SCANA's CEO Discusses Q4 2011 Results - Earnings Call Transcript

Joining us on the call today are Jimmy Addison, SCANA’s Chief Financial Officer and Steve Byrne, Chief Operating Officer of SCE&G. The slides and the earnings release that we’ll refer to in this call are available at scana.com.

Before I turn the call over to Jimmy, I would like to remind you that certain statements that may be made during today’s call, which are not statements of historical facts are considered forward-looking statements and are subject to a number of risk and uncertainties, which are shown on slide two and discussed in the company’s SEC filings. The company does not recognize obligation to update any forward-looking statements.

Finally, as noted on slide two, we may disclose certain non-GAAP measures during this presentation and the required Reg G information can be found in the slides used in conjunction with this earnings call.

I’ll now turn the call over to Jimmy.

Jimmy Addison

Thanks Byron, and thank you all for joining us today. During today’s call, we will discuss our financial results for the fourth quarter and the full-year of 2011, and provide an update on our outlook for 2012. Additionally, Steve will provide an update on our nuclear project.

Let’s start on Slide 3, which reflects SCANA’s 2011 full-year basic earnings per share of 3.01 compared to $2.99 per share in 2010. Increases in electric margin from rate increases under the Base Load Review Act, and lower operating and maintenance expenses were partially offset by lower gas margins, higher interest, property tax and depreciation expense and share dilution.

Our results were within our 2011 guidance of 2.95 to 3.10 per share, and only $0.01 below our internal target of 3.02. The mild weather in Georgia cost us approximately $0.01 in December.

I’ll remind you that 2010 includes $0.07 of weather prior to the implementation of electric weather normalization, resulting in weather normalized earnings of $2.92. You can reference the appendix on Slide 18 for a reconciliation from GAAP to weather normalized earnings.

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