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SCANA reports fourth-quarter and year-end losses

Staff Report //February 22, 2018//

SCANA reports fourth-quarter and year-end losses

Staff Report //February 22, 2018//

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An impairment loss of $908 million for the quarter and $1.1 billion for the year related to the failed V.C. Summer nuclear power project led to SCANA reporting a loss of $445 million in the fourth quarter of 2017 and $119 million for the year on Thursday.

The $3.11 loss per share for the quarter compared to earnings of $124 million, or 87 cents per share, for the same period in 2016. The loss of 83 cents per share for 2017 compared to earnings of $595 million, or $4.16 per share, for the previous year.

The $559 million net impairment loss for the quarter translated to a loss of $3.91 per share. For the year, the $690 million net loss translated to a loss of $4.83 per share.

SCANA subsidiary S.C. Electric & Gas reported losses of $452 million, or $3.16 per share, for the quarter and $172 million, or $1.20 per share, for 2017. SCE&G reported earnings of $93 million, or 65 cents a share, for the fourth quarter in 2016 and $526 million, or $3.68 per share, for the year.

Milder weather in 2017 also contributed to decreased earnings, Cayce-based SCANA said in a news release. Earnings were also lower because of a loss arising from the re-measurement of deferred income taxes to reflect the reduction of the federal corporate tax rate from 35% to 21%.

SCANA’s board of directors declared a regular quarterly dividend of 61.25 cents per share on the company’s common stock for the quarter ending March 31, 2018. The dividend is payable April 1 to shareholders of record as of March 12.

PSNC Energy, SCANA’s North Carolina-based retail natural gas distribution subsidiary, reported earnings of $29 million (19 cents per share) for the fourth quarter and $72 million (50 cents per share) for 2017. SCANA attributed the increase primarily to higher gas revenues from customer growth.

SCANA said it would not provide 2018 or long-term earnings guidance because of the utility’s pending merger with Virginia-based Dominion Energy. The company also will not hold a conference call to discuss fourth-quarter and year-end earnings.

SCE&G owned 55% of the failed nuclear reactor project at the V.C. Summer nuclear power station in Fairfield County.

Losses from the project also contributed to a third-quarter dip in earnings for both SCANA and SCE&G.

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