Scana Corp. (SCG, Financial) filed Quarterly Report for the period ended 2009-06-30.
SCANA Corporation is an energy-based holding company whose businesses include regulated electric and natural gas utility operations telecommunications and other non-regulated energy-related businesses. SCANA\'s subsidiaries serve electric customers in South Carolina North Carolina and Georgia. Scana Corp. has a market cap of $4.1 billion; its shares were traded at around $33.66 with a P/E ratio of 11.5 and P/S ratio of 0.8. The dividend yield of Scana Corp. stocks is 5.6%. Scana Corp. had an annual average earning growth of 4.2% over the past 10 years. GuruFocus rated Scana Corp. the business predictability rank of 3-star.
Margin decreased due to lower residential and customer usage (including the effects of weather) of $3.5 million, lower industrial sales of $2.6 million, and lower off-system sales of $2.6 million, partially offset by residential and commercial customer growth of $1.9 million and an increase in base rates by the Public Service Commission of South Carolina (SCPSC) under the Base Load Review Act (BLRA) of $1.8 million which became effective for bills rendered on or after March 29. 2009.
Margin decreased due to lower off-system sales of $8.2 million and lower industrial sales of $6.5 million, partially offset by higher residential and commercial customer usage (including the effects of weather) of $3.9 million, residential and commercial customer growth of $3.8 million and an increase in base rates by the SCPSC under the BLRA of $1.8 million which became effective for bills rendered on or after March 29. 2009.
Margin decreased due to lower customer usage of $2.8 million, partially offset by an increase of $2.0 million due to the SCPSC-approved increase in retail gas base rates which became effective with the first billing cycle of November 2008.
Other operation and maintenance expenses decreased primarily due to lower generation, transmission and distribution expense of $6.3 million and lower incentive compensation and other benefits of $5.2 million. Other taxes increased primarily due to higher property taxes.
Challenging conditions during 2008 tested the Company s liquidity and its ability to access short-term funding sources. During this period, all of the banks in the Company s revolving credit facilities fully funded draws requested of them. As of June 30, 2009, the Company had drawn approximately $280 million from its $650 million facilities, had approximately $116 million in commercial paper borrowings outstanding and approximately $172 million in cash and temporary investments. The Company regularly monitors the commercial paper and short-term credit markets to optimize the timing for repayment of the outstanding balance on its draws, while maintaining appropriate levels of liquidity.
Read the The complete ReportSCG is in the portfolios of John Hussman of Hussman Economtrics Advisors, Inc., Kenneth Fisher of Fisher Asset Management, LLC.
SCANA Corporation is an energy-based holding company whose businesses include regulated electric and natural gas utility operations telecommunications and other non-regulated energy-related businesses. SCANA\'s subsidiaries serve electric customers in South Carolina North Carolina and Georgia. Scana Corp. has a market cap of $4.1 billion; its shares were traded at around $33.66 with a P/E ratio of 11.5 and P/S ratio of 0.8. The dividend yield of Scana Corp. stocks is 5.6%. Scana Corp. had an annual average earning growth of 4.2% over the past 10 years. GuruFocus rated Scana Corp. the business predictability rank of 3-star.
Highlight of Business Operations:
Net income increased primarily due to lower operation and maintenance expenses of $5.9 million, partially offset by lower electric margin of $3.7 million and other variances which are explained in the follow pages.Margin decreased due to lower residential and customer usage (including the effects of weather) of $3.5 million, lower industrial sales of $2.6 million, and lower off-system sales of $2.6 million, partially offset by residential and commercial customer growth of $1.9 million and an increase in base rates by the Public Service Commission of South Carolina (SCPSC) under the Base Load Review Act (BLRA) of $1.8 million which became effective for bills rendered on or after March 29. 2009.
Margin decreased due to lower off-system sales of $8.2 million and lower industrial sales of $6.5 million, partially offset by higher residential and commercial customer usage (including the effects of weather) of $3.9 million, residential and commercial customer growth of $3.8 million and an increase in base rates by the SCPSC under the BLRA of $1.8 million which became effective for bills rendered on or after March 29. 2009.
Margin decreased due to lower customer usage of $2.8 million, partially offset by an increase of $2.0 million due to the SCPSC-approved increase in retail gas base rates which became effective with the first billing cycle of November 2008.
Other operation and maintenance expenses decreased primarily due to lower generation, transmission and distribution expense of $6.3 million and lower incentive compensation and other benefits of $5.2 million. Other taxes increased primarily due to higher property taxes.
Challenging conditions during 2008 tested the Company s liquidity and its ability to access short-term funding sources. During this period, all of the banks in the Company s revolving credit facilities fully funded draws requested of them. As of June 30, 2009, the Company had drawn approximately $280 million from its $650 million facilities, had approximately $116 million in commercial paper borrowings outstanding and approximately $172 million in cash and temporary investments. The Company regularly monitors the commercial paper and short-term credit markets to optimize the timing for repayment of the outstanding balance on its draws, while maintaining appropriate levels of liquidity.
Read the The complete ReportSCG is in the portfolios of John Hussman of Hussman Economtrics Advisors, Inc., Kenneth Fisher of Fisher Asset Management, LLC.
