UPDATE 1-Southern Co Q3 beats Street

miércoles 28 de octubre de 2009 13:52 CET

* Q3 EPS $0.99 vs est of $0.98

* Q3 revenue down 14 pct

Oct 28 (Reuters) - Power company Southern Co (SO.N: Cotización) reported a higher-than-expected quarterly profit, helped by lower costs and increased monthly service charges.

For the third quarter, net income was $790 million, or 99 cents a share, compared with $780 million, or $1.01 per share, a year earlier.

Revenue fell 14 percent to $4.68 billion.

Analysts on average were expecting Southern to report earnings of 98 cents a share on revenue of $5.50 million, according to Thomson Reuters I/B/E/S.

"We are seeing signs of stabilization and what may be the beginnings of recovery in certain sectors in our region. We realized 11 percent increase in industrial sales over the second quarter of 2009," said Chief Executive David Ratcliffe in a statement.

Shares of the company closed at $32.65 Tuesday on the New York Stock Exchange.

For the alerts, please double click [ID:nWNAB5621] (Reporting by Arup Roychoudhury in Bangalore; Editing by Maju Samuel)