Southern Company Sees Strong Quarter - TheStreet

Southern Company Sees Strong Quarter

New customers offset weaker demand for electricity, the energy company says.
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Energy provider

Southern Company

(SO) - Get Report

posted a jump in earnings and revenue Tuesday, as new customers offset weaker demand for electricity.

The company, which serves the southeastern U.S., said third-quarter profit rose to $619 million, or 85 cents per share, from $595 million, or 84 cents a share, in the year-ago period. Analysts had forecast earnings of 78 cents a share, according to Thomson First Call.

Southern's revenue was $3.34 billion compared to $3.25 billion in the same period a year earlier.

Chief Executive Allen Franklin noted the mild weather in the summer reduced demand for electricity, but that this negative impact on earnings was compensated by 1.6% growth in the company's customer base in the quarter.

The company's shares were up 26 cents, or 0.9%, at $29.88 in morning trading Tuesday.