Southern Co. 2Q profit more than doubles
July 30, 2014 11:10 AM | 536 views | 0 0 comments | 6 6 recommendations | email to a friend | print
ATLANTA (AP) — Southern Co. on Wednesday reported earnings that more than doubled in its second quarter, and topped analysts' expectations.

The Atlanta-based power company said profit after paying preferred dividends rose to $611 million, or 68 cents per share, from $297 million, or 34 cents per share, in the same quarter a year ago. The average per-share estimate of analysts surveyed by Zacks Investment Research was for earnings of 67 cents.

Revenue rose 5.2 percent to $4.47 billion from $4.25 billion in the same quarter a year earlier, and beat Wall Street forecasts. Analysts expected $4.27 billion, according to Zacks.

CEO Thomas A. Fanning said results indicate the potential for a "broader economic recovery across the Southeast."

Shares fell 20 cents to $44.66 in morning trading Wednesday. Its shares have risen more than 9 percent so far this year through Tuesday's close.



Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.



Comments
(0)
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