Summary by Moomoo AI
Southern Company reported a 7.9% increase in Q3 net income to $1.5 billion ($1.40 per share), up from $1.4 billion ($1.30 per share) in Q3 2023. Year-to-date net income rose 23.9% to $3.9 billion ($3.53 per share). The growth was primarily driven by higher retail electric revenues from rates and pricing changes, as well as the absence of a $120 million charge related to Plant Vogtle Units 3 and 4 construction in Q3 2023.Retail electric revenues increased 4.4% in Q3 and 9.5% year-to-date, boosted by rate increases and the inclusion of Plant Vogtle Units 3 and 4 in Georgia Power's retail rates. Weather impacts were mixed, with colder Q1 and warmer Q2 weather in 2024 compared to 2023. The company saw increased natural gas revenues from rate hikes, though this was partially offset by lower gas cost recovery due...Show More
