Aug 1 (Reuters) - Utility firm Southern Co ( SO ) topped
Wall Street profit estimates on Thursday, helped by an uptick in
the number of customers and strong commercial demand.
Data center-driven demand has helped the S&P 500 Utilities
sector to rise about 13% this year despite high interest
rate-related expenses weighing on earnings.
The company said its data center sales rose by 17% in the
second quarter, compared with a year earlier.
Utility firms have also benefited from a heat wave in June
that raised cooling demand across the United States.
Southern Co ( SO ) said its operating revenue rose 12.4% to $6.46
billion.
The company said it added about 73,000 customers compared to
last year and residential sales rose by 11.2%.
The Atlanta-based company also saw a 7.1% rise in commercial
sales.
Southern, which had began commercial operations on its
Vogtle 4 reactor this year, said it expects third-quarter
adjusted earnings of $1.30 per share, below estimates of $1.47
per share.
The company reported an adjusted profit $1.10 per share for
the three months ended June 30, compared with the average
analyst estimate of 92 cents, according to LSEG data.