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Exhibit 99.02 |
Page 1 |
Southern Company |
Financial Highlights |
(In Millions of Dollars Except Earnings Per Share) |
| | | | | | | |
| Three Months Ended March | | |
Net Income–As Reported (See Notes) | 2023 | | 2022 | | | | |
Traditional Electric Operating Companies | $ | 610 | | | $ | 774 | | | | | |
Southern Power | 102 | | | 72 | | | | | |
Southern Company Gas | 309 | | | 319 | | | | | |
Total | 1,021 | | | 1,165 | | | | | |
Parent Company and Other | (159) | | | (133) | | | | | |
Net Income–As Reported | $ | 862 | | | $ | 1,032 | | | | | |
| | | | | | | |
Basic Earnings Per Share1 | $ | 0.79 | | | $ | 0.97 | | | | | |
Average Shares Outstanding (in millions) | 1,091 | | | 1,063 | | | | | |
End of Period Shares Outstanding (in millions) | 1,090 | | | 1,063 | | | | | |
| | | | | | | |
Non-GAAP Financial Measures | Three Months Ended March | | |
Net Income–Excluding Items (See Notes) | 2023 | | 2022 | | | | |
Net Income–As Reported | $ | 862 | | | $ | 1,032 | | | | | |
Less: | | | | | | | |
Estimated Loss on Plants Under Construction2 | (2) | | | (1) | | | | | |
Tax Impact | 1 | | | — | | | | | |
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Loss on Extinguishment of Debt3 | (5) | | | — | | | | | |
Tax Impact | 1 | | | — | | | | | |
Net Income–Excluding Items | $ | 867 | | | $ | 1,033 | | | | | |
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Basic Earnings Per Share–Excluding Items | $ | 0.79 | | | $ | 0.97 | | | | | |
- See Notes on the following page. |
Exhibit 99.02
Page 2
Southern Company
Financial Highlights
Notes
(1)Dilution is not material in any period presented. Diluted earnings per share was $0.79 and $0.97 for the three months ended March 31, 2023 and 2022, respectively.
(2)Earnings for the three months ended March 31, 2023 and 2022 also include charges (net of salvage proceeds), associated legal expenses (net of insurance recoveries), and tax impacts related to Mississippi Power Company's integrated coal gasification combined cycle facility project in Kemper County, Mississippi. Mississippi Power Company expects to incur additional pre-tax period costs to complete dismantlement of the abandoned gasifier-related assets and site restoration activities, including related costs for compliance and safety, asset retirement obligation accretion, and property taxes, net of salvage, totaling approximately $15 million annually through 2025. Additionally, further charges and credits related to estimated probable losses on Georgia Power Company's construction of Plant Vogtle Units 3 and 4 may occur; however, the amount and timing are uncertain.
(3)Earnings for the three months ended March 31, 2023 include costs associated with the extinguishment of debt at Southern Company. Similar transaction costs may occur in the future at Southern Company or one of its unregulated subsidiaries; however, the amount and timing of any such costs are uncertain.