SCANA Corp. Earnings: Profitable Quarterly Growth

Lower costs helped S&P 500 (NYSE:SPY) component SCANA Corporation (NYSE:SCG) pull in a higher profit in the fourth quarter. SCANA is engaged in the generation and sale of electricity, as well as in the purchase, sale and transportation of natural gas to its customers. It conducts other energy-related businesses and provides fiber optic communications in South Carolina.

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SCANA Earnings Cheat Sheet for the Fourth Quarter

Results: Net income for SCANA Corporation rose to $98 million (75 cents per share) vs. $95 million (74 cents per share) in the same quarter a year earlier. This marks a rise of 3.2% from the year earlier quarter.

Revenue: Fell 9.6% to $1.04 billion from the year earlier quarter.

Actual vs. Wall St. Expectations: SCANA Corporation fell short of the mean analyst estimate of 80 cents per share. It fell short of the average revenue estimate of $1.18 billion.

Quoting Management: “Our 2011 results were in line with our earnings expectations as we continue to deliver predictable growth for our shareholders,” said Jimmy Addison, Executive Vice President and Chief Financial Officer.  “I am also very pleased with our continued cost containment efforts during this economic recovery and more broadly, with South Carolina’s robust industrial announcements and the related new jobs.”

Key Stats:
SCANA has now seen net income rise in three straight quarters. In the third quarter, net income rose 4% and in the second quarter, the figure rose 3.7%.

A year-over-year revenue decrease last quarter snaps a streak of two consecutive quarters of revenue increases. Revenue rose 0.4% in the third quarter and 6.5% in the second quarter.

SCANA fell short of estimates last quarter after beating the mark the quarter before with net income of 81 cents versus a mean estimate of net income of 76 cents per share.

SCANA’s cost of sales fell 15.1% from a year earlier to $691 million. Last quarter, cost of sales was 66.7% or revenue versus 71% a year earlier.

Looking Forward: The average estimate for the first quarter of the next fiscal year remains unchanged at $1.10 a share. The average estimate hasn’t changed from $3.04 per share for the fiscal year.

(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)

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To contact the reporter on this story: Derek Hoffman at staff.writers@wallstcheatsheet.com

To contact the editor responsible for this story: Damien Hoffman at editors@wallstcheatsheet.com