What are the main reasons for the difference between reported GAAP EPS and the adjusted EPS presented?

The primary reasons for the difference are two significant, non-recurring charges: an estimated probable loss related to the construction of Mississippi Power Company's Kemper County integrated coal gasification combined cycle (IGCC) facility, and a charge stemming from the restructuring of a leveraged lease investment completed on March 1, 2013. These items substantially impacted the reported GAAP earnings per share for the quarter.

Why does Southern Company provide non-GAAP financial measures?

Southern Company provides non-GAAP financial measures, specifically adjusted earnings and EPS excluding the aforementioned charges, because management believes it offers investors a better perspective on the performance of the company's ongoing business activities. They argue that these charges are unusual and not representative of regular operations, and excluding them helps in evaluating the core utility operations.

What specific subsidiaries' financial performance is detailed in the exhibits?

The exhibits provide business segment information for Alabama Power Company, Georgia Power Company, Gulf Power Company, Mississippi Power Company, and Southern Power Company. The report is being furnished on behalf of each of these registrants.

Is the information in this 8-K considered 'filed' for regulatory purposes?

No, the information provided in this Current Report on Form 8-K, including the exhibits, is generally furnished and shall not be deemed 'filed' for purposes of Section 18 of the Securities Exchange Act of 1934. It also will not be incorporated by reference into any Securities Act of 1933 filings unless expressly stated.

SOUTHERN CO 8-K: Earnings & Results

Summary

Southern Company (SO) filed an 8-K on April 24, 2013, to report its financial results for the three months ended March 31, 2013. The filing primarily consists of a press release and supplementary financial information, including detailed segment performance. A key aspect of this report is the company's presentation of both GAAP and non-GAAP earnings, highlighting the impact of specific, non-recurring charges on its reported results. Investors should note the significant charges related to Mississippi Power Company's Kemper County integrated coal gasification facility and a restructuring of a leveraged lease investment. While these items negatively impacted reported earnings per share (EPS) for the quarter, Southern Company argues that excluding these charges provides a clearer view of the ongoing business performance. This focus on adjusted earnings is important for investors seeking to understand the underlying operational trends and profitability of the company's core utility operations.

Key Highlights

1Southern Company reported Q1 2013 financial results via an 8-K filing, including a press release and detailed financial exhibits.
2The company presented both GAAP and non-GAAP (adjusted) earnings per share (EPS) for the quarter.
3Significant charges impacting reported GAAP EPS include an estimated loss for Mississippi Power's Kemper County IGCC facility and a restructuring of a leveraged lease investment.
4Southern Company believes adjusted EPS, excluding these charges, offers a more useful view of ongoing business performance for investors.
5The filing includes segment information for its major operating utilities: Alabama Power, Georgia Power, Gulf Power, Mississippi Power, and Southern Power.
6The report provides details on kilowatt-hour sales, a key operational metric for utility companies.

SOUTHERN CO 8-K Report, Financial Results (Apr 24, 2013)

Summary

Key Highlights

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