Summary
Southern Company (SO) filed an 8-K on May 3, 2017, to report its first-quarter 2017 financial results. The filing primarily consists of a press release and supplementary financial information, highlighting the company's earnings performance for the three months ended March 31, 2017. A significant focus of the report is the presentation of both Generally Accepted Accounting Principles (GAAP) and non-GAAP financial measures, with the latter providing adjusted earnings per share to exclude specific charges and costs that management believes are not indicative of ongoing business operations. Key items impacting the non-GAAP figures include charges related to Mississippi Power Company's Kemper IGCC project, a write-down on Gulf Power Company's Plant Scherer Unit 3 ownership, and costs associated with the acquisition and integration of Southern Company Gas. Investors are encouraged to review the provided reconciliations to understand the adjustments made to GAAP figures. The report also includes segment-specific financial information and operational data such as kilowatt-hour sales and customer counts.
Key Highlights
- 1Southern Company announced its Q1 2017 financial results via an 8-K filing on May 3, 2017.
- 2The company presented both GAAP and non-GAAP earnings per share for the three months ended March 31, 2017.
- 3Adjusted earnings exclude charges related to the Kemper IGCC project (Mississippi Power) and a write-down for Plant Scherer Unit 3 (Gulf Power).
- 4Costs related to the acquisition and integration of Southern Company Gas were also excluded from non-GAAP measures.
- 5Specific earnings impacts from the Wholesale Gas Services business of Southern Company Gas were also detailed in adjusted figures.
- 6The filing includes detailed segment information for Alabama Power, Georgia Power, Gulf Power, Mississippi Power, Southern Power, and Southern Company Gas.
- 7Operational data such as Kilowatt-Hour Sales and Customer counts are provided in the supplemental exhibits.