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Southern Co Sees 2012 Rise In Profit, Retail-Electricity Sales

By Cassandra Sweet Of DOW JONES NEWSWIRES Southern Co. (SO) forecast Wednesday its retail-electricity sales would climb 1.3% in 2012 and its profit for the year would be between $2.58 and $2.70 a share, up roughly 5% from 2011. Analysts polled by Thomson Reuters had projected a 5% increase in 2012 earnings to $2.69 a share. Shares of Southern recently were trading 0.7% lower at $44.61. The company posted higher fourth-quarter and full-year earnings, but its fourth-quarter revenue missed analysts' expectations. The company plans to spend up to $18.4 billion over the next three years on new nuclear-power and other projects, including up to $5.7 billion planned for 2012. The U.S. Nuclear Regulatory Commission is expected to issue a license for the company to build two new nuclear reactors "any day now," Tom Fanning, Southern's chief executive, said during a conference call with analysts. Southern said it hopes to obtain federal-loan guarantees of as much as $4.3 billion to build two new reactors planned for the Plant Vogtle nuclear-power complex in Georgia and a low-emission coal-fired power plant in Mississippi. That amount would cover about 40% of the total estimated cost of the projects, the company said. Southern, one of the largest U.S. utilities, reported quarterly profit of $261 million, or 30 cents a share, up from $153 million, or 18 cents a share, a year earlier. In October, the company predicted earnings of 29 cents a share. Revenue fell 2% to $3.7 billion. Analysts polled by Thomson Reuters most recently forecast $4.01 billion. Southern reported full-year 2011 earnings of $2.2 billion, or $2.57 a share, up from $1.97 billion or $2.37 a share in 2010. Full-year revenue was $17.66 billion, up slightly from $17.46 billion in 2010. -By Cassandra Sweet, Dow Jones Newswires; 415-439-6468;

Stock News for Southern (SO)
10/20/201616:41:10Current Report Filing (8-k)
10/19/201615:53:00Workers at Vogtle nuclear expansion top 25 million safe work...
10/18/201609:54:09Statement of Changes in Beneficial Ownership (4)
10/17/201616:59:00First class of Vogtle 3 & 4 nuclear operators pass NRC licensing...
10/17/201615:30:00Southern Company announces quarterly dividend
10/13/201621:07:00Georgia Power restores power to more than 99 percent of customers...
10/12/201617:48:00Georgia Power restores power to more than 90 percent of customers...
10/12/201616:15:00Southern Company subsidiary announces first tests of clean syngas...
10/12/201614:43:00Georgia Power continues to make progress on ash pond closures
10/12/201613:11:00Alabama Power declares dividends
10/12/201612:39:00Georgia Power restores power to more than 90 percent of customers...
10/11/201618:37:00Georgia Power names Meredith Lackey general counsel
10/11/201613:15:00Georgia Power to restore power for nearly 100 percent of customers...
10/10/201615:42:00Georgia Power to restore power to more than 90 percent of customers...
10/10/201613:06:00Georgia Power to restore power to more than 90 percent of customers...
10/09/201620:14:00Power crews face Hurricane Matthew devastation on first full...
10/09/201610:08:00Hurricane Matthew restoration efforts to continue Sunday
10/08/201620:56:00Update: Georgia Power restores power to 100,000+ customers following...
10/08/201614:29:00Georgia Power re-enters Coastal Georgia, restoration efforts...
10/08/201608:39:00Georgia Power begins Hurricane Matthew restoration efforts

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