Posted: Wednesday, October 30th 2013 at 8:42am
Southern Co. earnings down 13 percent
By The Associated Press
ATLANTA (AP) -- Southern Co. is reporting a 13 percent drop in third-quarter earnings, citing cooler-than-expected weather across the Southeast, on top of construction losses at a Mississippi power plant.
Southeastern utilities typically see demand surge in the height of summer when customers run their air conditioners to keep cool.
The Atlanta power company reported earnings of $852 million, or, 97 cents per share. That's down from $976 million, or $1.11 per share, a year earlier.
The company took a $93 million after-tax charge for cost overruns at the power plant in Mississippi's Kemper County.
Per-share earnings removing those costs were $1.08, still short of Wall Street expectations, and shares edged lower in premarket trading Wednesday.
Revenue, at $5.02 billion, was also shy of most projections and down from last year's $5.05 billion.
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