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Southern Company reports fourth-quarter and full-year 2014 earnings
ATLANTA - Southern Company today reported fourth-quarter 2014 earnings of $300 million, or 33 cents per share, compared with earnings of $414 million, or 47 cents per share, in the fourth quarter of 2013. Southern Company also reported full-year 2014 earnings of $1.98 billion, or $2.21 per share, compared with earnings for 2013 of $1.64 billion, or $1.88 per share.
Earnings for the fourth quarter of 2014 include after-tax charges of $43 million, or 5 cents per share - and earnings for the full year 2014 include after-tax charges totaling $536 million, or 59 cents per share - related to increased cost estimates for construction of Mississippi Power’s Kemper County integrated gasification combined cycle project. Earnings for the fourth quarter of 2013 include after-tax charges of $25 million, or 3 cents per share - and earnings for the full year 2013 include after-tax charges totaling $729 million, or 83 cents per share - related to increased cost estimates for construction of the Kemper project. Earnings for the full year 2013 also include an after-tax charge of $16 million, or 2 cents per share, for the restructuring of a leveraged lease investment recorded in the first quarter of 2013. Earnings for the fourth quarter and full year 2013 also include $12 million, or 2 cents per share, of insurance recovery related to the March 2009 litigation settlement agreement with MC Asset Recovery, LLC. Excluding these items, earnings for the fourth quarter and full year 2014 were 38 cents and $2.80 per share, respectively, compared with 48 cents and $2.71 per share, respectively, for the same periods in 2013.
Earnings for the fourth quarter and full year 2014 were positively influenced by retail revenue effects at Southern Company’s traditional operating companies, offset by increased operating and maintenance expenses. Full-year 2014 earnings were further positively influenced by closer-to-normal weather and increased customer growth compared with the full year 2013.
“Southern Company had one of its best years ever serving customers in 2014,” said Southern Company Chairman, President and CEO Thomas A. Fanning. “We continued to lead the industry in customer satisfaction and set several all-time records for system reliability. Our commitment to providing clean, safe, reliable and affordable electricity - while making communities better off because we’re there - remains the cornerstone of our business.”
The following information was filed by Alabama Power Co (ALAWP) on Wednesday, February 4, 2015 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.