Southern Co (SO) Q3 2024 Earnings Call Highlights: Resilient Performance Amidst Challenges

GuruFocus.com11-01

Adjusted Earnings Per Share (EPS): $1.43 for Q3 2024, up $0.01 from Q3 2023. Year-to-Date Adjusted EPS: $3.56 for the nine months ended September 30, 2024, compared to $3.01 for the same period in ...

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GuruFocus has detected 15 Warning Signs with SO.\n\nRelease Date: October 31, 2024\nFor the complete transcript of the earnings call, please refer to the full earnings call transcript.\n Positive Points \n\nSouthern Co (NYSE:SO) demonstrated exceptional operational performance and solid financial results despite the challenges posed by Hurricane Helene.\nThe company's adjusted earnings per share for the third quarter of 2024 were $1.43, slightly higher than the same period in 2023.\nSouthern Co (NYSE:SO) experienced strong customer growth, adding 12,000 residential customers in its electric businesses and 7,000 in its natural gas distribution businesses.\nEconomic development activity in Southern Co (NYSE:SO)'s service territories remains robust, with 42 companies establishing or expanding operations, generating over 5,000 potential new jobs.\nThe company is well-positioned for future growth with a disciplined approach and supportive regulatory environment, particularly in light of the projected energy demand growth.\n\n Negative Points \n\nThe estimated cost for storm-related restoration and rebuild due to Hurricane Helene is approximately $1.1 billion, which could impact financials.\nHigher interest, depreciation, and other operating expenses offset some of the financial gains from customer growth and investments.\nWeather-normalized total retail electricity sales were essentially flat compared to the third quarter of 2023, indicating limited growth in this area.\nThe process of determining the split between capital and O&M costs for storm recovery is ongoing, which could affect financial planning.\nThe company faces potential legal challenges and regulatory hurdles related to pipeline expansions and other infrastructure projects.\n\n Q & A Highlights \nQ: Can you elaborate on the $1.1 billion storm cost estimate and the process for recovery in Georgia? A: Daniel Tucker, CFO, explained that all costs have been deferred and the process involves determining how much of these costs are capital versus operational. Historically, the regulatory commission has been constructive in recovery processes, balancing company and customer needs.\nQ: How is the load growth pipeline in Georgia developing, and what impact will it have on the upcoming IRP filing? A: Daniel Tucker, CFO, noted that the pipeline has grown significantly, with 8,000 megawatts committed by the mid-2030s. The quarterly filings with the PSC help provide visibility into this growth, which will inform the integrated resource planning process.\nQ: Are there opportunities to extend contracts or restrike terms for Southern Power's assets given the current market conditions? A: Daniel Tucker, CFO, stated that Southern Power's portfolio is largely contracted through the end of the decade. There is interest in capacity, and current contract rates have doubled, presenting long-term opportunities to improve returns.\nQ: With the significant demand for capacity, would Southern Power consider adding new generation assets? A: Chris Womack, CEO, emphasized the importance of maintaining discipline in evaluating opportunities. Southern Power will consider projects that align with their business model, focusing on creditworthy counterparties and avoiding fuel risk.\nQ: What is Southern Co's stance on new nuclear projects and SMR technology? A: Chris Womack, CEO, highlighted that while Southern Co is engaged in nuclear research and development, significant risks remain. The company is cautious and will not proceed without risk mitigation, despite ongoing discussions with technology companies and federal entities.\nFor the complete transcript of the earnings call, please refer to the full earnings call transcript.This article first appeared on \nGuruFocus.","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.1","shortVersion":"4.29.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2480272200"}