The Southern Company Q3 FY2024 Earnings Call

· Earnings call transcript and AI-powered summary

Quarter & Year-to-Date Financial Performance

  • Q3 2024 adjusted EPS: $1.43, up $0.01 from $1.42 in Q3 2023.
  • Year-to-date adjusted EPS (through Sept. 30, 2024): $3.56, up from $3.01 in the same period of 2023, driven primarily by stronger weather impacts and continued investment.
  • Full-year 2024 adjusted EPS projected at $4.05 per share, including an expected Q4 EPS of $0.49.
  • Weather-normalized electricity sales were flat compared with Q3 2023, after excluding a 0.4% negative sales impact from Hurricane Helene.
  • Data center power usage increased 10% year-over-year.
  • Customer additions remained strong with 12,000 new electric customers and 7,000 new natural gas distribution customers during the quarter.

Hurricane Helene Impact

  • Most destructive storm in Georgia Power’s 140-year history—damage exceeded the combined impact of the three previously worst storms.
  • 53 of Georgia’s 159 counties declared major disaster areas by FEMA.
  • Infrastructure damage included nearly 12,000 poles destroyed and 1,500 miles of downed wires.
  • More than 1.5 million outages occurred; 95% restoration completed within eight days.
  • Estimated storm restoration and rebuild cost: $1.1 billion (subject to refinement but not expected to materially change).

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Operator: Good afternoon. My name is Julian, and I will be your conference operator for today. At this time, I would like to welcome everyone to Southern Company's Third Quarter 2024 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. It is now my pleasure to introduce Mr. Greg MacLeod. Thank you. You may begin. Greg MacLeod: Thank you, Julian. Good afternoon and welcome to Southern Company's Third Quarter 2024 Earnings Call. Joining me today are Chris Womack, Chairman, President and Chief Executive Officer of Southern Company; and Dan Tucker, Chief Financial Officer. Let me remind you that, we will make 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. I'll now turn the call over to Chris Womack. Chris Womack: Thank you, Greg. Good afternoon

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