Southern Company's CEO Talks Tax Reform, Nuclear Project Updates

Southern Co (NYSE: SO) reported fourth-quarter results Wednesday that beat Wall Street's expectations on the top- and bottom-line. After the print, the company's CEO Thomas Fanning was a guest on CNBC's "Squawk Box" segment to talk about the results and the tax legislation signed by President Donald Trump. 

What You Need To Know

The tax cut is not only a great thing for Southern Co, but also great for its customers, partners and the country as a whole, Fanning said. The tax changes allow Southern Co. to reduce rates by 5 to 7 percent while also putting the company in a position to "restore our financial integrity and credit metrics," the CEO said. 

The Trump administration is "extremely supportive of preserving some of the economics to move forward" with Southern's nuclear power plant project in Georgia, he said. Some of the government officials who were given credit for the project's support include Secretary of Energy Rick Perry, Secretary of Commerce Wilbur Ross, Vice President Mike Pence and other cabinet members. 

"Early results are encouraging but there is a long way to go," Fanning said. "But productivity on this side is about what we want."

Related Links:

Southern Company Lowers Kemper Project Cost, Reduces Rates

Jim Cramer Advises His Viewers On Cloudera, Teradyne, And More