The Southern Company Q3 FY2023 Earnings Call

· Earnings call transcript and AI-powered summary

Quarterly Financial Performance

  • Adjusted EPS for Q3 2023 was $1.42, up $0.11 from Q3 2022 and $0.12 above internal estimates.
  • Drivers of year-over-year improvement included warmer weather, favorable rate/pricing changes, lower taxes and O&M; partially offset by higher depreciation and amortization.
  • For the first nine months of 2023, adjusted EPS was $3.01 vs. $3.35 in the same period of 2022, a decrease of $0.34 driven largely by unusually mild weather in the first half of 2023.
  • Management continues to expect full‑year 2023 adjusted EPS around $3.60, near the midpoint of the guidance range of $3.55–$3.65.

Operational and Strategic Updates

  • Vogtle Unit 3 has been operating at full power since entering service on July 31, producing ~2.5 million MWh of carbon‑free energy to date.
  • Vogtle Unit 4 encountered a motor fault in one of its reactor coolant pumps during startup testing; the pump will be replaced with a spare. In‑service date remains targeted for Q1 2024.
  • Georgia Power filed its 2023 Integrated Resource Plan (IRP) update, citing extraordinary electricity demand growth from manufacturing, EV ecosystems, data centers, and digital‑economy investments.
  • Forecasted electricity sales growth is now expected to shift from 0%–1% annually to mid‑ to high‑single digits over the next five years.

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Operator: Good afternoon. My name is Dina, and I will be your conference operator today. At this time, I would like to welcome everyone to The Southern Company Third Quarter 2023 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] As a reminder, this conference is being recorded November 2, 2023. I would now like to turn the conference call over to Mr. Scott Gammill, Vice President, Investor Relations and Treasurer. Please go ahead, sir. Scott Gammill: Thank you, Dina. Good afternoon, and welcome to The Southern Company's Third Quarter 2023 Earnings Call. Joining me today are Chris Womack, President and Chief Executive Officer of The 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-Q and subsequent filings. In addition, we'll 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 tu

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