The Southern Company Q3 FY2022 Earnings Call

· Earnings call transcript and AI-powered summary

Quarterly Performance Highlights

  • Adjusted EPS was $1.31, an increase of $0.08 compared to Q3 2021 ($1.23). Drivers included higher customer usage and improved retail pricing, partly offset by higher O&M costs, increased interest expense, and share dilution.
  • Weather-normalized retail electricity sales increased 1.8% year-over-year, with growth across residential, commercial, and industrial customer classes.
  • Customer additions were strong: 11,000 new residential electric customers and 8,000 new natural gas customers.
  • Economic activity remained robust across territories. Through the first nine months of 2022, economic development announcements reflected a 170% increase in expected job additions and a 237% increase in business investment versus the same period in 2021.
  • Adjusted EPS year-to-date reached $3.35; management expects full-year 2022 adjusted EPS to land at the high end of the $3.50 to $3.60 range.

Vogtle Units 3 & 4 Construction Update

Unit 3
  • Major milestones achieved since last quarter: all ITAAC submitted, NRC's 103(g) finding received, all 157 fuel assemblies transferred to the reactor core.
  • Next milestone: initial criticality expected in January 2023.
  • Testing sequence will include staged power ascension and controlled shutdown events to validate safety and reliability.

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Operator: Good afternoon. My name is Scott, and I'll be your conference operator today. At this time, I would like to welcome everyone to The Southern Company's Third Quarter 2022 Earnings Call. All lines have been placed on mute to prevent any background noise. After the speakers’ remarks, there will be a question-and-answer session. [Operator Instructions] I would now like to turn the call over to Mr. Scott Gammill, Vice President, Investor Relations and Treasurer. Please, go ahead, sir. Scott Gammill: Thank you, Scott. Good afternoon, and welcome to Southern Company's Third Quarter 2022 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, 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-Qs and subsequent filings. In addition, we'll provide 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 af

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