Southern Company reports third quarter 2017 earnings

ATLANTA, Nov. 1, 2017 /PRNewswire/ -- Southern Company today reported third quarter 2017 earnings of $1.07 billion, or $1.07 per share, compared with earnings of $1.14 billion, or $1.18 per share, in the third quarter of 2016.  For the nine months ended September 30, 2017, Southern Company reported earnings of $347 million, or 35 cents per share, compared with earnings of $2.25 billion, or $2.40 per share, for the same period in 2016.

Southern Company (PRNewsFoto/Southern Company)

Excluding the items described in the "Net Income – Excluding Items" table below, Southern Company earned $1.13 billion, or $1.12 per share, during the third quarter of 2017, compared with $1.23 billion, or $1.27 per share, during the third quarter of 2016.  For the nine months ended September 30, 2017, excluding these items, Southern Company earned $2.51 billion, or $2.51 per share, compared with earnings of $2.46 billion, or $2.62 per share, for the same period in 2016.

Non-GAAP Financial Measures

Three Months Ended September


Year-to-Date September

Net Income - Excluding Items (in millions)

2017

2016


2017

2016

Net Income - As Reported

$1,069

$1,139


$347

$2,251

Estimated Loss on Kemper IGCC

34

88


3,155

222

  Tax Impact

(13)

(34)


(951)

(85)

Loss on Plant Scherer Unit 3

-

-


33

-

  Tax Impact

-

-


(13)

-

Acquisition and Integration Costs

6

43


19

107

       Tax Impact

7

(14)


2

(34)

Wholesale Gas Services

38

18


(48)

18

Tax Impact

(15)

(7)


20

(7)

Earnings Guidance Comparability Item:






Equity Return Related to Kemper IGCC

    Schedule Extension

-

(7)


(47)

(7)

       Tax Impact

-

(1)


(9)

(1)

Net Income – Excluding Items

$1,126

$1,225


$2,508

$2,464

       Average Shares Outstanding – (in millions)

1,003

968


998

940

Basic Earnings Per Share – Excluding Items

$1.12

$1.27


$2.51

$2.62

NOTE: For more information regarding these non-GAAP adjustments, see the footnotes accompanying the Financial Highlights page of the earnings package.

Earnings drivers year-over-year for the third quarter 2017 were positively influenced by retail revenue effects at Southern Company's traditional electric operating companies and were negatively influenced by mild weather, timing for Southern Power tax credits, increased interest expense and share issuances.

"Our premier, state-regulated electric and gas franchise operations and our competitive generation subsidiary, Southern Power, continued to perform at a high level in the third quarter of 2017, delivering on our commitment to provide clean, safe, reliable and affordable energy to customers," said Chairman, President and CEO Thomas A. Fanning. "This longstanding customer focus, as further manifested by the resiliency demonstrated in our hurricane restoration efforts during the past quarter, is the cornerstone for delivering on our long-term financial objectives as we continue to build America's energy future."

Third quarter 2017 operating revenues were $6.20 billion, compared with $6.26 billion for the third quarter of 2016, a decrease of 1.0 percent. This decrease in quarter-over-quarter revenues is primarily due to the effects of milder weather and electricity outages experienced during Hurricane Irma. For the nine months ended September 30, 2017, operating revenues were $17.4 billion, compared with $14.7 billion during the same period of 2016, an increase of 18.3 percent. Southern Company Gas accounted for $2.3 billion of the increase in operating revenues for the nine months ended September 30, 2017.

Southern Company's third quarter earnings slides with supplemental financial information are available at http://investor.southerncompany.com.

Southern Company's financial analyst call will begin at 1 p.m. Eastern Time today, during which Fanning and Chief Financial Officer Art P. Beattie will discuss earnings and provide a general business update. Investors, media and the public may listen to a live webcast of the call and view associated slides at http://investor.southerncompany.com/webcasts. A replay of the webcast will be available on the site for 12 months.

About Southern Company

Southern Company (NYSE: SO) is America's premier energy company, with 46,000 megawatts of generating capacity and 1,500 billion cubic feet of combined natural gas consumption and throughput volume serving 9 million customers through its subsidiaries. The company provides clean, safe, reliable and affordable energy through electric operating companies in four states, natural gas distribution companies in seven states, a competitive generation company serving wholesale customers across America and a nationally recognized provider of customized energy solutions, as well as fiber optics and wireless communications. Southern Company brands are known for excellent customer service, high reliability and affordable prices that are below the national average. Through an industry-leading commitment to innovation, Southern Company and its subsidiaries are inventing America's energy future by developing the full portfolio of energy resources, including carbon-free nuclear, 21st century coal, natural gas, renewables and energy efficiency, and creating new products and services for the benefit of customers. Southern Company has been named by the U.S. Department of Defense and G.I. Jobs magazine as a top military employer, recognized among the Top 50 Companies for Diversity by DiversityInc, listed by Black Enterprise magazine as one of the 40 Best Companies for Diversity and designated a Top Employer for Hispanics by Hispanic Network. The company has earned a National Award of Nuclear Science and History from the National Atomic Museum Foundation for its leadership and commitment to nuclear development and is continually ranked among the top energy companies in Fortune's annual World's Most Admired Electric and Gas Utility rankings. Visit our website at www.southerncompany.com.

Southern Company

Financial Highlights

(In Millions of Dollars Except Earnings Per Share)












Three Months Ended
September


Year-to-Date

September

Net Income–As Reported (See Notes)


2017


2016


2017


2016










  Traditional Electric Operating Companies


$

1,008



$

1,022



$



$

2,086


  Southern Power


124



176



276



315


Southern Company Gas1


15



4



303



4


  Total


1,147



1,202



579



2,405


  Parent Company and Other


(78)



(63)



(232)



(154)


  Net Income–As Reported


$

1,069



$

1,139



$

347



$

2,251











  Basic Earnings Per Share2


$

1.07



$

1.18



$

0.35



$

2.40











  Average Shares Outstanding (in millions)


1,003



968



998



940


  End of Period Shares Outstanding (in millions)






1,004



980











Non-GAAP Financial Measures


Three Months Ended
September


Year-to-Date
September

Net Income–Excluding Items (See Notes)


2017


2016


2017


2016










  Net Income–As Reported


$

1,069



$

1,139



$

347



$

2,251


 Estimated Loss on Kemper IGCC3


34



88



3,155



222


Tax Impact


(13)



(34)



(951)



(85)


Loss on Plant Scherer Unit 34






33




Tax Impact






(13)




Acquisition and Integration Costs5


6



43



19



107


Tax Impact


7



(14)



2



(34)


Wholesale Gas Services6


38



18



(48)



18


Tax Impact


(15)



(7)



20



(7)


Earnings Guidance Comparability Item:









Equity Return Related to Kemper IGCC

   Schedule Extension7




(7)



(47)



(7)


   Tax Impact




(1)



(9)



(1)


  Net Income–Excluding Items


$

1,126



$

1,225



$

2,508



$

2,464











  Basic Earnings Per Share–Excluding Items


$

1.12



$

1.27



$

2.51



$

2.62











-See Notes on the following page.

 

Southern Company

Financial Highlights










Notes


















- In connection with the adoption in the fourth quarter 2016 of a new accounting standard for stock compensation, previously reported amounts for income tax expense were reduced by a total of $9 million and $25 million for the three and nine months ended September 30, 2016, respectively.


- For comparative purposes, Net Income - Excluding Items and Basic Earnings Per Share - Excluding Items in prior year periods do not reflect any adjustments to exclude (1) Southern Company Gas earnings, net of acquisition and integration costs and Wholesale Gas Services ($0.04 per share for the three and nine months ended September 30, 2016), (2) acquisition debt financing costs related to the acquisition of Southern Company Gas ($0.05 and $0.07 per share for the three and nine months ended September 30, 2016, respectively), and (3) the impact of additional shares of common stock issued to finance a portion of the purchase price for the 50% interest in Southern Natural Gas Company, L.L.C. (SNG) ($0.02 and $0.01 per share for the three and nine months ended September 30, 2016, respectively). These items were not contemplated in Southern Company's February 2016 guidance and, therefore, were previously excluded in the periods through December 31, 2016.

 


(1) On July 1, 2016, Southern Company completed the acquisition of Southern Company Gas.


(2) For the three and nine months ended September 30, 2017 and 2016, dilution does not change basic earnings per share by more than 2 cents and is not material.


(3) Earnings for the three and nine months ended September 30, 2017 and 2016 include the estimated losses relating to Mississippi Power Company's integrated coal gasification combined cycle facility construction project in Kemper County, Mississippi (Kemper IGCC) which significantly impacted the presentation of earnings and earnings per share. Further charges of uncertain amounts may occur in future periods in connection with the resolution of the Mississippi Public Service Commission's Kemper Settlement Docket.










(4) Earnings for the nine months ended September 30, 2017 include a $32.5 million write-down ($20 million after tax) of Gulf Power Company's ownership of Plant Scherer Unit 3 as a result of the retail rate case settlement approved by the Florida Public Service Commission on April 4, 2017. Further charges are not expected to occur.










(5) Earnings for the three and nine months ended September 30, 2017 and 2016 include costs related to the acquisition and integration of Southern Company Gas. Further costs are expected to continue to occur in connection with the related integration activities; however, the amount and duration of such expenditures is uncertain.










(6) Earnings for the three and nine months ended September 30, 2017 and 2016 include the Wholesale Gas Services business of Southern Company Gas. Presenting earnings and earnings per share excluding Wholesale Gas Services provides investors with an additional measure of operating performance that excludes the volatility resulting from mark-to-market and lower of weighted average cost or current market price accounting adjustments.










(7) Earnings for the nine months ended September 30, 2017 and the three and nine months ended September 30, 2016 include additional allowance for funds used during construction (AFUDC) equity as a result of extending the schedule for the Kemper IGCC construction project. AFUDC equity ceased in connection with the project's suspension in June 2017. Southern Company's 2017 earnings guidance, initially presented in October 2016, assumed construction would be complete and AFUDC equity would cease by November 30, 2016. Southern Company's 2016 earnings guidance, initially presented in February 2016, assumed construction would be complete and AFUDC equity would cease by August 31, 2016. As a result, Southern Company believes presentation of earnings per share excluding AFUDC equity subsequent to August 31, 2016 provides investors with information comparable to guidance. Management also uses such measures to evaluate Southern Company's performance.










 

Southern Company

Significant Factors Impacting EPS
















Three Months Ended
September


Year-to-Date
September



2017


2016


Change


2017


2016


Change

Earnings Per Share–













As Reported1 (See Notes)


$

1.07



$

1.18



$

(0.11)



$

0.35



$

2.40



$

(2.05)















  Significant Factors:













  Traditional Electric Operating Companies






$

(0.01)







$

(2.22)


 Southern Power






(0.05)







(0.04)


 Southern Company Gas2






0.01







0.32


 Parent Company and Other






(0.02)







(0.09)


 Increase in Shares






(0.04)







(0.02)


  Total–As Reported






$

(0.11)







$

(2.05)

















Three Months Ended
September


Year-to-Date
September

Non-GAAP Financial Measures


2017


2016


Change


2017


2016


Change

Earnings Per Share–













Excluding Items (See Notes)


$

1.12



$

1.27



$

(0.15)



$

2.51



$

2.62



$

(0.11)















  Total–As Reported






$

(0.11)







$

(2.05)


 Kemper IGCC Impacts3






(0.03)







2.02


 Loss on Plant Scherer Unit 34












0.02


 Acquisition and Integration Costs5






(0.02)







(0.06)


 Wholesale Gas Services6






0.01







(0.04)


  Total–Excluding Items






$

(0.15)







$

(0.11)















- See Notes on the following page.

 

Southern Company

Significant Factors Impacting EPS














Notes


























- In connection with the adoption in the fourth quarter 2016 of a new accounting standard for stock compensation, previously reported amounts for income tax expense were reduced by a total of $9 million and $25 million for the three and nine months ended September 30, 2016, respectively.


- For comparative purposes, Net Income - Excluding Items and Basic Earnings Per Share - Excluding Items in prior year periods do not reflect any adjustments to exclude (1) Southern Company Gas earnings, net of acquisition and integration costs and Wholesale Gas Services ($0.04 per share for the three and nine months ended September 30, 2016), (2) acquisition debt financing costs related to the acquisition of Southern Company Gas ($0.05 and $0.07 per share for the three and nine months ended September 30, 2016, respectively), and (3) the impact of additional shares of common stock issued to finance a portion of the purchase price for the 50% interest in Southern Natural Gas Company, L.L.C. (SNG) ($0.02 and $0.01 per share for the three and nine months ended September 30, 2016, respectively). These items were not contemplated in Southern Company's February 2016 guidance and, therefore, were previously excluded in the periods through December 31, 2016.


(1) For the three and nine months ended September 30, 2017 and 2016, dilution does not change basic earnings per share by more than 2 cents and is not material.


(2) On July 1, 2016, Southern Company completed the acquisition of Southern Company Gas.














(3) Earnings for the three and nine months ended September 30, 2017 and 2016 include the estimated losses relating to Mississippi Power Company's integrated coal gasification combined cycle facility construction project in Kemper County, Mississippi (Kemper IGCC) which significantly impacted the presentation of earnings and earnings per share. Further charges of uncertain amounts may occur in future periods in connection with the resolution of the Mississippi Public Service Commission's Kemper Settlement Docket.
 
Earnings for the nine months ended September 30, 2017 and the three and nine months ended September 30, 2016 include additional allowance for funds used during construction (AFUDC) equity as a result of extending the schedule for the Kemper IGCC construction project. AFUDC equity ceased in connection with the project's suspension in June 2017. Southern Company's 2017 earnings guidance, initially presented in October 2016, assumed construction would be complete and AFUDC equity would cease by November 30, 2016. Southern Company's 2016 earnings guidance, initially presented in February 2016, assumed construction would be complete and AFUDC equity would cease by August 31, 2016. As a result, Southern Company believes presentation of earnings per share excluding AFUDC equity subsequent to August 31, 2016 provides investors with information comparable to guidance. Management also uses such measures to evaluate Southern Company's performance.














(4) Earnings for the nine months ended September 30, 2017 include a $32.5 million write-down ($20 million after tax) of Gulf Power Company's ownership of Plant Scherer Unit 3 as a result of the retail rate case settlement approved by the Florida Public Service Commission on April 4, 2017. Further charges are not expected to occur.














(5) Earnings for the three and nine months ended September 30, 2017 and 2016 include costs related to the acquisition and integration of Southern Company Gas. Further costs are expected to continue to occur in connection with the related integration activities; however, the amount and duration of such expenditures is uncertain.


(6) Earnings for the three and nine months ended September 30, 2017 and 2016 include the Wholesale Gas Services business of Southern Company Gas. Presenting earnings and earnings per share excluding Wholesale Gas Services provides investors with an additional measure of operating performance that excludes the volatility resulting from mark-to-market and lower of weighted average cost or current market price accounting adjustments.

 

Southern Company

EPS Earnings Analysis

Three Months Ended September 2017 vs. September 2016



Cents

Description



(4)¢

Retail Sales



Retail Revenue Impacts



(10)¢

Weather



(1)¢

Wholesale Operations



Non-Fuel O&M



(1)¢

Depreciation and Amortization



Taxes Other Than Income Taxes



(2)¢

Other Income and Deductions



Interest Expense



(1)¢

Income Taxes



(4)¢

Total Traditional Electric Operating Companies



(5)¢

Southern Power



Southern Company Gas1



(3)¢

Parent and Other



(4)¢

Increase in Shares



(15)¢

Total Change in QTD EPS (Excluding Items)



Kemper IGCC Impacts2



Acquisition and Integration Costs3



(1)¢

Wholesale Gas Services4



(11)¢

Total Change in QTD EPS (As Reported)



- See Notes on the following page.

 

Southern Company

EPS Earnings Analysis

Three Months Ended September 2017 vs. September 2016

Notes


- In connection with the adoption in the fourth quarter 2016 of a new accounting standard for stock compensation, previously reported amounts for income tax expense were reduced by a total of $9 million for the three months ended September 30, 2016.


- For comparative purposes, Net Income - Excluding Items and Basic Earnings Per Share - Excluding Items in prior year periods do not reflect any adjustments to exclude (1) Southern Company Gas earnings, net of acquisition and integration costs and Wholesale Gas Services ($0.04 per share for the three months ended September 30, 2016), (2) acquisition debt financing costs related to the acquisition of Southern Company Gas ($0.05 per share for the three months ended September 30, 2016), and (3) the impact of additional shares of common stock issued to finance a portion of the purchase price for the 50% interest in Southern Natural Gas Company, L.L.C. (SNG) ($0.02 per share for the three months ended September 30, 2016). These items were not contemplated in Southern Company's February 2016 guidance and, therefore, were previously excluded in the periods through December 31, 2016.


(1) On July 1, 2016, Southern Company completed the acquisition of Southern Company Gas.


(2) Earnings for the three months ended September 30, 2017 and 2016 include the estimated losses relating to Mississippi Power Company's integrated coal gasification combined cycle facility construction project in Kemper County, Mississippi (Kemper IGCC) which significantly impacted the presentation of earnings and earnings per share. Further charges of uncertain amounts may occur in future periods in connection with the resolution of the Mississippi Public Service Commission's Kemper Settlement Docket.
 
Earnings for the three months ended September 30, 2016 include additional allowance for funds used during construction (AFUDC) equity as a result of extending the schedule for the Kemper IGCC construction project. AFUDC equity ceased in connection with the project's suspension in June 2017. Southern Company's 2017 earnings guidance, initially presented in October 2016, assumed construction would be complete and AFUDC equity would cease by November 30, 2016. Southern Company's 2016 earnings guidance, initially presented in February 2016, assumed construction would be complete and AFUDC equity would cease by August 31, 2016. As a result, Southern Company believes presentation of earnings per share excluding AFUDC equity subsequent to August 31, 2016 provides investors with information comparable to guidance. Management also uses such measures to evaluate Southern Company's performance.


(3) Earnings for the three months ended September 30, 2017 and 2016 include costs related to the acquisition and integration of Southern Company Gas. Further costs are expected to continue to occur in connection with the related integration activities; however, the amount and duration of such expenditures is uncertain.



(4) Earnings for the three months ended September 30, 2017 and 2016 include the Wholesale Gas Services business of Southern Company Gas. Presenting earnings and earnings per share excluding Wholesale Gas Services provides investors with an additional measure of operating performance that excludes the volatility resulting from mark-to-market and lower of weighted average cost or current market price accounting adjustments.



 

Southern Company

Consolidated Earnings

As Reported

(In Millions of Dollars)
















Three Months Ended
September


Year-to-Date

September



2017


2016


Change


2017


2016


Change

Income Account-













Retail Electric Revenues-













 Fuel


$

1,185



$

1,296



$

(111)



$

3,130



$

3,169



$

(39)


 Non-Fuel


3,430



3,512



(82)



8,656



8,763



(107)


Wholesale Electric Revenues


718



613



105



1,867



1,455



412


Other Electric Revenues


168



181



(13)



510



529



(19)


Natural Gas Revenues


532



518



14



2,746



518



2,228


Other Revenues


168



144



24



494



281



213


Total Revenues


6,201



6,264



(63)



17,403



14,715



2,688


Fuel and Purchased Power


1,541



1,627



(86)



4,018



3,915



103


Cost of Natural Gas


134



133



1



1,085



133



952


Cost of Other Sales


90



84



6



293



161



132


Non-Fuel O & M


1,287



1,411



(124)



3,918



3,616



302


Depreciation and Amortization


767



695



72



2,236



1,805



431


Taxes Other Than Income Taxes


303



309



(6)



941



821



120


Estimated Loss on Kemper IGCC


34



88



(54)



3,155



222



2,933


Total Operating Expenses


4,156



4,347



(191)



15,646



10,673



4,973


Operating Income


2,045



1,917



128



1,757



4,042



(2,285)


Allowance for Equity Funds Used During Construction


18



52



(34)



133



150



(17)


Earnings from Equity Method Investments


32



29



3



100



28



72


Interest Expense, Net of Amounts Capitalized


407



374



33



1,248



913



335


Other Income (Expense), net


11



(8)



19



2



(66)



68


Income Taxes


590



439



151



317



917



(600)


Net Income


1,109



1,177



(68)



427



2,324



(1,897)


Less:













Dividends on Preferred and Preference
Stock of Subsidiaries


10



11



(1)



32



34



(2)


Net Income Attributable to Noncontrolling
Interests


30



27



3



48



39



9


NET INCOME ATTRIBUTABLE TO SOUTHERN COMPANY


$

1,069



$

1,139



$

(70)



$

347



$

2,251



$

(1,904)















Notes


























- Certain prior year data may have been reclassified to conform with current year presentation.


- In connection with the adoption in the fourth quarter 2016 of a new accounting standard for stock compensation, previously reported amounts for income tax expense were reduced by a total of $9 million and $25 million for the three and nine months ended September 30, 2016, respectively.



 

Southern Company


Kilowatt-Hour Sales and Customers


(In Millions of KWHs)






















Three Months Ended September


Year-to-Date September


As Reported


2017


2016


Change


Weather
Adjusted
Change


2017


2016


Change


Weather
Adjusted
Change


Kilowatt-Hour Sales-


















Total Sales


58,276



58,648



(0.6)

%




155,626



152,625



2.0

%






















Total Retail Sales-


44,449



47,071



(5.6)

%


(1.3)

%


118,802



124,535



(4.6)

%


(1.0)

%


Residential


15,499



17,213



(10.0)

%


(2.0)

%


38,502



42,257



(8.9)

%


(0.6)

%


Commercial


14,969



15,805



(5.3)

%


(1.4)

%


40,007



41,509



(3.6)

%


(1.1)

%


Industrial


13,770



13,833



(0.5)

%


(0.5)

%


39,656



40,102



(1.1)

%


(1.1)

%


Other


211



220



(4.1)

%


(3.8)

%


637



667



(4.4)

%


(4.2)

%




















Total Wholesale Sales


13,827



11,577



19.4

%


N/A


36,824



28,090



31.1

%


N/A
























































(In Thousands of Customers)






















Period Ended September














2017


2016


Change




Regulated Utility Customers-










Total Utility Customers-






9,187



9,106



0.9

%




Total Traditional Electric






4,632



4,584



1.0

%




Southern Company Gas






4,555



4,522



0.7

%








































































 

Southern Company

Financial Overview

As Reported

(In Millions of Dollars)
















Three Months Ended September


Year-to-Date

September



2017


2016


% Change


2017


2016


% Change

Southern Company –













Operating Revenues


$

6,201



$

6,264



(1.0)

%


$

17,403



$

14,715



18.3

%

Earnings Before Income Taxes


1,699



1,616



5.1

%


744



3,241



(77.0)

%

Net Income Available to Common


1,069



1,139



(6.1)

%


347



2,251



(84.6)

%














Alabama Power –













Operating Revenues


$

1,740



$

1,785



(2.5)

%


$

4,606



$

4,561



1.0

%

Earnings Before Income Taxes


546



575



(5.0)

%


1,236



1,196



3.3

%

Net Income Available to Common


325



352



(7.7)

%


729



721



1.1

%














Georgia Power –













Operating Revenues


$

2,546



$

2,698



(5.6)

%


$

6,426



$

6,621



(2.9)

%

Earnings Before Income Taxes


934



967



(3.4)

%


1,906



1,964



(3.0)

%

Net Income Available to Common


580



600



(3.3)

%


1,188



1,217



(2.4)

%














Gulf Power –













Operating Revenues


$

437



$

436



0.2

%


$

1,144



$

1,136



0.7

%

Earnings Before Income Taxes


103



77



33.8

%


199



189



5.3

%

Net Income Available to Common


63



45



40.0

%


117



108



8.3

%














Mississippi Power –













Operating Revenues


$

341



$

352



(3.1)

%


$

915



$

885



3.4

%

Earnings (Loss) Before Income Taxes


64



24



166.7

%


(2,918)



11



N/M


Net Income (Loss) Available to Common


40



26



53.8

%


(2,034)



39



N/M















Southern Power –













Operating Revenues


$

618



$

500



23.6

%


$

1,597



$

1,189



34.3

%

Earnings Before Income Taxes


115



101



13.9

%


195



187



4.3

%

Net Income Available to Common


124



176



(29.5)

%


276



315



(12.4)

%














Southern Company Gas1













Operating Revenues


$

565



$

543



4.1

%


$

2,841



$

543



N/M


Earnings Before Income Taxes


67



11



N/M



536



11



N/M


Net Income Available to Common


15



4



N/M



303



4



N/M















N/M - not meaningful


























Notes













- In connection with the adoption in the fourth quarter 2016 of a new accounting standard for stock compensation, previously reported amounts for income tax expense were reduced by a total of $9 million and $25 million for the three and nine months ended September 30, 2016, respectively.














(1) On July 1, 2016, Southern Company completed the acquisition of Southern Company Gas.

 

SOURCE Southern Company

For further information: Media Contact: Southern Company Media Relations, 404-506-5333 or 1-866-506-5333, www.southerncompany.com, OR, Investor Relations Contact: Aaron Abramovitz, 404-506-0780, apabramo@southernco.com

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