SCANA Corp Earnings Cheat Sheet: What Your Need to Know About the Quarter

Falling revenue did not prevent S&P 500 (NYSE:SPY) component SCANA Corporation (NYSE:SCG) from reporting a profit boost in the first quarter. SCANA Corporation is engaged in the generation and sale of electricity and in the purchase, sale and transportation of natural gas (NYSE:UNG) to its customers. It also conducts other energy-related businesses and provides fiber optic communications in South Carolina.

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SCANA Earnings Cheat Sheet for the First Quarter

Results: Net income for the diversified utilities company rose to $128 million ($1/share) vs. $127 million ($1.02/share) in the same quarter a year earlier. A rise of 0.8% from the year earlier quarter.

Revenue: Fell 10.3% to $1.28 billion YoY.

Actual vs. Wall St. Expectations: SCG beat the mean analyst estimate of 98 cents/share. Estimates ranged from 88 cents per share to $1.03 per share.

Quoting Management: “SCANA’s retail regulated first quarter earnings, which are weather normalized, were in line with our expectations,” said Jimmy Addison, Senior Vice President and Chief Financial Officer. “The two cents net decrease in earnings was driven by warmer temperatures in our Georgia market compared to the prior year, the Natural Gas Rate Stabilization Act decrease at SCE&G that went into effect in November 2010, higher depreciation, interest, and property tax expense, and share dilution which offset improved electric margins from base rate increases.”

Key Stats: A year-over-year revenue decrease last quarter snaps a streak of four consecutive quarters of revenue increases. The best quarter in that span was the third quarter of the last fiscal year, which saw revenue rise 18.1%.

Net income has increased 4.2% year over year on average across the last five quarters. The biggest gain came in the fourth of the last fiscal year, when income climbed 18.8% from the year earlier quarter.

Competitors to Watch: Dominion Resources, Inc. (NYSE:D), CenterPoint Energy, Inc. (NYSE:CNP), OGE Energy Corp. (NYSE:OGE), Integrys Energy Group, Inc. (NYSE:TEG), Avista Corporation (NYSE:AVA), The Empire District Electric Co. (NYSE:EDE), Wisconsin Energy Corp. (NYSE:WEC), CMS Energy Corporation (NYSE:CMS), TECO Energy, Inc. (NYSE:TE), and Unitil Corporation (NYSE:UTL).

Today’s Performance: Shares of SCG are trading at $40.44 as of April 27, 2011 at 11:12 AM ET, up from the previous closing price of $40.35.


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