Southern cuts costs, boosts 4Q profit
by Associated Press Wire
January 30, 2013 10:40 AM | 878 views | 0 0 comments | 3 3 recommendations | email to a friend | print
ATLANTA (AP) — Southern Co. said Wednesday that fourth-quarter profit rose 47 percent as the electric utility operator overcame flat revenue by cutting spending on non-fuel operations and maintenance.

The earnings per share topped analysts’ expectations, although the revenue was disappointing.

Fourth-quarter net income was $383 million, or 44 cents per share, compared with $261 million, or 30 cents per share, a year earlier.

Revenue was flat with a year ago at $3.70 billion.

Analysts surveyed by FactSet expected the company to earn 39 cents per share on revenue of $4.56 billion.

While quarterly revenue rose $7 million, the company slashed operating expenses by $218 million from a year earlier.

For all of 2012, sales to retail customers, as measured in kilowatt hours, fell 2.3 percent, which the company blamed on mild weather during the year. The full-year decline in sales to residential customers was 5.4 percent.

Southern has 4.4 million customers in a region that includes most of Georgia and Alabama and parts of Florida and Mississippi.

The shares rose 13 cents to $44.75 in morning trading. They have traded within a tight range over the past year, from a high of $48.59 in July to a low of $41.75 in November.

Comments-icon Post a Comment
No Comments Yet
*We welcome your comments on the stories and issues of the day and seek to provide a forum for the community to voice opinions. All comments are subject to moderator approval before being made visible on the website but are not edited. The use of profanity, obscene and vulgar language, hate speech, and racial slurs is strictly prohibited. Advertisements, promotions, and spam will also be rejected. Please read our terms of service for full guides