Summary
Southern Company (SO) filed an 8-K on July 26, 2016, to report its financial results for the three and six-month periods ending June 30, 2016. The filing primarily highlights the company's earnings and financial condition, emphasizing the impact of significant charges on reported GAAP earnings. Key financial details, including both GAAP and non-GAAP measures, are presented in accompanying exhibits. Investors should pay close attention to the reconciliation of these non-GAAP figures, particularly those excluding charges related to the Kemper IGCC project, acquisition costs for Southern Company Gas and PowerSecure International, and historical costs related to Mirant Corporation and MCAR. Management uses these adjusted figures to assess ongoing business performance.
Key Highlights
- 1Southern Company announced its financial results for the period ending June 30, 2016, via an 8-K filing.
- 2The report includes both GAAP and non-GAAP financial measures, offering a detailed view of earnings and EPS.
- 3Significant charges related to Mississippi Power Company's Kemper IGCC project materially impacted reported earnings.
- 4Costs associated with the acquisitions of Southern Company Gas and PowerSecure International are detailed.
- 5The company also addresses historical costs from discontinued operations of Mirant Corporation and a settlement with MCAR.
- 6Management utilizes non-GAAP measures to evaluate the performance of ongoing business activities, providing insights beyond GAAP reporting.
- 7Additional exhibits provide segment information for various subsidiaries, including Alabama Power, Georgia Power, Gulf Power, Mississippi Power, and Southern Power.