- Southern Co (NYSE:SO) reported a first-quarter FY23 operating revenue decline of 2.5% year-over-year to $6.48 billion, beating the consensus of $6.15 billion.
- Adjusted EPS was $0.79, compared to $0.97 in 1Q22, above the consensus of $0.71.
- Operating income declined 12% Y/Y to $1.22 billion, and margin contracted by 202 bps to 18.8%
- Net cash provided from operating activities for the quarter was $844 million, compared to $1.59 billion a year ago.
- Total Utility Customers increased 0.8% Y/Y, with Total Traditional Electric +1.2% and Southern Company Gas +0.4%.
- Kilowatt-Hour Sales declined by 4.1% Y/Y, with Retail sales down 5.0% and Wholesales sales down 1.7%.
- “Southern Company delivered a solid start to 2023 despite the mildest weather on record for a first quarter in the Southeastern United States. We are encouraged by continued strong residential customer growth in both the electric and gas sectors, as well as healthy economies and a robust economic development pipeline in our service footprint,” commented President Christopher C. Womack.
- FY23 Outlook: SO expects Adjusted EPS of $3.55-$3.65, versus consensus of $3.64.
- Price Action: SO shares are trading higher by 0.63% at $73.06 on the last check Thursday.
What’s Going On With Space-Explorer Intuitive Machines Stock?
Last Monday, Intuitive Machines announced its IM-1 mission Nova-C class lunar lander has completed all integration milestones and is safely encapsulated within SpaceX's payload fairing in preparation for launch. The launch of Intuitive Machines' IM-1 mission is a multi-day launch window that opens at 12:57 a.m. ET on Feb. 14 from Launch Complex 39A at NASA's Kennedy Space Center in Florida.
