Southern Co. announces first quarter earnings



ATLANTA, April 30, 2003 -- Southern Co. has reported earnings of $298 million, or 41 cents per share, in the first quarter.

Cold weather and continued customer growth in the Southeast helped boost demand for electricity, and the company also had a solid performance from its competitive generation business.

The results compared with earnings of $224 million, or 32 cents per share, in the same period a year ago.

"By continuing to focus on the fundamentals that have made us successful, we are off to a good start in 2003," said Allen Franklin, chairman, president and chief executive officer. "Our commitment is to execute our strategy to meet our financial, operational and customer satisfaction goals for the full year."

As of March 31, Southern Co. had 64,000 more customers than at the end of the first quarter a year earlier, as people and businesses continued to move into the region. Lower than normal temperatures in January and February also contributed to increased electricity sales. In addition, the first quarter results included a continued positive overall impact from rate proceedings in Alabama and Florida. These factors helped offset the negative effect of higher operating costs related to new generating units that were placed in service last year.

First quarter revenues were $2.55 billion, compared with $2.21 billion in the first quarter of 2002.

Southern Co. also said it expects to realize a one-time after-tax gain of about $88 million, or 12 cents per share, in the second quarter upon the closing of the previously announced early termination of all long-term wholesale power contracts between the company and Dynegy, Inc.

Reviewing operations, Franklin said electricity use by retail customers in Southern Co.'s four-state service area increased 3.2 percent in the first quarter, compared with the same period in 2002. In-home electricity needs were up 4.3 percent. Electricity use by commercial customers -- offices, stores and other non-manufacturing firms -- increased 1.1 percent. Industrial energy use increased 4.0 percent.

Total sales of electricity to Southern Co.'s customers in the Southeast, including sales to other utilities, increased 9.1 percent.

In conjunction with this earnings announcement, Southern Co. has posted on its Web site a package of detailed financial information on its first quarter performance. These materials are available at 7:30 a.m. EDT April 30 at www.southerncompany.com .

With 4 million customers and nearly 37,000 megawatts of generating capacity, Atlanta-based Southern Co. is a super- regional energy company in the Southeast and a leading U.S. producer of electricity.

Southern Co. owns electric utilities in four states, a growing competitive generation company, an energy services business and a competitive retail natural gas business, as well as fiber optics and wireless communications. Southern Co. brands are known for excellent customer service, high reliability and retail electric prices that are 15 percent below the national average. Visit the Southern Co. Web site at www.southerncompany.com .


Sponsored by FLSmidth

Related Articles

Southern Company subsidiary to expand solar projects in Georgia

Southern Company (NYSE: SO) subsidiary Southern Power plans to develop a 131-MW photovoltaic (PV) solar project in Georgia.

Plant Vogtle new nuclear units celebrates a year of construction

Georgia Power, Westinghouse and CB&I (NYSE: CBI) celebrated a year of progress at the Plant Vogtle expansion project in Georgia.

Follow Power Engineering on Twitter
Latest News

EIA: Coal-fired generation alive and well in the coming decade

Coal-fired power generation from existing plants will increase through 2025, this according t...

Report: Nuke dump radiation leak could have been prevented

A radiation leak that forced the indefinite closure of the federal government's only undergro...

Areva’s nuclear reactor vessel flaws may be “costly”

The French nuclear regulator says anomalies found in Areva’s nuclear reactor technology are “...

Southern Power acquires 32MW solar project from First Solar

Southern Co. (NYSE: SO) subsidiary, Southern Power, has acquired controlling interest in...

Second robot completes survey of Fukushima reactor containment vessel

A second shape-shifting robot completed a survey from inside of the Fukushima Daiichi nuclear...

PacifiCorp considers joining California ISO

PacifiCorp signed a memorandum of understanding to explore full participation in the Californ...

Herbert: Uranium shouldn't be in Utah before federal review

Gov. Gary Herbert said Thursday that he wants federal regulators to review how hazardous a ty...

Environmentalists press for bill to expand solar power

Environmentalists are urging lawmakers to back a bill they say would help more residents inve...

Power Engineering Current Issue

03/01/2014
Volume 118, Issue 3
1403PE-cover
Products Showcase
Dynamic Fluoride Ion cleaning DFIC of industrial natural gas turbines Hi-Tech Furnace Systems

Dynamic Fluoride Ion Cleaning of IGT Parts

The Dynamic Fluoride Ion Cleaning (DFIC) Process from Hi-Tech Furnace Systems is able to clean deep, narrow cracks of oxides by cycling between negative, atmospheric, and positive pressure.

Archived Articles

2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013

Power Industry Wire News

Dais Analytic Corporation Appoints Eliza Wang to Board of Directors

Dais Analytic Corporation Appoints Eliza Wang to Board of Directors

Magnum Hunter Resources Chairman and CEO to Present at IPAA OGIS New York 2015

Magnum Hunter Resources Chairman and CEO to Present at IPAA OGIS New York 2015

GEI Global Energy Corp. Explores Solar Opportunities

GEI Global Energy Corp. Explores Solar Opportunities

Envision Solar Installs Solar-Powered EV Charging Stations in San Francisco as Part of "Driving on Sunshine" Campaign

Envision Solar Installs Solar-Powered EV Charging Stations in San Francisco as Part of ...

ZBB Energy and Solar Power, Inc. (SPI) Announce Global Strategic Partnership With an Initial Supply Agreement Valued at Between $80 Million and $120 Million

ZBB Energy and Solar Power, Inc. (SPI) Announce Global Strategic Partnership With an In...

Power Engineering

Article Archives for Power Engineering Magazine

Continuing Education

Professional Development Hours

To access a course listing associated to a specific topic listed below, click on the topic of choice from the list below.

Latest Energy Jobs

View more Job Listings >>