SOUTHERN COMPANY

SO
Delayed Quote. Delayed  - 11/25 04:10:00 pm
60.89USD -0.49%

Southern : 3Q Profit Falls Amid Pandemic, Mild Weather

10/29/2020 | 05:55am

By Dave Sebastian

Southern Co. said its profit and revenue fell for the September quarter due to declines tied to the Covid-19 pandemic and mild weather.

The gas and electric utility holding company on Thursday posted third-quarter profit of $1.25 billion, or $1.18 a share, compared with $1.32 billion, or $1.26 a share, in the comparable quarter last year.

Adjusted earnings were $1.22 a share. Analysts polled by FactSet were expecting adjusted earnings of $1.21 a share.

Revenue fell 6.3% to $5.62 billion. Analysts were looking for $6.36 billion.

"During the third quarter and much of this year, unprecedented circumstances, including the Covid-19 pandemic and an exceptionally active storm season, have confronted our customers and communities," said Thomas Fanning, chairman, president and chief executive. "Our priorities moving forward include maintaining best-in-class service levels and cost discipline at our utilities while continuing to work diligently to bring Vogtle Units 3 and 4 online by the November 2021 and November 2022 regulatory-approved in-service dates."

Wholesale electricity sales fell 5.4%, residential electricity sales fell 4.1% and retail electricity sales fell 6.7%. Commercial electricity sales declined 8.8%, while industrial electricity sales fell 7.3%.

Write to Dave Sebastian at dave.sebastian@wsj.com

(END) Dow Jones Newswires

10-29-20 0654ET

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