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Southern Company (NYSE:SO) shares are trading lower on Thursday despite CEO Chris Womack‘s claim that the company “had a solid start to the year.”
The company reported first-quarter operating revenue growth of 17% year over year (Y/Y) to $7.78 billion, beating the consensus of $7.17 billion.
Operating revenues by segment:
Kilowatt-Hour Sales rose by 4.2% Y/Y, with Retail sales up 3.4% Y/Y and Wholesale sales up 6.8% Y/Y.
In particular, kilowatt-Hour retail sales benefitted from growth in residential (+6.4% Y/Y), commercial (+3.3% Y/Y) and Industrial (+0.5% Y/Y) businesses.
Total Regulated Utility Customers increased 0.8%, with Total Traditional Electric Operating Companies rising 1.1% and Southern Company Gas up 0.4% Y/Y.
Operating expenses rose to $5.77 billion from $4.94 billion in the quarter.
Adjusted EPS of $1.23, beating the consensus of $1.20.
Adjusted EPS rose Y/Y, benefitting from higher utility revenues in the quarter.
Investors can gain exposure to the stock via SPDR Select Sector Fund – Utilities (NYSE:XLU) and Vanguard Utilities ETF (NYSE:VPU).
Price Action: SO shares are down 0.96% at $91.01 premarket at the last check Thursday.
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