This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

Electricity Provider Southern Co's 4Q Profit Falls

ATLANTA (AP) â¿¿ Southern Co., one of the largest electricity distributors in the U.S., said Wednesday that its fourth-quarter net income fell, though its revenue rose.

Net income fell 38 percent to $153.5 million, or 18 cents per share, from $248.3 million, or 31 cents per share last year. Net income for the fourth quarter includes a charge of 25 cents per share related to a settlement agreement with MC Asset Recovery LLC to resolve a lawsuit related to the 2003 bankruptcy of Mirant Corp., a Southern Company subsidiary until its 2001 spin-off.

The company's maintenance and operations expense rose, which it said reflected a return to more normal spending than in 2009. It said accruals to the natural disaster reserve at Alabama Power also increased.

Revenue rose 7 percent to $3.77 billion, from $3.51 billion last year.

Southern brought in more revenue than Wall Street analysts expected, though its profit met expectations. On average, analysts expected Southern to report earnings of 18 cents per share and revenue of $3.65 billion for the quarter, according to FactSet.

For the full year, net income rose 21 percent to $1.98 billion, or $2.37 per share, from $1.64 billion, or $2.07 per share, in 2009. The company benefitted from a summer that was warmer than normal and a winter that was colder.

Revenue rose 11 percent to $17.46 billion, compared with $15.74 billion in 2009.

"Economic factors such as unemployment continue to challenge the pace of economic recovery, but we see positive signs -- such as increased manufacturing activity -- that should bode well for 2011," said CEO Thomas A. Fanning.

Analysts expected earnings of $2.37 per share and revenue of $17.096 billion for the year.

Southern shares were unchanged after hours. They ended regular trading Wednesday at $38.16, down 30 cents.

Copyright 2011 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 18,194.45 -19.97 -0.11%
S&P 500 2,112.64 +1.90 0.09%
NASDAQ 4,982.8530 -5.0370 -0.10%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs