SCANA Earnings Cheat Sheet: Third Straight Quarter of Rising Profit

S&P 500 (NYSE:SPY) component SCANA Corporation (NYSE:SCG) reported its results for the second quarter. SCANA Corporation is engaged in the generation and sale of electricity and in the purchase, sale and transportation of natural gas 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 Second Quarter

Results: Net income for the diversified utilities company rose to $56 million (43 cents per share) vs. $54 million (43 cents per share) in the same quarter a year earlier. This marks a rise of 3.7% from the year earlier quarter.

Revenue: Rose 6.5% to $1 billion from the year earlier quarter.

Actual vs. Wall St. Expectations: SCG fell short of the mean analyst estimate of 49 cents per share. It beat the average revenue estimate of $917.5 million.

Quoting Management: “SCANA’s basic earnings for the second quarter of 2011 were higher than the second quarter of last year and in-line with our expectations,” said Jimmy Addison, senior vice president and chief financial officer. “The second quarter is cyclically our smallest earnings quarter with relatively narrow variances.”

Key Stats:

The company has now seen net income rise in three straight quarters. In the first quarter, net income rose 0.8% and in the fourth quarter of the last fiscal year, the figure rose 18.8%.

Gross margin shrank 0.9 percentage point to 27.9%. The contraction appeared to be driven by increased costs, which rose 7.8% from the year earlier quarter while revenue rose 6.5%.

The company fell short of forecasts after beating estimates in the previous two quarters. In the first quarter, it topped the mark by one cent, and in the fourth quarter of the last fiscal year, it was ahead by one cent.

Revenue rose last quarter after seeing a drop the quarter before. Revenue fell 10.3% to $1.28 billion in the first quarter from the year earlier.

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).

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(Source: Xignite Financials)

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