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SCANA earnings slide on higher costs

Oct 27, 2010 9:16:00 AM - thestate.com
SCANA Corp.’s third-quarter earnings fell nearly 2 percent as rising operating expenses offset higher power sales and profits at the Cayce-based electric and natural gas provider.

The parent of S.C. Electric & Gas reported today that earnings for the quarter ending Sept. 30 were $101 million, or 79 cents per diluted share, versus $103 million, or 84 cents per diluted share, a year earlier.

A year ago, SCANA received a $15 million state-tax refund after the S.C. Supreme Court allowed the company to carry over an unused investment tax credit from 1996. That added 11 cents per share to the third-quarter 2009 results, SCANA said.

This year, quarterly operations expenses rose nearly 20 percent on higher fuel costs. Interest expenses and property taxes also increased compared to last year, SCANA said.

But electric sales rose 7.6 percent in the quarter, while profit from power sales increased from a pair of rate hikes that took effect this year.

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