Southern Co beats Q4 profit estimates on lower operating expenses
Feb 15 (Reuters) - U.S. electric and gas utility Southern Co beat Wall Street estimates for fourth-quarter profit on Thursday, on lower operating expenses.
Lower operating expenses also benefited utility peers WEC Energy and Xcel Energy, which beat quarterly profit estimates and posted a rise in profit, respectively.
For the quarter, Southern Co's operating expenses were $4.8 billion, 30% lower than the $6.9 billion recorded a year earlier.
The Atlanta, Georgia-based firm reported an adjusted net profit of 64 cents per share, compared with the average analysts' estimate of 60 cents, according to LSEG data.
The company said it expected adjusted profit to be in the range of $3.95 to $4.05 per share for 2024, higher than the $3.65 per share reported in 2023.
It also raised its five-year capital-spend forecast by $5 billion to $48 billion, excluding the costs for the construction of Vogtle Unit 4.
Southern Co serves more than 9 million customers. Its electricity segment caters to the states of Alabama, Georgia and Mississippi. The gas segment provides services in the states of Illinois, Georgia, Virginia and Tennessee.
(Reporting by Kabir Dweit; Editing by Krishna Chandra Eluri)
