financetom
Business
financetom
/
Business
/
Southern Co beats profit estimates on customer additions, commercial demand
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Southern Co beats profit estimates on customer additions, commercial demand
Aug 1, 2024 6:38 AM

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.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Copyright 2023-2026 - www.financetom.com All Rights Reserved