Southern Company earnings benefit from operating efficiencies
Atlanta, GA, January 30, 2013 - Southern Company reported fourth quarter 2012 earnings of $383 million, or 44 cents a share, compared with earnings of $261 million, or 30 cents a share, in the fourth quarter of 2011. Southern Company also reported full-year 2012 earnings of $2.35 billion, or $2.70 a share, compared with earnings for 2011 of $2.20 billion, or $2.57 a share.
Earnings for the full year included 2 cents a share of insurance recovery related to the March 2009 settlement agreement with MC Asset Recovery, LLC (MCAR) to resolve a lawsuit arising out of the 2003 bankruptcy of Mirant Corp., a Southern Company subsidiary until its 2001 spinoff. Excluding the impact of the MCAR insurance recovery, Southern Company earned $2.68 a share in 2012, compared with $2.57 a share for 2011.
Earnings for the fourth quarter of 2012 and the full year were positively influenced by reduced non-fuel operations and maintenance expenses and by other retail revenue effects across Southern Company's traditional operating companies. Full-year 2012 earnings were negatively affected by significantly milder weather throughout the year as compared with 2011.
"Our employees continue to find ways to make our business more efficient, while delivering customer service that is among the best in our industry," said Thomas A. Fanning, Southern Company chairman, president and chief executive officer. "Their efforts demonstrate the effectiveness of our business model – which succeeds by placing customers at the center of everything we do – and reaffirm our commitment to providing clean, safe, reliable, affordable electricity."
To read full press release, click here.
For More Information Contact
Southern Company
Media Relations
+1-404-506-5333
www.southerncompany.com
----------------------------------------
Dan Tucker
Investor Relations Contact
Southern Company
+1-404-506-5310
dstucker@southernco.com
----------------------------------------
