Summary
Southern Company (SO) filed an 8-K on February 20, 2019, to report its financial results for the fourth quarter and full year ended December 31, 2018. The filing primarily consists of a press release and supplementary financial exhibits detailing earnings and operational performance. A key focus of the report is the presentation of both GAAP and non-GAAP financial measures, with the company providing adjusted earnings per share (EPS) figures that exclude certain significant items. These excluded items relate to various factors, including charges and tax credits for plants under construction, business divestitures, acquisition impacts, and the effects of federal tax reform. The company also details adjustments for specific events like write-downs at Plant Scherer and the Kemper County project's construction schedule extension, as well as settlement proceeds from the Deepwater Horizon oil spill. Southern Company asserts that these non-GAAP measures offer investors a clearer view of ongoing business performance.
Key Highlights
- 1Southern Company released its Q4 and full-year 2018 financial results on February 20, 2019.
- 2The filing includes a press release and several financial exhibits (99.01-99.07) detailing performance for the periods ending December 31, 2018.
- 3The company provided both GAAP and non-GAAP earnings and EPS figures.
- 4Non-GAAP EPS excludes items such as charges/credits for plants under construction, wholesale gas services earnings, acquisition/disposition impacts, and tax reform benefits.
- 5Specific historical adjustments mentioned include a Plant Scherer Unit 3 write-down and Kemper County project cost adjustments.
- 6Deepwater Horizon settlement proceeds for Mississippi Power Company are also excluded from certain 2018 non-GAAP measures.
- 7Exhibits include business segment information for key subsidiaries like Alabama Power, Georgia Power, and Southern Company Gas.