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ATLANTA (AP) - Energy provider Southern Co., parent of electricity utilities in the Southeast, on Tuesday said profit grew 12 percent in the third quarter, as higher electricity usage during a hot September overcame damage due to Hurricane Katrina.
Net income rose to $722 million, or 97 cents per share, topping Wall Street's expectation for earnings of 90 cents per share, according to a Thomson Financial poll of analysts. A year ago, the company reported earnings of $644 million, or 87 cents per share. Revenue rose to $4.38 billion during the period from $3.44 billion last year.
Southern said September had the warmest temperatures for that month in 25 years, which prompted an 11 percent jump in residential electricity usage and a 6 percent rise on the commercial side.
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