Southern Company reports 2010 fourth quarter and full-year earnings
ATLANTA -- Southern Company today reported fourth quarter 2010 earnings of $153.5 million, or 18 cents a share, compared with earnings of $248.3 million, or 31 cents a share, in the fourth quarter of 2009.
Southern Company also reported full-year 2010 earnings of $1.98 billion, or $2.37 a share, compared with earnings for 2009 of $1.64 billion, or $2.07 a share.
Earnings for the year ended Dec. 31, 2009, included a charge of 25 cents a share, or $202 million, related to a settlement agreement with MC Asset Recovery LLC to resolve a lawsuit arising out of the 2003 bankruptcy of Mirant Corp., a Southern Company subsidiary until its 2001 spin-off. Excluding this settlement, Southern Company earned $2.37 a share for 2010, compared with $2.32 a share in 2009.
Earnings for the year were positively influenced by an unusual combination of consistently warmer-than-normal weather in the summer months and consistently colder-than-normal weather in the winter months, in a pattern not seen since the late 1970s. Meanwhile, recovery in the industrial sector continued through the end of 2010, aided by an upward trend in exports. Additional evidence of the industrial recovery has been seen in the rebound of industrial productivity, which reached new highs in 2010.
“Economic factors such as unemployment continue to challenge the pace of economic recovery, but we see positive signs -- such as increased manufacturing activity -- that should bode well for 2011,” said Southern Company Chairman, President and Chief Executive Officer Thomas A. Fanning. Fanning added that over the next three years, Southern Company plans to invest up to $17 billion to meet the recovering economy’s energy needs and evolving environmental requirements. “This investment, which includes cleaner, more efficient technologies such as nuclear, 21st century coal and renewables will, in effect, help implement what we believe is a regional demonstration of a sound national energy policy,” he said.