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SCANA's Management Discusses Q1 2012 Results - Earnings Call Transcript

Stocks in this article: SCG

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

Finally, as noted on slide two, we will 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 call.

I'll now turn the call over to Jimmy.

Jimmy Addison – Chief Financial Officer

Thanks, Byron and thank you all for joining us today. During today's call, I will discuss our financial results and economic activity for the first quarter and provide an update on our outlook for the remainder of the year. Additionally, Steve will provide an update on our nuclear project after which we will respond to your questions.

As shown on slide three, basic earnings per share were $0.93 for the first quarter of 2012 versus $1 in 2011. Increases in electric margin from rate increases under the Base Load Review Act were more than offset by lower gas margins in Georgia due to significantly milder weather, higher operating and maintenance expenses and the costs of our capital program, interest expense, depreciation, and share dilution.

According to the National Oceanic and Atmospheric Administration, this winter was one of the warmest in over 100 years. Our gas margins in Georgia were impacted by $0.06 due to milder than normal weather and an additional $0.02 compared to the colder than normal quarter in 2011 for $0.08 total. Additionally, although the electric WNA mechanism largely mitigates the impact of weather on electric margins, certain weather-sensitive load is not subject to the mechanism, churches and schools as an examples. So, there can be some earnings impact during extreme weather periods such as this quarter. As a result, SCE&G's electric margin was negatively impacted by $0.01 of abnormal weather this quarter. As an aside, it would have been down $0.14 without the WNA mechanism.

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