Summary
Southern Company (SO) filed an 8-K on February 21, 2018, to report its fourth-quarter and full-year 2017 financial results. The filing includes a press release and supplementary financial information detailing earnings for the periods ended December 31, 2017. Investors should note that the company is providing both GAAP and non-GAAP financial measures, with the latter excluding significant items that management believes do not reflect ongoing business performance. Key items excluded from the non-GAAP results include charges related to the Kemper IGCC project, costs associated with the acquisition and integration of Southern Company Gas, write-downs at Plant Scherer, and impacts from federal tax reform. The company utilizes these non-GAAP measures to provide a clearer view of its core operations and management's performance evaluation. The filing also furnishes segment information for its various utility subsidiaries and Southern Company Gas, along with data on kilowatt-hour sales and customer counts.
Key Highlights
- 1Southern Company released its Q4 and Full-Year 2017 financial results on February 21, 2018.
- 2The report provides both GAAP and non-GAAP earnings and EPS figures for the periods ended December 31, 2017.
- 3Significant charges, including those related to the Kemper IGCC project and Southern Company Gas acquisition/integration, are excluded from non-GAAP results.
- 4A write-down of Gulf Power Company's ownership in Plant Scherer Unit 3 is also excluded from the twelve-month non-GAAP results.
- 5The impact of federal tax reform legislation on net tax benefit is excluded from Q4 2017 non-GAAP results.
- 6The company is furnishing segment information for its key operating utilities and Southern Company Gas.
- 7Kilowatt-hour sales and customer data are provided as part of the supplemental information.