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SCANA reports Q3 earnings of $149M

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Staff Report
colanews@scbiznews.com
Published Oct. 29, 2015

SCANA Corporation today reported third-quarter earnings rose 3.5% to $149 million compared with $144 million for the third quarter of 2014.

So far this year, the power company reported earnings climbed 49.7% to $648 million compared with $433 million for the first nine months in 2014. Year to date earnings in 2015 include a $202 million sale of subsidiaries Carolina Gas Transmission and SCANA Communications Inc.

“We are pleased with the third quarter results and the accelerating customer growth in our electric and gas companies,” said Jimmy Addison, executive vice president and CFO. “For the year, electric margins have increased as expected due to financing cost recovery through the Base Load Review Act and customer growth. Additionally, abnormal weather contributed 11 cents per share to electric margins in the quarter and 22 cents per share to electric margins year to date.”

SCE&G reported third-quarter earnings of $167 million, compared with $157 million in the third quarter of 2014, and announced a customer base of 697,000 electric users and 343,000 natural gas customers. Those figures are good for an increase of 1.6% and 3.1%, respectively, over the previous year.

Electricity margins were higher largely due to both weather, the Base Load Review Act rate increase and customer growth, the company said.

Elsewhere, North Carolina-based PSNC Energy reported a seasonal loss of $5 million, compared with a loss of $3 million for the same quarter of 2014. As of Sept. 30 the company was serving 521,000 customers, an increase of 2.8% over the previous year. And Georgia’s SCANA Energy also reported a seasonal loss of $4 million, compared with a loss of $3 million during the same period last year.

SCANA’s corporate and other businesses, including SCANA Energy Marketing, reported a loss of $9 million during the third quarter compared with a loss of $7 million during the third quarter of 2014. This was primarily due to foregone earnings contributions from the two subsidiaries that were sold during the first quarter, the company noted.

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