks [6] Industry Context - The Utility - Electric Power industry is part of the Utilities sector, holding a Zacks Industry Rank of 81, placing it in the top 33% of all 250+ industries [7] - The Zacks Industry Rank assesses the strength of industry groups, with the top 50% rated industries outperforming the bottom half by a factor of 2 to 1 [7]

Core Points - Georgia Power has appointed Tyler Cook as senior vice president, chief financial officer, and treasurer, effective July 31, 2025, succeeding Aaron Abramovitz who will move to Southern Company as senior vice president of finance and treasurer [2][3] - Tyler Cook brings nearly 25 years of experience within the Southern Company system and has played a significant role in shaping long-term financial strategies and driving enterprise-wide transformation [2][3] - The leadership transition reflects the depth of talent within the organization and emphasizes the company's commitment to serving customers and communities [2] Company Overview - Georgia Power is the largest electric subsidiary of Southern Company, serving 2.8 million customers across Georgia [4] - The company is dedicated to delivering clean, safe, reliable, and affordable energy, utilizing a diverse generation mix that includes nuclear, coal, natural gas, and renewables [4] - Georgia Power is recognized for its customer satisfaction, being an industry leader according to J.D. Power [4]

ATLANTA, July 22, 2025 /PRNewswire/ -- Southern Company today announced two key leadership moves in its Accounting, Finance, and Treasury organization. Matt Kim, senior vice president of finance and treasurer of Southern Company, has been named senior vice president, comptroller, and chief accounting officer, and Aaron Abramovitz, executive vice president, CFO, and treasurer of Georgia Power Company, will become senior vice president of finance and treasurer for Southern Company, both effective July 31. ...

Core Viewpoint - DLP Resources Inc. has commenced drilling on the Aurora porphyry copper-molybdenum-silver project in southern Peru, marking a significant step in the exploration and potential economic evaluation of the project [1][9]. Group 1: Aurora Project Overview - The Aurora Project is an advanced stage porphyry copper-molybdenum exploration project located in the Province of Calca, southeastern Peru [9]. - A National Instrument 43-101 Technical Report was released on February 27, 2025, detailing the maiden Mineral Resources effective January 31, 2025, prepared by independent AMC Consultants Pty Ltd [2][11]. Group 2: Mineral Resource Highlights - The Aurora Project contains an Inferred Resource of over 1 billion tonnes, with 4,650 million pounds of copper, 1,110 million pounds of molybdenum, and 80 million ounces of silver [5]. - The Inferred Resource is pit-constrained, with a total of 1,050 million tonnes grading 0.20% copper, 0.05% molybdenum, and 2.4 g/t silver, equating to 0.44% CuEq [4][5]. Group 3: Drilling Program and Economic Assessment - The 2025 drilling program will involve 6,000 to 7,000 meters across seven drill holes, focusing on both extension and infill drilling [7]. - A preliminary economic assessment (PEA) is scheduled to begin in August 2025, with an expected completion date in December 2025 [8][9]. Group 4: Historical Context - Historical drilling at the Aurora Project included thirteen holes drilled between 2001 and 2005, totaling 3,900 meters, which encountered significant copper and molybdenum mineralization [9][10]. - The current mineral resource is based on 24 diamond drill holes conducted by DLP, with a total drill meterage of 18,400 meters [11].

ATLANTA, July 21, 2025 /PRNewswire/ -- Southern Company announced today that Hans Brown has been named executive vice president & Chief Information Technology Officer (CITO), effective July 31. Brown will lead Southern Company's technology strategy and digital transformation efforts, leveraging his extensive experience in global technology and innovation. He will play a vital role in how the company continues working to embrace technology, data and analytics, AI, and innovation to best meet customers' chang ...