ATLANTA — Southern Co. earnings slumped 52 percent to $297 million in the second quarter due mainly to cost overruns at a coal-fired power plant under construction in Mississippi, the company reported Wednesday.
The utility, based in Atlanta, reported earnings of $297 million, or 34 cents per share, from $623 million, or 71 cents per share, a year ago. Earnings would have risen to 66 cents with one-time costs removed. That’s still several cents shy of Wall Street projections, and company shares dipped in premarket trading.
Company officials announced Tuesday that its shareholders would absorb an estimated $278 million in after-tax losses incurred while building a goal gasification plant in Mississippi’s Kemper County. That project has cost the power company $611 million in after-tax charges this year.
via Southern Company quarterly earnings drops to $297 million due to Kemper cost overruns | gulflive.com.
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