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

Stocks in this article: SCG

Additionally, we experienced increased non-weather related consumption during the quarter. This increase in margin was offset by higher operating and maintenance expenses, interest expense and depreciation as well as share dilution. Year-to-date basic earnings were higher by $0.11 due primarily to higher electric margin.

PSNC energy shown in red, reported flat earnings per share for the second quarter of 2012 versus the seasonal loss of $0.01 per share in the second quarter of 2011, increases in margin due to customer growth contributed to the improvement. For the six-month period ended June 30, 2012, basic earnings were $0.24 per share in line with the prior year.

SCANA energy in green reported the seasonal loss of $0.02 per share for the second quarter of 2012, consistent with last year. Year-to-date earnings are down $0.08 due to the impact of mild winter weather in the first quarter.

Our corporate and other businesses reported their loss for the quarter of $0.02 per share compared to a loss of $0.01 per share in 2011. For the six-month period, these businesses reported earnings per share of $0.04 compared to $0.03 in the same period last year.

Next, I'd like to touch on economic trends in our service area, as shown on Slide 6. We continue to see new business growth and expansion of existing businesses. In the second quarter, company's announced plans to invest $289 million with expectations of creating over 350 jobs in our South Carolina territory.

Our gas businesses in North Carolina also saw a promising quarter of economic announcements, with companies projecting investment of $325 million and over 1,400 jobs. We are pleased that this year is shaping out to be another solid year in terms of economic development in our territories.

On the heels of these major economic announcements, unemployment rates remain stable. Major businesses such as Boeing and Amazon that have located in our territory hiring employees quickly, and we're pleased to see these recent industrial expansions translating into jobs.

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