Summary
Southern Company (SO) filed an 8-K on July 31, 2019, to report its financial results for the three-month and six-month periods ended June 30, 2019. The filing primarily contains a press release and supplementary financial information (Exhibits 99.01-99.07) detailing earnings, earnings per share (EPS), segment performance, and customer/sales data. Of particular note for investors is Southern Company's presentation of both GAAP and non-GAAP financial measures. The non-GAAP figures exclude items such as acquisition, disposition, and integration impacts, charges related to plants under construction, and earnings from the Wholesale Gas Services business. The company asserts these adjusted figures provide a clearer view of ongoing business performance, a perspective management also uses for evaluation. Investors should carefully review the reconciliations provided in the exhibits to understand the adjustments made.
Key Highlights
- 1Southern Company released its Q2 2019 earnings report on July 31, 2019.
- 2The filing includes detailed financial results for the three-month and six-month periods ending June 30, 2019.
- 3Both GAAP and non-GAAP financial measures are presented, with non-GAAP measures excluding certain items to reflect ongoing operations.
- 4Key excluded items for non-GAAP reporting include acquisition/disposition impacts, charges for plants under construction, and specific business segment earnings.
- 5Historical adjustments for 2018, such as settlement proceeds from a Deepwater Horizon claim and tax reform benefits, are also detailed.
- 6Exhibits provide segment information for major subsidiaries like Alabama Power, Georgia Power, Mississippi Power, Southern Power, and Southern Company Gas.
- 7Kilowatt-hour sales and customer data are also furnished as part of the financial overview.