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SCANA's CEO Discusses Q2 2012 Results - Earnings Call Transcript

Finally, as noted on Slide 2, we will disclose certain non-GAAP measures during this presentation, and the required Reg G information can be found in or not used in conjunction with this call.

I'll now turn the call over to Jimmy.

Jimmy Addison

Thanks, Byron, and thank you all for joining us today. We're pleased with the financial results for the second quarter and the progress of our new nuclear efforts. Steve and I plan to thoroughly update you on both of these matters today.

As shown on Slide 3, basic earnings per share were $0.55 for the second quarter of 2012 versus $0.44 in 2011. Higher electric margin from increased consumption and rate increases under the Base Load Review Act was partially offset by the cost of our capital program, interest expense, depreciation, property taxes and share dilution.

Gas margins were also higher due to the rate increase under the Rate Stabilization Act. Operating and maintenance expenses grew slightly over the second quarter of 2011, largely due to the timing of plant expenses, healthcare cost and incentive compensation.

Please turn to Slide 4. As you can see, basic earnings per share for the six months ended June 30, 2012 were $1.48 versus $1.44 in 2011. Increases in electric margin were partially offset by lower gas margins in Georgia, due to the mild weather in the first quarter along with higher operating and maintenance expenses and higher expenses related to our capital program, specifically depreciation, property taxes, interest and share dilution.

Now on Slide 5, I'd like to review results for our principal lines of business. Healthcare, and electric and gas companies 2012 second quarter basic earnings per share denoted in blue, were $0.59, an increase of $0.11 over the second quarter of 2011. Electric margin was higher due primarily to increases under the Base Load Review Act.

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