Business Context and Reporting Period
This Form 8-K is a combined current report filed on November 7, 2018, by The Southern Company and six of its subsidiaries: Alabama Power Company, Georgia Power Company, Gulf Power Company, Mississippi Power Company, Southern Power Company, and Southern Company Gas. The filing serves to disseminate earnings results for the three-month and nine-month periods ended September 30, 2018.
Key Financial Metrics
The filing text references the issuance of a press release and exhibits containing detailed financial data, including GAAP and non-GAAP earnings, earnings per share (EPS), kilowatt-hour sales, and customer counts. However, the specific numerical values for revenue, profit, cash flow, margins, debt, and liquidity are not contained within the body of this Form 8-K text; they are located in the attached exhibits (99.01 through 99.07).
Material Changes and Non-GAAP Adjustments
The filing details specific items excluded from non-GAAP financial measures to evaluate ongoing business performance:
- 2018 Exclusions: Charges related to plants under construction; earnings from Southern Company Gas's Wholesale Gas Services; acquisition, disposition, and integration impacts; settlement proceeds from Mississippi Power's Deepwater Horizon claim; and net tax benefits from federal tax reform.
- 2017 Comparables: A charge for the write-down of Gulf Power's Plant Scherer Unit 3; and earnings associated with equity return from extending the construction schedule for Mississippi Power's Kemper County project.
Guidance, Outlook, and Risks
The filing does not contain forward-looking guidance, management commentary on future outlook, or specific risk factors within the text provided. It explicitly states that the information, including exhibits, is not deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 and is not incorporated by reference into other filings unless expressly stated.
Investor Verification Checklist
- Review Exhibit 99.01 (Press Release) for specific revenue and net income figures.
- Examine Exhibit 99.02 (Financial Highlights) for liquidity and debt metrics.
- Analyze Exhibit 99.03 and 99.04 to understand the impact of the Deepwater Horizon settlement and tax reform on EPS.
- Verify the reconciliation of non-GAAP measures to GAAP measures in the attached exhibits.
- Check Exhibit 99.06 for kilowatt-hour sales and customer count changes.