Q3 2024 Southern Co Earnings Call Transcript
Key Points
- Southern Co (SO) demonstrated exceptional operational performance and solid financial results despite the challenges posed by Hurricane Helene.
- The company's adjusted earnings per share for the third quarter of 2024 were $1.43, slightly higher than the same period in 2023.
- Southern Co (SO) experienced strong customer growth, adding 12,000 residential customers in its electric businesses and 7,000 in its natural gas distribution businesses.
- Economic development activity in Southern Co (SO)'s service territories remains robust, with 42 companies establishing or expanding operations, generating over 5,000 potential new jobs.
- The company is well-positioned for future growth with a disciplined approach and supportive regulatory environment, particularly in light of the projected energy demand growth.
- The estimated cost for storm-related restoration and rebuild due to Hurricane Helene is approximately $1.1 billion, which could impact financials.
- Higher interest, depreciation, and other operating expenses offset some of the financial gains from customer growth and investments.
- Weather-normalized total retail electricity sales were essentially flat compared to the third quarter of 2023, indicating limited growth in this area.
- The process of determining the split between capital and O&M costs for storm recovery is ongoing, which could affect financial planning.
- The company faces potential legal challenges and regulatory hurdles related to pipeline expansions and other infrastructure projects.
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. (Operator Instructions) As a reminder, this conference is being recorded.
It is now my pleasure to introduce Mr. Greg McLaren. Thank you. You may begin.
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.
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