8-KEarnings & Results

SOUTHERN CO 8-K Report, Financial Results (Oct 29, 2020)

Filed October 29, 2020For Securities:SOSOJESOJFSOJCSOJDSOMN

Summary

Southern Company (SO) filed an 8-K on October 29, 2020, to report its financial results for the three-month and nine-month periods ending September 30, 2020. The filing primarily consists of a press release and supporting financial exhibits detailing earnings, earnings per share (EPS), and segment information. Investors should note that the company is presenting both GAAP and non-GAAP financial measures, highlighting that these non-GAAP figures exclude certain charges, legal expenses, tax impacts related to plants under construction, and earnings from Wholesale Gas Services, as well as acquisition/disposition impacts and impairment charges for specific periods. Southern Company asserts that these non-GAAP measures offer a clearer view of ongoing business performance and are used by management for evaluation.

Key Highlights

  • 1Southern Company released its third-quarter and year-to-date 2020 financial results via an 8-K filing.
  • 2The filing includes a press release and several exhibits containing detailed financial information.
  • 3The company is presenting both GAAP and non-GAAP financial measures for earnings and EPS.
  • 4Non-GAAP measures exclude specific items such as charges related to plants under construction, legal expenses, and wholesale gas services earnings.
  • 5Exclusions also include acquisition/disposition impacts and impairment charges for certain periods.
  • 6Southern Company states that non-GAAP measures are intended to provide investors with better insight into ongoing business operations.
  • 7The filing includes segment information for key subsidiaries: Alabama Power, Georgia Power, Mississippi Power, Southern Power, and Southern Company Gas.

Frequently Asked Questions

The primary purpose of this 8-K filing is to report Southern Company's financial results for the third quarter and the first nine months of 2020, along with providing detailed financial exhibits and a press release discussing these results.

The non-GAAP financial measures exclude charges related to plants under construction (net of salvage and tax impacts), legal expenses (net of insurance recoveries), earnings from the Wholesale Gas Services business, acquisition and disposition impacts, and impairment charges, depending on the specific reporting period.

Southern Company believes that presenting earnings and EPS excluding these specific items provides investors with additional information that is useful for evaluating the performance of the company's ongoing business activities. Management also uses these measures for performance evaluation.

Yes, the exhibits attached to this 8-K filing include business segment information for Alabama Power Company, Georgia Power Company, Mississippi Power Company, Southern Power Company, and Southern Company Gas.