The Southern Company Q3 FY2021 Earnings Call

· Earnings call transcript and AI-powered summary

Quarter Highlights

  • Adjusted EPS for Q3 2021 was $1.23, up $0.01 from both the company's internal estimate and Q3 2020 adjusted EPS.
  • Adjusted EPS for the first nine months of 2021 was $3.05, up from $2.78 for the same period in 2020.
  • Strong customer growth: over 40,000 new residential electric customers and 20,000 natural gas customers year-to-date, exceeding forecasts.
  • Retail electric sales rose 3% year-over-year on a weather-adjusted basis.
  • Full-year adjusted EPS is expected to exceed the high end of guidance, with an expected full-year figure of $3.40.

Vogtle Units 3 & 4 Update

  • Both units had their in-service dates shifted back by three months.
  • Unit 3:
    • New projected in-service: Q3 2022 (previously mid-2022).
    • Additional remediation needs were discovered after walk-down inspections of 158 safety-related rooms.
    • Labor challenges include high attrition and slower onboarding of electricians and field engineers.
    • Next milestone: NRC 103(g) letter needed before fuel load; 242 ITAAC submitted, 156 remaining.
    • Final remediation and pre–fuel-load testing planned after ITAAC completion.
  • Unit 4:
    • New projected in-service: Q2 2023.
    • Progress slowed due to the temporary diversion of labor to support Unit 3.

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Operator: Good afternoon. My name is Myra, (ph) and I will be your conference operator today. At this time, I would like to welcome everyone to the Southern Company's Third Quarter 2021 Earnings Call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question-and-answer session. [Operator Instructions] I would now like to turn the call over to Mr. Scott Gammill, Investor Relations Director. Please go ahead, sir. Scott Gammill: Good afternoon and welcome to Southern Company's third quarter 2021 Earnings Call. Joining me today are Tom Fanning, Chairman, President and Chief Executive Officer of Southern Company, and Dan Tucker Chief Financial Officer. Let me remind you that we'll be making forward-looking statements today in addition to providing historical information. Various important factors could cause actual results to differ materially from those indicated in the forward-looking statements, including those discussed in our Form 10-K Form 10-Q and subsequent filings. In addition, we will present non-GAAP financial information on this call. Reconciliations to the applicable GAAP measure, are included in the financial information we released this morning, as well as the slides for this conference call, which are both available on our Investor Relations website at investor. southerncompany.com. At this time, I'll turn the call over to Tom Fanning. Tom Fanning: Thank you, Scott. Good afternoon and thank you for joi

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