By Allison Prang
Southern Co.'s revenue fell more than expected, but its earnings on an adjusted basis came in higher than analysts had forecast for the second quarter.
Southern's earnings decreased to $616 million, before taking out $4 million for preferred stock dividends. A year earlier, profit was $902 million, before taking out $3 million in preferred stock dividends. Earnings in Southern's second quarter were 58 cents a share, down from 86 cents a share a year prior.
Adjusted earnings were 78 cents a share. According to FactSet, analysts were expecting 67 cents a share.
The company logged a $154 million leveraged-lease impairment and a $149 million estimated loss on two Plant Vogtle units.
Revenue was $4.62 billion, down more than 9%. Analysts expected $4.92 billion.
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