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10-Q: Q2 2024 Earnings Report

SEC ·  Aug 1, 2024 19:34

Summary by Futu AI

Southern Company reported Q2 2024 net income of $1.2 billion ($1.10 per share), up 44% from $838 million ($0.77 per share) in Q2 2023. The increase was primarily driven by higher retail electric revenues from rate increases and warmer weather, along with improved natural gas revenues from rate adjustments. Total operating revenues grew to $6.5 billion from $5.7 billion year-over-year.Operating expenses remained relatively stable at $4.5 billion compared to $4.6 billion in Q2 2023, benefiting from lower non-fuel operations and maintenance costs. However, this was partially offset by increases in interest expense, depreciation and amortization, and taxes. Georgia Power placed Plant Vogtle Unit 4 in service on April 29, 2024, with annual retail base revenues increasing by approximately $730 million.The company's construction programs continued to progress, with Southern Power completing its 150-MW South Cheyenne solar facility and advancing construction of the Millers Branch solar project. Southern Company Gas saw rate increases approved for infrastructure investments, including Virginia Natural Gas' SAVE program extension through 2029 with investments of $70 million annually.
Southern Company reported Q2 2024 net income of $1.2 billion ($1.10 per share), up 44% from $838 million ($0.77 per share) in Q2 2023. The increase was primarily driven by higher retail electric revenues from rate increases and warmer weather, along with improved natural gas revenues from rate adjustments. Total operating revenues grew to $6.5 billion from $5.7 billion year-over-year.Operating expenses remained relatively stable at $4.5 billion compared to $4.6 billion in Q2 2023, benefiting from lower non-fuel operations and maintenance costs. However, this was partially offset by increases in interest expense, depreciation and amortization, and taxes. Georgia Power placed Plant Vogtle Unit 4 in service on April 29, 2024, with annual retail base revenues increasing by approximately $730 million.The company's construction programs continued to progress, with Southern Power completing its 150-MW South Cheyenne solar facility and advancing construction of the Millers Branch solar project. Southern Company Gas saw rate increases approved for infrastructure investments, including Virginia Natural Gas' SAVE program extension through 2029 with investments of $70 million annually.

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