The Southern Company earnings report for the company’s first quarter of 2019 has SO stock sliding lower on Wednesday.
The Southern Company (NYSE:SO) reported earnings per share of 70 cents for the first quarter of the year. This is down from the company’s earnings per share of 88 cents from the first quarter of 2018. It was also a blow to SO stock by missing Wall Street’s earnings per share estimate of 72 cents for the period.
Net income reported in The Southern Company earnings release for the first quarter of 2019 comes in at $2.06 billion. This is better than the company’s net income of $936 million reported in the first quarter of the previous year.
Operating income from the The Southern Company earnings report for the first quarter of 2019 is $3.69 billion. That’s an increase over the gas and electric company’s operating income of $1.38 billion from the same time last year.
The Southern Company earnings report for the first quarter of the year also includes revenue of $5.41 billion. This is a drop from the company’s revenue of $6.37 billion reported in the same period of the year prior. It is also a negative for SO stock by coming in below analysts’ revenue estimate of $5.72 billion for the quarter.
The Southern Company notes that there was one major factor behind its revenue drop for the first quarter of 2019. It says this decrease it due to the company selling off the Gulf Power business and other assets.
SO stock was down 1% as of noon Wednesday.
As of this writing, William White did not hold a position in any of the aforementioned securities.