Scana Corp. (SCG, Financial) filed Quarterly Report for the period ended 2010-09-30.
Scana Corp. has a market cap of $5.2 billion; its shares were traded at around $41 with a P/E ratio of 14 and P/S ratio of 1.2. The dividend yield of Scana Corp. stocks is 4.5%. Scana Corp. had an annual average earning growth of 2.2% over the past 10 years.SCG is in the portfolios of John Hussman of Hussman Economtrics Advisors, Inc., John Hussman of Hussman Economtrics Advisors, Inc., Jim Simons of Renaissance Technologies LLC, Steven Cohen of SAC Capital Advisors.
Net income increased by $39.2 million due to higher electric margin and $8.8 million due to higher gas margin. These increases were partially offset by higher operating expenses of $16.8 million which are explained below, lower equity AFC of $6.7 million, higher interest expense of $12.0 million and $12.9 million due to the tax benefit and related interest income arising from the resolution of an income tax uncertainty in 2009. All amounts are net of tax.
Margin increased by $19.9 million due to higher SCPSCapproved retail electric base rates in July 2010 and by $8.2 million due to an increase in base rates approved by the SCPSC under the BLRA. These increases were partially offset by a reduction in usage, net of growth, of $1.5 million.
Margin increased by $19.9 million due to higher SCPSC-approved retail electric base rates in July 2010 and by $21.6 million due to an increase in base rates approved by the SCPSC under the BLRA. In addition, margin increased by $34.3 million due to higher residential and commercial customer usage, by $2.3 million due to higher industrial sales, by $6.3 million due to customer growth and by $4.2 million due to higher transmission revenue and off system sales. Although weather was abnormally cold in the first quarter of 2010 and significantly colder than in the same period in 2009, estimated incremental revenues of $25 million associated with this weather were deferred (see Note 2). Also, margin in the first quarter of 2010 was adjusted downward by $17.4 million to offset the acceleration of the recognition of previously deferred state income tax credits pursuant to an SCPSC regulatory order issued in connection with SCE&Gs annual fuel cost proceeding. (See also discussion at Income Taxes).
Other operation and maintenance expenses increased by $6.3 million due to higher incentive compensation and other benefits, by $9.2 million due to higher generation, transmission and distribution expenses and by $1.4 million due to higher customer service expenses and general expenses. Depreciation and amortization expense decreased due to the adoption of new, lower depreciation rates in late 2009, partially offset by net property additions. Other taxes increased primarily due to higher property taxes.
In September 2009, as a result of a favorable decision by the South Carolina Supreme Court regarding SCE&Gs EIZ Credits, SCE&G recorded the refund of the previously contested EIZ Credits of $15.3 million and an additional $14.3 million of interest income. SCE&G recorded a multi-year catch-up adjustment in the third quarter 2009 of approximately $6.3 million ($4.0 million after federal tax effect) as a reduction in income taxes. The interest income of $14.3 million ($8.8 million after tax effect) was recorded in the third quarter of 2009 within other income.
Read the The complete Report
Scana Corp. has a market cap of $5.2 billion; its shares were traded at around $41 with a P/E ratio of 14 and P/S ratio of 1.2. The dividend yield of Scana Corp. stocks is 4.5%. Scana Corp. had an annual average earning growth of 2.2% over the past 10 years.SCG is in the portfolios of John Hussman of Hussman Economtrics Advisors, Inc., John Hussman of Hussman Economtrics Advisors, Inc., Jim Simons of Renaissance Technologies LLC, Steven Cohen of SAC Capital Advisors.
Highlight of Business Operations:
Net income decreased due to higher operating expenses of $7.4 million which are explained below and $12.9 million due to the tax benefit and related interest income arising from the resolution of an income tax uncertainty in 2009. These decreases were partially offset by $18.6 million due to higher electric margin and $1.0 million due to higher gas margin. All amounts are net of tax.Net income increased by $39.2 million due to higher electric margin and $8.8 million due to higher gas margin. These increases were partially offset by higher operating expenses of $16.8 million which are explained below, lower equity AFC of $6.7 million, higher interest expense of $12.0 million and $12.9 million due to the tax benefit and related interest income arising from the resolution of an income tax uncertainty in 2009. All amounts are net of tax.
Margin increased by $19.9 million due to higher SCPSCapproved retail electric base rates in July 2010 and by $8.2 million due to an increase in base rates approved by the SCPSC under the BLRA. These increases were partially offset by a reduction in usage, net of growth, of $1.5 million.
Margin increased by $19.9 million due to higher SCPSC-approved retail electric base rates in July 2010 and by $21.6 million due to an increase in base rates approved by the SCPSC under the BLRA. In addition, margin increased by $34.3 million due to higher residential and commercial customer usage, by $2.3 million due to higher industrial sales, by $6.3 million due to customer growth and by $4.2 million due to higher transmission revenue and off system sales. Although weather was abnormally cold in the first quarter of 2010 and significantly colder than in the same period in 2009, estimated incremental revenues of $25 million associated with this weather were deferred (see Note 2). Also, margin in the first quarter of 2010 was adjusted downward by $17.4 million to offset the acceleration of the recognition of previously deferred state income tax credits pursuant to an SCPSC regulatory order issued in connection with SCE&Gs annual fuel cost proceeding. (See also discussion at Income Taxes).
Other operation and maintenance expenses increased by $6.3 million due to higher incentive compensation and other benefits, by $9.2 million due to higher generation, transmission and distribution expenses and by $1.4 million due to higher customer service expenses and general expenses. Depreciation and amortization expense decreased due to the adoption of new, lower depreciation rates in late 2009, partially offset by net property additions. Other taxes increased primarily due to higher property taxes.
In September 2009, as a result of a favorable decision by the South Carolina Supreme Court regarding SCE&Gs EIZ Credits, SCE&G recorded the refund of the previously contested EIZ Credits of $15.3 million and an additional $14.3 million of interest income. SCE&G recorded a multi-year catch-up adjustment in the third quarter 2009 of approximately $6.3 million ($4.0 million after federal tax effect) as a reduction in income taxes. The interest income of $14.3 million ($8.8 million after tax effect) was recorded in the third quarter of 2009 within other income.
Read the The complete Report
