SO - Southern's Q1 profit sales slide but top estimates

2023-04-27 12:52:05 ET

Southern Co. ( NYSE: SO ) +1.1% in Thursday's trading after reporting Q1 adjusted earnings and revenues that fell from a year ago but beat analyst expectations, driven by milder than normal weather conditions, investment in state-regulated utilities, and higher weather-normalized retail electricity sales due to sustained customer growth.

Q1 net income fell to $862M, or $0.79/share, from $1.03B, or $0.97/a share, in the year-earlier quarter, and operating revenues slipped to $6.5B from $6.6B in the prior-year period.

For FY 2023, Southern ( SO ) forecasts adjusted EPS of $3.55-$3.65.

"We are encouraged by continued strong residential customer growth in both the electric and gas sectors, as well as healthy economies and a robust economic development pipeline in our service footprint," CEO Thomas Fanning said.

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