SCANA Corporation Reports First Quarter Earnings of $47.0 Million

Strategic Insights -

SCANA Corporation's first quarter earnings have declined by 10 cents per share compared to the same period last year, primarily due to lower natural gas prices. The well-head price of natural gas averaged $1.45 per dekatherm in the first quarter of 1995, down from $2.21 per dekatherm in the first quarter of 1994. This decline in natural gas prices led to an operating loss of 10 cents per share for SCANA Petroleum Resources, Inc. (SPR), the company's non-regulated oil and gas exploration and production subsidiary. However, SCANA's gas transmission subsidiary and its affiliated marketing company have successfully competed with alternative fuel suppliers in industrial markets, resulting in an increase of 7 cents per share in combined earnings.

Key Takeaways:

  • SCANA Corporation's first quarter earnings declined by 10 cents per share to $47.0 million, or 97 cents per share of common stock, due to lower natural gas prices.
  • The well-head price of natural gas averaged $1.45 per dekatherm in the first quarter of 1995, down from $2.21 per dekatherm in the first quarter of 1994.
  • SCANA Petroleum Resources, Inc. (SPR) recorded an operating loss of 10 cents per share in the first quarter of 1995, compared to earnings of 3 cents per share in the same quarter last year.
  • Combined earnings at SCANA's gas transmission subsidiary and its affiliated marketing company increased 7 cents per share compared to the first quarter last year.
  • South Carolina Electric & Gas Company (SCE&G), SCANA's principal subsidiary, recorded higher sales of electricity in the first quarter, with a 1.4% increase in territorial kilowatt-hour sales of electricity over the same period last year.

Statistics:

  • First quarter earnings: $47.0 million, or 97 cents per share of common stock.
  • Decline in natural gas prices: 33% (from $2.21 per dekatherm to $1.45 per dekatherm).
  • Operating loss for SPR: 10 cents per share.
  • Increase in combined earnings for gas transmission subsidiary and affiliated marketing company: 7 cents per share.
  • Increase in territorial kilowatt-hour sales of electricity: 1.4% over the same period last year.
  • Increase in commercial sales: 2.7% over the same period last year.
  • Increase in industrial sales: 4.9% over the same period last year.

Sources:

  • PRNewswire, "SCANA Corporation Reports Consolidated Earnings for First Quarter of 1995," April 24, 1995.
  • SCANA Corporation, "First Quarter Earnings Release," 1995.