UPDATE 1-Southern Co Q2 rides on weather to beat Street view

Wed Jul 28, 2010 8:02am EDT

* Q2 EPS $0.62 vs est $0.59

* Q2 rev up 8 pct at $4.21 bln vs est $4.16 bln

July 28 (Reuters) - Southern Co's (SO.N) quarterly result edged past market estimates as sales rose due to a warmer-than-expected summer, and the power company said it was upbeat on the economy.

"We continue to see positive economic trends, particularly among our industrial and manufacturing customers," Chief Executive David Ratcliffe, who will retire this December, said.

Net income for the second quarter rose about 7 percent to $510.2 million, or 62 cents a share, from $478.6 million, or 61 cents a share, in the year ago quarter.

Analysts on an average expected the company to earn 59 cents, according to Thomson Reuters I/B/E/S.

Revenue rose 8 percent to $4.21 billion, edging past estimates of $4.16 billion. The company said it was helped by favorable weather and economic recovery.

Atlanta-based Southern owns utilities in Alabama, Georgia, Florida and Mississippi.

Shares of the Atlanta-based company closed at $36.73 Tuesday on the New York Stock Exchange.. (Reporting by Krishna N. Das in Bangalore; Editing by Prem Udayabhanu)

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