Southern Company reports third-quarter 2024 earnings

Core Insights - Southern Company reported third-quarter earnings of $1.5 billion, or $1.40 per share, for 2024, an increase from $1.4 billion, or $1.30 per share, in the same quarter of 2023 [1][9] - For the nine months ended September 30, 2024, earnings were $3.9 billion, or $3.53 per share, compared to $3.1 billion, or $2.86 per share, for the same period in 2023 [1][9] Financial Performance - Excluding certain items, Southern Company earned $1.6 billion, or $1.43 per share, in Q3 2024, compared to $1.5 billion, or $1.42 per share, in Q3 2023 [2][10] - Year-to-date earnings, excluding items, were $3.9 billion, or $3.56 per share, for 2024, compared to $3.3 billion, or $3.01 per share, for the same period in 2023 [2][10] - Operating revenues for Q3 2024 were $7.3 billion, a 4.2% increase from $7.0 billion in Q3 2023 [5][19] - Year-to-date operating revenues reached $20.4 billion, up 6.1% from $19.2 billion in the same period of 2023 [5][19] Earnings Drivers - Adjusted earnings in Q3 2024 were driven by higher utility revenues, offset by increased interest expenses, depreciation, non-fuel operations and maintenance expenses, and income taxes [4][10] - The company experienced a pre-tax impairment loss of $36 million related to the discontinued development of a commercial facility at Alabama Power Company [10][15] Customer and Sales Metrics - Total kilowatt-hour sales for Q3 2024 were 56,035 million, a 1.1% increase from 55,428 million in Q3 2023 [17] - Total retail sales decreased by 1.1% in Q3 2024 compared to the same period in 2023, while total wholesale sales increased by 8.2% [17][19] - The total number of regulated utility customers increased to 8.865 million, a 0.8% rise from 8.792 million in 2023 [18] Operational Highlights - Southern Company’s CEO highlighted the company's performance and commitment to community support during Hurricane Helene, emphasizing the dedication of employees and first responders [6][8] - The company aims for net zero greenhouse gas emissions by 2050, reflecting its commitment to sustainability and innovation [8]