This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

SCANA Reports Financial Results For Second Quarter

SCANA Corporation (NYSE: SCG) today announced basic earnings for the second quarter of 2011 of $56 million, or 44 cents per share, compared to $54 million, or 43 cents per share, for the second quarter of 2010.

“SCANA’s basic earnings for the second quarter of 2011 were higher than the second quarter of last year and in-line with our expectations,” said Jimmy Addison, senior vice president and chief financial officer. “The second quarter is cyclically our smallest earnings quarter with relatively narrow variances.”

The increase in earnings for the second quarter of 2011 was primarily attributable to improved margins from electric base rate increases and lower operations and maintenance expenses, which were partially offset by higher depreciation, higher interest expense and share dilution. In addition, there was a weather benefit of 6 cents per share in the second quarter of 2010 at SCE&G. With SCE&G’s electric weather normalization mechanism, margins no longer experience large fluctuations due to weather.

For the first six months of 2011, SCANA reported basic earnings of $184 million, or $1.44 per share, compared to $180 million, or $1.45 per share, for the same period in 2010. Increases in electric margin from base rate increases were more than offset by lower gas margins, increases in interest, depreciation, and property tax expenses, and share dilution.

“While the economy continues to struggle, we are pleased to see continued industrial announcements and residential customer growth in our service territory,” said Addison. “For the remainder of the year we will continue to focus on nuclear construction, cost control, and providing safe, reliable energy.”

FINANCIAL RESULTS BY MAJOR LINES OF BUSINESS

South Carolina Electric & Gas Company

South Carolina Electric & Gas Company (SCE&G), SCANA’s principal subsidiary, reported earnings in the second quarter of 2011 of $61 million, or 48 cents per share, compared to $63 million, or 50 cents per share, in the same quarter last year. Increases in electric margin from base rate increases were more than offset by the effects of weather in the second quarter of 2010, lower gas margin, increases in interest and depreciation expense, and share dilution. At June 30, 2011, SCE&G was serving approximately 664,000 electric customers and approximately 313,000 natural gas customers, up 0.6 and 1.0 percent, respectively, over the same date in 2010.

1 of 5

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,080.14 +21.45 0.12%
S&P 500 2,117.69 +4.76 0.23%
NASDAQ 5,092.0850 +36.0220 0.71%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs