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- Southern Co SO reported a first-quarter FY23 operating revenue decline of 2.5% year-over-year to $6.48 billion, beating the consensus of $6.15 billion.
- Adjusted EPS was $0.79, compared to $0.97 in 1Q22, above the consensus of $0.71.
- Operating income declined 12% Y/Y to $1.22 billion, and margin contracted by 202 bps to 18.8%
- Net cash provided from operating activities for the quarter was $844 million, compared to $1.59 billion a year ago.
- Total Utility Customers increased 0.8% Y/Y, with Total Traditional Electric +1.2% and Southern Company Gas +0.4%.
- Kilowatt-Hour Sales declined by 4.1% Y/Y, with Retail sales down 5.0% and Wholesales sales down 1.7%.
- “Southern Company delivered a solid start to 2023 despite the mildest weather on record for a first quarter in the Southeastern United States. We are encouraged by continued strong residential customer growth in both the electric and gas sectors, as well as healthy economies and a robust economic development pipeline in our service footprint,” commented President Christopher C. Womack.
- FY23 Outlook: SO expects Adjusted EPS of $3.55-$3.65, versus consensus of $3.64.
- Price Action: SO shares are trading higher by 0.63% at $73.06 on the last check Thursday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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