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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; [email protected]

Stock News for Southern (SO)
DateTimeHeadline
01/19/201716:01:00Southern Company fourth-quarter earnings to be released February...
01/13/201715:33:00Southern Company announces quarterly dividend
01/13/201714:13:00MLK Day of Service is A Day On, Not Off for Georgia Power
01/13/201712:50:00Southern Nuclear names new site vice president at Plant Farley
01/11/201710:51:00Alabama Power Dividends Declared
01/10/201710:34:12Statement of Changes in Beneficial Ownership (4)
01/09/201709:00:00Southern Company subsidiary acquires additional wind facility...
01/07/201719:40:00Georgia Power restores power to 98+ percent of customers impacted...
01/07/201712:41:00Georgia Power restores power to 50,000+ customers following Winter...
01/06/201716:29:29Current Report Filing (8-k)
01/05/201712:18:30Griffin Capital Essential Asset REIT II Acquires Class “A” Com...
01/04/201710:06:11Statement of Changes in Beneficial Ownership (4)
01/04/201710:05:44Statement of Changes in Beneficial Ownership (4)
01/04/201710:05:18Statement of Changes in Beneficial Ownership (4)
01/04/201710:04:51Statement of Changes in Beneficial Ownership (4)
01/04/201710:03:04Statement of Changes in Beneficial Ownership (4)
01/04/201710:02:37Statement of Changes in Beneficial Ownership (4)
01/04/201709:54:04Statement of Changes in Beneficial Ownership (4)
01/04/201709:53:36Statement of Changes in Beneficial Ownership (4)
01/04/201709:52:43Statement of Changes in Beneficial Ownership (4)

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