Income Statement Southern Company

Equities

SO

US8425871071

Electric Utilities

Market Closed - Nyse Other stock markets 04:00:02 2024-09-20 pm EDT			5-day change	1st Jan Change
89.70 ^USD	+0.95%		+0.29%	+27.92%

Sep. 20	UBS Raises Price Target on Southern to $91 From $90, Maintains Neutral Rating	MT
Sep. 20	Jefferies Initiates Southern at Hold With $94 Price Target	MT

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Published financial data: SOUTHERN COMPANY

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2019	2020	2021	2022	2023
Revenues - (Utility Template)	20.66B	19.69B	22.4B	28.55B	24.3B
Other Revenues, Total	755M	681M	708M	732M	949M
Total Revenues	21.42B	20.38B	23.11B	29.28B	25.25B
Fuel & Purchased Power	4.44B	3.77B	4.99B	8.43B	5.25B
Operations And Maintenance	5.6B	5.41B	6.09B	6.63B	6.09B
Depreciation & Amortization - (IS) - (Collected)	3.04B	3.52B	3.56B	3.66B	4.52B
Other Operating Expenses	2.74B	2.44B	4.39B	4.34B	2.97B
Total Operating Expenses	15.82B	15.14B	19.03B	23.06B	18.83B
Operating Income (REIT / Utility Template)	5.6B	5.24B	4.08B	6.22B	6.42B
Interest Expense, Total	-1.75B	-1.84B	-1.85B	-2.03B	-2.45B
Interest and Investment Income	-	-	-	-	-
Net Interest Expenses	-1.75B	-1.84B	-1.85B	-2.03B	-2.45B
Income (Loss) on Equity Invest.	162M	153M	76M	151M	144M
Currency Exchange Gains (Loss)	-24M	114M	-167M	-189M	88M
Allowance For Equity Funds Used During Construction	128M	149M	190M	224M	268M
Other Non Operating Income (Expenses)	-27M	-193M	42M	33M	-130M
EBT, Excl. Unusual Items	4.09B	3.62B	2.37B	4.41B	4.34B
Total Merger & Related Restructuring Charges	-	-	-	-	-
Impairment of Goodwill	-50M	-	-	-119M	-
Gain (Loss) on Sale of Investments	-	-	-7M	-	-
Gain (Loss) on Sale of Assets	2.54B	65M	186M	57M	-
Asset Writedown	-94M	-206M	-2M	-132M	-
Legal Settlements	36M	-	12M	-	-
EBT, Incl. Unusual Items	6.53B	3.48B	2.56B	4.21B	4.34B
Income Tax Expense	1.8B	393M	267M	795M	496M
Earnings From Continuing Operations	4.73B	3.09B	2.29B	3.42B	3.85B
Net Income to Company	4.73B	3.09B	2.29B	3.42B	3.85B
Minority Interest	10M	31M	99M	107M	127M
Net Income - (IS)	4.74B	3.12B	2.39B	3.52B	3.98B
Net Income to Common Incl Extra Items	4.74B	3.12B	2.39B	3.52B	3.98B
Net Income to Common Excl. Extra Items	4.74B	3.12B	2.39B	3.52B	3.98B
Per Share Items
Net EPS - Basic	4.53	2.95	2.26	3.28	3.64
Basic EPS - Continuing Operations	4.53	2.95	2.26	3.28	3.64
Basic Weighted Average Shares Outstanding	1.05B	1.06B	1.06B	1.08B	1.09B
Net EPS - Diluted	4.5	2.93	2.24	3.26	3.62
Diluted EPS - Continuing Operations	4.5	2.93	2.24	3.26	3.62
Diluted Weighted Average Shares Outstanding	1.05B	1.06B	1.07B	1.08B	1.1B
Normalized Basic EPS	2.45	2.17	1.49	2.66	2.6
Normalized Diluted EPS	2.43	2.15	1.48	2.65	2.59
Dividend Per Share	2.46	2.54	2.62	2.7	2.78
Payout Ratio	54.23	86.09	116.05	82.49	76.33
American Depositary Receipts Ratio (ADR)	1	1	1	1	1
Supplemental Items
Utility Revenues	20.66B	19.69B	22.4B	28.55B	24.3B
Non Utility Revenues	755M	681M	708M	732M	949M
EBITDA	8.93B	9.14B	8.06B	10.28B	11.41B
EBITA	5.66B	5.28B	4.13B	6.26B	6.46B
EBIT	5.6B	5.24B	4.08B	6.22B	6.42B
EBITDAR	-	-	-	-	-
Total Revenues (As Reported)	21.42B	20.38B	23.11B	29.28B	25.25B
Effective Tax Rate - (Ratio)	27.55	11.29	10.43	18.87	11.42
Current Domestic Taxes	431M	299M	25M	37M	95M
Total Current Taxes	431M	299M	25M	37M	95M
Deferred Domestic Taxes	1.37B	94M	242M	758M	401M
Total Deferred Taxes	1.37B	94M	242M	758M	401M
Normalized Net Income	2.57B	2.29B	1.58B	2.86B	2.84B
Interest Capitalized	74M	81M	92M	103M	132M
Interest on Long-Term Debt	12M	11M	11M	13M	14M
Non-Cash Pension Expense	-271M	-398M	-530M	-617M	-571M
Supplemental Operating Expense Items
Net Rental Expense, Total	-	-	-	-	-
Imputed Operating Lease Interest Expense	-	-	-	-	-
Imputed Operating Lease Depreciation	-	-	-	-	-
Stock-Based Comp., Other (Total)	107M	113M	144M	127M	137M
Total Stock-Based Compensation	107M	113M	144M	127M	137M

Fiscal Period: December	2019	2020	2021	2022	2023
Assets
Cash And Equivalents	1.98B	1.06B	1.8B	1.92B	748M
Trading Asset Securities, Total	-	-	-	-	-
Accounts Receivable, Total	2.59B	2.82B	2.44B	3.08B	3.44B
Other Receivables	814M	512M	523M	637M	519M
Accounts Receivable (Summary Subtotal)	3.41B	3.34B	2.96B	3.72B	3.96B
Inventory - (Utility Template)	2.39B	2.49B	2.36B	2.68B	3.35B
Prepaid Expenses	314M	276M	330M	347M	406M
Deferred Tax Assets Current	-	-	-	-	-
Restricted Cash	3M	-	2M	62M	141M
Other Current Assets, Total	1.73B	1.45B	1.52B	1.7B	1.82B
Total Current Assets	9.82B	8.62B	8.96B	10.42B	10.43B
Gross Property Plant And Equipment	115B	121B	127B	131B	139B
Accumulated Depreciation	-30.76B	-32.4B	-34.08B	-35.3B	-37.72B
Net Property Plant And Equipment	84.42B	89.02B	92.64B	95.86B	101B
Net Nuclear Fuel	851M	818M	824M	843M	858M
Regulatory Assets	12B	13.21B	12.12B	14.84B	14B
Goodwill	5.28B	5.28B	5.28B	5.16B	5.16B
Other Intangibles, Total	536M	487M	445M	406M	368M
Long-Term Investments - (Utility Template)	1.3B	1.36B	1.28B	1.44B	1.37B
Loans Receivable Long-Term - (Utility Template)	788M	556M	-	-	-
Deferred Charges Long-Term	1.07B	1.29B	1.75B	1.43B	-
Other Long-Term Assets, Total	2.64B	2.3B	4.23B	4.49B	6.06B
Total Assets	119B	123B	128B	135B	139B
Liabilities
Accounts Payable, Total	2.56B	2.81B	2.17B	3.52B	2.9B
Accrued Expenses, Total	2.24B	2.34B	2.37B	2.63B	2.78B
Short-Term Borrowings	2.06B	609M	1.44B	2.61B	2.31B
Current Portion of Long-Term Debt	2.97B	3.49B	2.14B	4.27B	2.46B
Current Portion of Leases	250M	258M	266M	215M	194M
Current Income Taxes Payable	-	130M	50M	60M	8M
Unearned Revenue, Current	-	-	-	-	-
Other Current Liabilities - (Bank / Utility Template)	2.48B	2.45B	2.48B	2.42B	2.81B
Total Current Liabilities	12.55B	12.08B	10.92B	15.72B	13.47B
Long-Term Debt	41.39B	44.65B	49.92B	50.36B	56.92B
Long-Term Leases	1.82B	1.82B	1.7B	1.68B	1.59B
Trust Preferred Securities (BS)	206M	206M	-	-	-
Pension & Other Post Retirement Benefits	1.96B	2.33B	1.84B	1.49B	1.39B
Deferred Tax Liability Non-Current	16.26B	16.18B	16.48B	17.4B	17.73B
Other Non Current Liabilities, Total	12.48B	13.14B	14.1B	13.69B	13B
Total Liabilities	86.65B	90.41B	94.97B	100B	104B
Common Stock, Total	5.26B	5.27B	5.28B	5.42B	5.42B
Additional Paid In Capital	11.73B	11.83B	11.95B	13.67B	13.78B
Retained Earnings	10.88B	11.31B	10.93B	11.54B	12.48B
Treasury Stock	-42M	-46M	-47M	-53M	-59M
Comprehensive Income and Other	-321M	-395M	-237M	-167M	-177M
Total Common Equity	27.5B	27.97B	27.87B	30.41B	31.44B
Minority Interest	4.54B	4.55B	4.69B	4.12B	3.78B
Total Equity	32.05B	32.52B	32.57B	34.53B	35.22B
Total Liabilities And Equity	119B	123B	128B	135B	139B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	1.05B	1.06B	1.06B	1.09B	1.09B
ECS Total Common Shares Outstanding	1.05B	1.06B	1.06B	1.09B	1.09B
Book Value / Share	26.11	26.48	26.3	27.93	28.82
Tangible Book Value	21.69B	22.2B	22.15B	24.84B	25.92B
Tangible Book Value Per Share	20.59	21.02	20.9	22.82	23.75
Total Debt	48.69B	51.04B	55.47B	59.14B	63.49B
Net Debt	46.71B	49.98B	53.67B	57.22B	62.74B
Debt Equivalent of Unfunded Proj. Benefit Obligation	731M	1.28B	-843M	-1.62B	-1.37B
Debt Equivalent Oper. Leases	-	-	-	-	-
Minority Interest, Total (Incl. Fin. Div)	4.54B	4.55B	4.69B	4.12B	3.78B
Equity Method Investments, Total	1.3B	1.36B	1.28B	1.44B	1.37B
Account Code - Inventory Valuation	6	6	6	6	6
Inventories - Raw Materials, Total	1.91B	2.03B	1.99B	2.24B	2.93B
Inventories - Finished Goods, Total	479M	460M	362M	438M	420M
Machinery, Total	103B	109B	114B	116B	127B
Full Time Employees	27.94K	27.7K	27.03K	27.42K	27.82K
Part Time Employees	-	277	273	277	281
Accumulated Allowance for Doubtful Accounts (Supple)	49M	118M	78M	71M	68M

Fiscal Period: December	2019	2020	2021	2022	2023
Net Income	4.74B	3.12B	2.39B	3.52B	3.98B
Depreciation, Depletion & Amortization	3.27B	3.86B	3.93B	4.02B	4.95B
Amortization of Goodwill and Intangible Assets - (CF)	61M	49M	44M	39M	38M
Total Depreciation, Depletion & Amortization	3.33B	3.9B	3.97B	4.06B	4.99B
(Gain) Loss On Sale of Asset - (CF)	-2.56B	-66M	-176M	-42M	-
(Gain) Loss on Sale of Investments - (CF)	-	206M	91M	-	-
Total Asset Writedown	144M	-	-	251M	-
Stock-Based Compensation (CF)	107M	113M	144M	127M	137M
Change in Accounts Receivable	630M	-222M	-81M	-769M	482M
Change In Inventories	-76M	-186M	-130M	-285M	-713M
Change in Accounts Payable	-693M	-27M	-8M	1.02B	-863M
Change In Income Taxes	117M	242M	-54M	51M	-
Change in Other Net Operating Assets (Collected)	184M	-196M	-510M	142M	959M
Other Operating Activities	-138M	-192M	527M	-1.78B	-1.41B
Cash from Operations	5.78B	6.7B	6.17B	6.3B	7.55B
Capital Expenditure	-7.56B	-7.44B	-7.24B	-7.92B	-9.1B
Sale of Property, Plant, and Equipment	5.12B	1.05B	917M	275M	164M
Cash Acquisitions	-50M	-81M	-345M	-	-
Purchase / Sale of Intangible Assets	-234M	-211M	-188M	-190M	-99M
Contributions to Nuclear Decommissioning Trust	-1.28B	-1.24B	-2.04B	-1.77B	-1.73B
Investment in Marketable and Equity Securities, Total	-148M	-80M	-	-	-
Other Investing Activities, Total	754M	972M	1.54B	1.18B	1.1B
Cash from Investing	-3.39B	-7.03B	-7.35B	-8.43B	-9.67B
Short Term Debt Issued, Total	990M	615M	855M	2.65B	1.32B
Long-Term Debt Issued, Total	5.22B	8.05B	8.26B	5.13B	8.97B
Total Debt Issued	6.21B	8.66B	9.12B	7.78B	10.3B
Short Term Debt Repaid, Total	-1.85B	-1.94B	-25M	-1.49B	-1.63B
Long-Term Debt Repaid, Total	-4.35B	-4.46B	-4.33B	-2.16B	-4.29B
Total Debt Repaid	-6.2B	-6.39B	-4.35B	-3.64B	-5.92B
Issuance of Common Stock	844M	74M	73M	1.81B	36M
Repurchase of Common Stock	-	-	-	-	-
Common Dividends Paid	-2.57B	-2.68B	-2.78B	-2.91B	-3.04B
Common & Preferred Stock Dividends Paid	-2.57B	-2.68B	-2.78B	-2.91B	-3.04B
Other Financing Activities, Total	-217M	-233M	-116M	-702M	-373M
Cash from Financing	-1.93B	-576M	1.94B	2.34B	999M
Net Change in Cash	459M	-910M	761M	208M	-1.12B
Supplemental Items
Cash Interest Paid	1.65B	1.68B	1.72B	1.76B	2.18B
Cash Income Tax Paid (Refund)	276M	64M	93M	146M	132M
Net Debt Issued / Repaid	13M	2.27B	4.76B	4.14B	4.37B
Levered Free Cash Flow	-2.5B	-771M	-2.18B	-1.08B	-2.91B
Unlevered Free Cash Flow	-1.4B	377M	-1.02B	192M	-1.38B
Change In Net Working Capital	555M	-739M	263M	-227M	1.32B

Fiscal Period: December	2019	2020	2021	2022	2023
Profitability
Return on Assets	2.97	2.71	2.04	2.96	2.93
Return on Total Capital	4.46	3.98	2.97	4.28	4.17
Return On Equity %	15.41	9.56	7.05	10.18	11.04
Return on Common Equity	18.15	11.24	8.57	12.09	12.86
Margin Analysis
Gross Profit Margin %	44.95	48.57	43.53	36.96	46.36
SG&A Margin	-1.25	-2.04	-2.46	-2.24	-2.36
EBITDA Margin %	41.71	44.86	34.85	35.12	45.17
EBITA Margin %	26.44	25.93	17.86	21.38	25.58
EBIT Margin %	26.15	25.69	17.67	21.24	25.43
Income From Continuing Operations Margin %