DOW JONES NEWSWIRES
Scana Corp.'s (SCG) second-quarter profit slipped 3.5% on weak
electricity sales and share dilution.
Electricity demand in Scana's Carolinas service territory has
slumped during the economic downturn, offsetting continued customer
growth in the region and lower operating and maintenance
expenses.
The Columbia, S.C. electric and natural-gas utility company
reported earnings of $55 million, or 45 cents a share, down from
$57 million, or 48 cents a share, a year earlier. Revenue fell 28%
to $878 million.
Analysts polled by Thomson Reuters expected per-share earnings
of 45 cents on revenue of $1.2 billion.
Revenue from electricity dropped 9.6%, while regulated
natural-gas revenue slipped 35% and non-regulated gas revenue fell
49% on lower prices.
Scana, which is planning to build two new nuclear reactors in
South Carolina, also reaffirmed its full-year guidance of 2009
earnings in the range of $2.65 to $2.95 a share.
Shares of Scana closed at $35.32 on Wednesday and were inactive
premarket.
-By Christine Buurma, Dow Jones Newswires; 212-416-2143;
christine.buurma@dowjones.com