Posted: Wednesday, July 30th 2014 at 2:03pm
Southern Co. 2Q profit more than doubles
By The Associated Press
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.
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