Southern Co. on Wednesday reported a 21 percent jump in annual profit and announced plans to spend $17 billion to grow its energy producing infrastructure. The Atlanta-based energy giant said it saw its profit rise in 2010, benefiting from consistently warmer-than-normal weather in the summer months and consistently colder-than-normal weather in the winter months -- a pattern not seen since the late 1970s. The 2010 profit also included a $202 million charge related to a settlement agreement with MC Asset Recovery LLC to resolve a lawsuit arising out of the 2003 bankruptcy of Mirant Corp., a Southern Co. (NYSE: SO) subsidiary until its 2001 spin-off.
Revenue: $17.5 billion, +10.9 percent
Net Income: $1.98 billion, +20.7 percent
Earnings Per Share: $2.37, +2.2 percent
â¿¿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,â¿ said Southern Company Chairman, President and CEO Thomas A. Fanning. Fanning added that over the next three years, Southern Co. plans to invest up to $17 billion to meet the recovering economyâ¿¿s energy needs and evolving environmental requirements. â¿¿This investment, which includes cleaner, more efficient technologies such as nuclear, 21st century coal and renewables will, in effect, help implement what we believe is a regional demonstration of a sound national energy policy,â¿ he said. Click here for the earnings release. Copyright 2011 American City Business Journals http://www.bizjournals.com/atlanta/news/2011/01/26/southern-co-annual-profit-hits-198.html?ana=thestreet