SCANA (SCG) Misses Q1 Earnings Estimates On Higher Costs
Zacks Investment Research | Apr 26, 2018 12:36AM ET
SCANA Corporation’s (NYSE:SCG) first-quarter 2018 earnings of $1.18 per share missed the Zacks Consensus Estimate of $1.44 and the year-ago quarter’s $1.19, thanks to a rise in expenses. This was partly offset by growth in customer base and improvement in gas margin.
Quarterly operating revenues increased to $1,180 million from $1,173 million in the year-ago quarter.
Segment Performance
South Carolina Electric & Gas Company (SCE&G): Quarterly profits from this segment — SCANA’s principal subsidiary — were $128 million, up from $112 million in the year-ago quarter on healthy gas margins.
As of Mar 31, 2018, SCE&G provided services to about 371,000 customers of natural gas, higher 2.9% annually and 723,000 electric clients, higher 1.4% annually.
PSNC Energy: This segment recorded profits of $49 million in the first quarter, higher than $43 million in the prior-year quarter. The upside was driven by an expanded customer base.
SCANA Energy Marketing: The segment saw profit of $17 million, higher from $15 million in the prior year quarter.
Expenses
During the first quarter, the company reported $991 million in operating expenses, higher than $853 million in the prior-year quarter.
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