Southern Co. profit surged on higher electricity sales
By
Posted 5:28PM on Thursday, April 18, 2002
NEW YORK - Southern Company's first-quarter profit jumped 24 percent as the Southeast utility said higher residential and commercial electricity sales and lower interest costs helped to offset falling demand from industrial customers. <br>
<br>
Atlanta-based Southern said net income totaled $224 million, or 32 cents a basic share, up from $180 million, or 26 cents a share, a year earlier. <br>
<br>
Revenue slipped 2.5 percent to $2.21 billion from $2.27 billion. <br>
<br>
The company said electricity use by retail customers in its four-state service area edged up less than one percent to 34.3 billion kilowatt-hours. <br>
<br>
Electricity use by commercial customers -- offices, stores and other nonmanufacturing firms -- rose 1.3 percent while industrial energy use declined 2.2 percent.
