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 .

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 .

Sponsored by FLSmidth
Recommend this article Recommend this article () You recommended this article You recommended this article ()
Follow Power Engineering on Twitter

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.

Latest News

Shutterstock coal production trucks

Weekly Coal Production

The Weekly Coal Production shows how much coal is being produced across the U.S.

Federal Reserve Bank of Dallas Weekly Economic Indicators financial business

The Federal Reserve Bank of Dallas' Economic Indicators

The Federal Reserve Bank of Dallas offers a glimpse into how the markets are doing domestical...

Kvaerner awarded contract for gas-fired power plant in Delaware

Kvaerner North American Construction Inc. and its joint venture partner, Parsons Brinckerhoff...

Canadian Solar purchases two solar projects

Canadian Solar Inc. has acquired a majority interest in two utility-scale solar power project...

Operators Restart Unit 2 at PPL Susquehanna

Unit 2 at the PPL Susquehanna nuclear power plant near Berwick, Pa. resumed generating electr...

Settlement agreement limits cost recovery at Edwardsport

The Indiana Utility Regulatory Commission (IURC) on Dec. 27 modified and approved a settlemen...

Toshiba in talks to sell portion of Westinghouse nuclear unit

Toshiba Corp is in talks  to sell up to 16% of its stake in the Westinghouse Electric Co...

Utah nixes nuclear waste storage facility

Plans to park radioactive waste at a storage facility in Utah have been officially called off.

Archived Articles

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

Current Magazine Issue

Volume 117, Issue 8

Power Industry Wire News

Pulstar Launches New Website

Pulstar Launches New Website

XZERES to Present at the 2014 Gateway Conference on September 4

XZERES to Present at the 2014 Gateway Conference on September 4

Algeco Scotsman Appoints Rick Bennett as Vice President and General Manager of Remote Accommodations Division in Canada and Alaska

Algeco Scotsman Appoints Rick Bennett as Vice President and General Manager of Remote A...

Quantum Energy Secures 2nd Bakken Refinery Site

Quantum Energy Secures 2nd Bakken Refinery Site

Blue Earth Announces Long-Term Energy Savings Relationship With JBS USA Holdings, Inc.

Blue Earth Announces Long-Term Energy Savings Relationship With JBS USA Holdings, Inc.

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 >>