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SCANA declares third-quarter earnings of $67M
Staff Report //October 25, 2018//
Listen to this articleSCANA Corp. reported third-quarter earnings of $67 million, or 47 cents per share, compared to earnings of $34 million, or 24 cents per share, for the third quarter of 2017.
SCANA said electricity revenues in the third quarter of 2018 were reduced by approximately $101 million as a result of a temporary 15% reduction in subsidiary S.C. Electric & Gas bills ordered by the S.C. Public Service Commission. Earnings were also affected by legal costs and financial advisory fees related to the project, as well as tax reform making interest expense non-deductible.
The third-quarter 2017 earnings included a $132 million net impairment loss associated with the abandoned V.C. Summer nuclear project, the Cayce-based utility said.
SCANA’s board of directors declared a quarterly dividend of 12.37 centers per share, payable on Jan. 1 to shareholders of record on Dec. 10.
First the first nine months of 2018, SCANA reported earnings of $244 million, or $1.71 per share, compared to $326 million, or $2.28 per share, for the same period in 2017.
SCE&G reported third-quarter 2018 earnings of $104 million, or 72 cents per share, compared to earnings of $42 million, or 29 cents per share, for the same period in 2017.
For the first nine months of 2018, SCE&G reported earnings of $262 million, compared to $280 million for the first nine months of 2017. Abnormal weather increased electric revenue by 23 cents per share during that time, compared to a decrease of 12 cents per share during the same period in 2017.
PSNC Energy, SCANA’s North Carolina-based retail natural gas distribution subsidiary, reported a loss of $7 million, or 5 cents per share, in the third quarter of 2018. SCANA attributed the loss to increased operational and maintenance expenses, depreciation and interest expense.
SCANA Energy Marketing, which markets natural gas in deregulated energy markets including Georgia, where SCANA does business as SCANA Energy, reported break-even results for the third quarter.
