ATLANTA - Southern Company (NYSE: NYSE:SO) has reported a robust start to 2024 with first-quarter earnings and revenue that surpassed Wall Street's expectations.
Southern Company's stock saw a modest increase of 0.62% following the announcement.
The energy giant posted adjusted earnings of $1.03 per share, exceeding the analyst estimate of $0.90. Revenue for the quarter also topped forecasts, coming in at $6.65 billion against the consensus estimate of $6.52 billion. This represents a 2.6% increase from the $6.5 billion reported in the first quarter of 2023.
The company's performance was buoyed by higher utility revenues, which were partially offset by increased interest expense and depreciation and amortization. Southern Company's CEO, Christopher C. Womack, attributed the strong results to investments in state-regulated utilities, favorable weather conditions, and increased usage by commercial customers, particularly data centers. Womack also highlighted the commencement of commercial operation at Plant Vogtle Unit 4, marking a significant step in the company's commitment to delivering clean energy.
Looking ahead, Southern Company is focused on maintaining its trajectory of growth and innovation. As the company continues to serve its 9 million customers across the Southeast, it remains committed to its goal of net zero greenhouse gas emissions by 2050.
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