ATLANTA, Aug. 1, 2024 /PRNewswire/ -- Southern Company today reported second-quarter earnings of $1.2 billion, or $1.10 per share, in 2024 compared with earnings of $838 million, or 77 cents per share, in the second quarter of 2023. For the six months ended June 30, 2024, Southern Company reported earnings of $2.3 billion, or $2.13 per share, compared with $1.7 billion, or $1.56 per share, for the same period in 2023. Excluding the items described under "Net Income – Excluding Items" in the table below, Southern Company earned $1.2 billion, or $1.10 per share, during the second quarter of 2024, compared with $868 million, or 79 cents per share, during the second quarter of 2023. For the six months ended June 30, 2024, excluding these items, Southern Company earned $2.3 billion, or $2.13 per share, compared with $1.7 billion, or $1.59 per share, for the same period in 2023. Non-GAAP Financial Measures Three Months Ended June Year-to-Date June Net Income – Excluding Items (in millions) 2024 2023 2024 2023 Net Income – As Reported $                 1,203 $                    838 $                 2,332 $                 1,700 Less: Estimated Loss on Plants Under Construction 17 (3) 14 (4) Tax Impact (18) 1 (17) 1 Loss on Extinguishment of Debt — — — (5) Tax Impact — — — 1 Estimated Loss on Qualifying Infrastructure Plant — (38) — (38) Tax Impact — 10 — 10 Net Income – Excluding Items $                 1,204 $                    868 $                 2,335 $                 1,735 Average Shares Outstanding – (in millions)                      1,096 1,092 1,095 1,092 Basic Earnings Per Share - Excluding Items $                   1.10 $                   0.79 $                   2.13 $                   1.59 NOTE: For more information regarding these non-GAAP adjustments, see the footnotes accompanying the Financial Highlights page of the earnings package. Adjusted earnings drivers for the second quarter of 2024, as compared with the same period in 2023, were higher utility revenues, partially offset by increased interest expense, depreciation and amortization, and income taxes. Second-quarter 2024 operating revenues were $6.5 billion, compared with $5.7 billion for the second quarter of 2023, an increase of 12.4%. For the six months ended June 30, 2024, operating revenues were $13.1 billion, compared with $12.2 billion for the corresponding period in 2023, an increase of 7.2%. "Southern Company businesses performed well during the second quarter of 2024," said Chairman, President and CEO Christopher C. Womack. "We are pleased with our business fundamentals, and the economies in our service territories, especially those within our Southeastern service footprint, remain strong with continuing customer growth and robust economic development." Southern Company's second-quarter earnings slides with supplemental financial information are available at investor.southerncompany.com. Southern Company's financial analyst call will begin at 1 p.m. Eastern Time today, during which Womack and Chief Financial Officer Daniel S. Tucker 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 investor.southerncompany.com. A replay of the webcast will be available on the site for 12 months. About Southern CompanySouthern Company (NYSE:SO) is a leading energy provider serving 9 million customers across the Southeast and beyond through its family of companies. Providing clean, safe, reliable and affordable energy with excellent service is our mission. The company has electric operating companies in three states, natural gas distribution companies in four states, a competitive generation company, a leading distributed energy company with national capabilities, a fiber optics network and telecommunications services. Through an industry-leading commitment to innovation, resilience and sustainability, we are taking action to meet customers' and communities' needs while advancing our goal of net zero greenhouse gas emissions by 2050. Our uncompromising values ensure we put the needs of those we serve at the center of everything we do and are the key to our sustained success. We are transforming energy into economic, environmental and social progress for tomorrow. Our corporate culture and hiring practices have earned the company national awards and recognition from numerous organizations, including Forbes, The Military Times, DiversityInc, Black Enterprise, J.D. Power, Fortune, Human Rights Campaign and more. To learn more, visit southerncompany.com. Southern Company Financial Highlights (In Millions Except Earnings Per Share) Three Months Ended June Year-To-Date June Net Income – As Reported 2024 2023 2024 2023 Traditional Electric Operating Companies $      1,192 $         823 $      2,012 $      1,433 Southern Power 86 85 182 187 Southern Company Gas 108 85 517 393 Total 1,386 993 2,711 2,013 Parent Company and Other (183) (155) (379) (313) Net Income – As Reported $      1,203 $         838 $      2,332 $      1,700 Basic Earnings Per Share(1) $        1.10 $        0.77 $        2.13 $        1.56 Average Shares Outstanding 1,096 1,092 1,095 1,092 Non-GAAP Financial Measures Three Months Ended June Year-To-Date June Net Income – Excluding Items 2024 2023 2024 2023 Net Income – As Reported $      1,203 $         838 $      2,332 $      1,700 Less: Estimated Loss on Plants Under Construction(2) 17 (3) 14 (4) Tax Impact (18) 1 (17) 1 Loss on Extinguishment of Debt(3) — — — (5) Tax Impact — — — 1 Estimated Loss on Qualifying Infrastructure Plant(4) — (38) — (38) Tax Impact — 10 — 10 Net Income – Excluding Items $      1,204 $         868 $      2,335 $      1,735 Basic Earnings Per Share – Excluding Items $        1.10 $        0.79 $        2.13 $        1.59 See Notes on the following page.   Southern CompanyFinancial Highlights Notes (1) Dilution is not material in any period presented. Diluted earnings per share was $1.09 and $2.12 for the three and six months ended June 30, 2024, respectively, and $0.76 and $1.55 for the three and six months ended June 30, 2023, respectively. (2) Earnings for the three and six months ended June 30, 2024 include a pre-tax credit to income of $21 million ($16 million after tax) related to the estimated probable loss on Plant Vogtle Units 3 and 4 reflecting a revision to Georgia Power Company's total project capital cost forecast resulting from a reduction in remaining expected site demobilization costs and other contractor obligations. Additionally, earnings for the three and six months ended June 30, 2024 include a $14 million income tax charge related to the remeasuring of deferred tax assets associated with the previously recognized estimated probable loss on Plant Vogtle Units 3 and 4 due to a change in the State of Georgia corporate tax rate. Further charges and/or credits may occur; however, the amount and timing are uncertain. Earnings for the three and six months ended June 30, 2024 and 2023 also include charges (net of salvage proceeds), associated legal expenses (net of insurance recoveries), and tax impacts related to Mississippi Power Company's integrated coal gasification combined cycle facility project in Kemper County, Mississippi. Mississippi Power Company expects to incur additional pre-tax period costs to complete dismantlement of the abandoned gasifier-related assets and site restoration activities, including related costs for compliance and safety, asset retirement obligation accretion, and property taxes, net of salvage, totaling approximately $15 million annually through 2025. (3) Earnings for the six months ended June 30, 2023 include costs associated with the extinguishment of debt at Southern Company. Similar transaction costs may occur in the future at Southern Company or one of its unregulated subsidiaries; however, the amount and timing of any such costs are uncertain. (4) Earnings for the three and six months ended June 30, 2023 include a pre-tax charge of $38 million ($28 million after tax) for an estimated loss at Southern Company Gas associated with an Illinois Commerce Commission disallowance related to its review of the Qualifying Infrastructure Plant (QIP) capital investments by Nicor Gas for calendar year 2019 under the QIP Rider, or Investing in Illinois program. Further charges may occur; however, the amount and timing of any such charges are uncertain.   Southern Company Significant Factors Impacting EPS Three Months Ended June Year-To-Date June 2024 2023 Change 2024 2023 Change Earnings Per Share – As Reported(1) $ 1.10 $ 0.77 $   0.33 $ 2.13 $ 1.56 $   0.57   Significant Factors: Traditional Electric Operating Companies $   0.34 $   0.53 Southern Power — (0.01) Southern Company Gas 0.02 0.11 Parent Company and Other (0.03) (0.05) Increase in Shares — (0.01)   Total – As Reported $   0.33 $   0.57 Three Months Ended June