Southern Company today reported a fourth-quarter loss of $87 million, or 8 cents per share, in 2022 compared with a loss of $215 million, or 20 cents per share, in the fourth quarter of 2021. Southern Company also reported full-year 2022 earnings of $3.5 billion, or $3.28 per share, compared with $2.4 billion, or $2.26 per share, in 2021.
Excluding the items described under “Net Income – Excluding Items” in the table below, Southern Company earned $285 million, or 26 cents per share, during the fourth quarter of 2022, compared with $380 million, or 36 cents per share, during the fourth quarter of 2021. For full-year 2022, excluding these items, Southern Company earned $3.9 billion, or $3.60 per share, compared with $3.6 billion, or $3.41 per share, for 2021.
Adjusted earnings drivers for the full year 2022, as compared with 2021, were higher revenues associated with rates and pricing at the company’s regulated utilities, warmer weather, customer growth and increased usage, partially offset by higher non-fuel operations and maintenance costs, reflecting a rising cost environment and long-term commitments to reliability and resilience, along with higher interest expense.
Fourth-quarter 2022 operating revenues were $7.0 billion, compared with $5.8 billion for the fourth quarter of 2021, an increase of 22.2 percent. Operating revenues for the full year were $29.3 billion, compared with $23.1 billion in 2021, an increase of 26.7 percent. These increases were primarily due to higher fuel costs.
“Southern Company enjoyed another successful year in 2022,” declared Chairman, President and CEO, Thomas A. Fanning. “This is due in no small part to the hard work of employees on a daily basis to provide customers with clean, safe, reliable and affordable energy.”
“Significantly, our Operations team, generation fleet and power delivery system performed exceedingly well in 2022,” added Fanning. “This included meeting an all-time peak…
Read the full article here
