PETAH TIKVA, Israel – In the aftermath of Hurricane Helene, Gilat Satellite Networks Ltd. (NASDAQ, TASE: NASDAQ:GILT) and partner Hispasat have provided vital satellite network capacity to Southern Linc, facilitating uninterrupted emergency communication in Georgia. Southern Linc, a regional wireless communications service provider, required immediate support for disaster recovery operations, which was promptly delivered by Gilat and Hispasat following the Category 5 hurricane's devastating impact.
Southern Linc's service territory in Georgia was severely affected, necessitating a swift response to maintain essential services for utilities, sheriff departments, the Georgia Department of Public Safety, and the Georgia Emergency Management and Homeland Security Agency. Within hours of the hurricane's impact, the satellite network providers mobilized to ensure that first responders and utility workers had the necessary communication tools to effectively manage recovery efforts.
Alan McIntyre, Southern Linc's Vice President of Engineering and Operations, acknowledged the rapid assistance from Gilat and Hispasat, which was crucial in keeping wireless communication systems operational during the critical period following the hurricane. Ron Levin, CCO of Gilat, emphasized the company's readiness to support customers during disasters, highlighting the importance of reliable satellite connectivity in such situations.
Gilat Satellite Networks, with over 35 years of experience, specializes in satellite-based broadband communications, offering a range of technology solutions and services. The company's portfolio caters to various applications, including broadband access, mobility, and cellular backhaul, among others. Southern Linc, owned by Southern Company (NYSE: NYSE:SO), provides wireless communications for businesses, public service agencies, and Southern Company's subsidiaries across Georgia, Alabama, and southeastern Mississippi. According to InvestingPro data, Southern Company boasts a substantial market capitalization of $89.9 billion and maintains a strong financial position with a 3.51% dividend yield.
This collaboration underscores the critical role satellite network providers play in disaster response, ensuring communication remains possible even under the most challenging conditions. Southern Company's stability as a parent company is reflected in its low beta of 0.51 and consistent dividend growth, having raised dividends for 23 consecutive years. InvestingPro subscribers can access 6 additional valuable ProTips and comprehensive financial metrics for Southern Company, along with detailed analysis through the Pro Research Report, which is available for over 1,400 US stocks. The information for this article is based on a press release statement.
In other recent news, Southern Company finalized the sale of $565 million in junior subordinated notes as part of a broader strategy to raise capital. The issuance was facilitated by a syndicate of banks including BofA Securities, J.P. Morgan Securities, Morgan Stanley (NYSE:MS), RBC Capital Markets, and Wells Fargo (NYSE:WFC) Securities. Proceeds from the sale are typically used for various corporate purposes, such as refinancing existing debt or funding capital expenditures.
In executive developments, Stanley W. Connally Jr. is set to become the new Executive Vice President and Chief Operating Officer. Connally, a seasoned executive with Southern Company, will assume this new role, adding to the company's strong leadership team.
On the operational front, Southern Company's subsidiary, Southern Power, announced the final expansion phase of its Millers Branch Solar Facility in Texas. This expansion will increase the facility's capacity by 132 megawatts, marking it as the company's largest solar project to date.
Southern Company also demonstrated resilience in its Q3 2024 earnings, reporting a slight increase in adjusted earnings to $1.43 per share, up from $1.42 in Q3 2023. The company anticipates full-year adjusted earnings of $4.05 per share. These recent developments underscore Southern Company's commitment to growth and operational excellence.
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