Southern Company (SO) has reported a 33.80 percent jump in profit for the quarter ended Mar. 31, 2017. The company has earned $669 million in the quarter, compared with $500 million for the same period last year. Revenue during the quarter surged 44.56 percent to $5,771 million from $3,992 million in the previous year period. Gross margin for the quarter contracted 1351 basis points over the previous year period to 86.02 percent. Total expenses were 77.37 percent of quarterly revenues, up from 76.45 percent for the same period last year. That has resulted in a contraction of 92 basis points in operating margin to 22.63 percent.
Operating income for the quarter was $1,306 million, compared with $940 million in the previous year period.
"Each of our major business units had a great start to the year," said chairman, president and chief executive officer Thomas A. Fanning. "Despite headwinds from unseasonably warm weather during the first two months of the year, our traditional electric and gas operating companies performed well, and they are on track to deliver on their targets for 2017 and beyond. In fact, Southern Company Gas including its seven premier state regulated gas utilities performed exactly as expected."
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