Scana Corp. (SCG, Financial) filed Quarterly Report for the period ended 2010-03-31.
Scana Corp. has a market cap of $4.79 billion; its shares were traded at around $38.6 with a P/E ratio of 13.6 and P/S ratio of 1.2. The dividend yield of Scana Corp. stocks is 5%. Scana Corp. had an annual average earning growth of 2.2% over the past 10 years.SCG is in the portfolios of Stanley Druckenmiller of Duquesne Capital Management, LLC, John Hussman of Hussman Economtrics Advisors, Inc., George Soros of Soros Fund Management LLC, Kenneth Fisher of Fisher Asset Management, LLC.
Margin increased due to higher residential and commercial customer usage of $25.7 million, higher industrial sales of $1.1 million, customer growth of $2.0 million and an increase in base rates approved by the SCPSC under the BLRA of $7.4 million. Although weather was abnormally cold in 2010 and significantly colder than in the same period in 2009, estimated incremental revenues of $25 million associated with this weather have been deferred within other current liabilities (for refund to customers) based upon a stipulation related to SCE&Gs 2010 electric base rate case proceeding (see Note 2). Also, margin in 2010 was adjusted downward by $17.4 million pursuant to an SCPSC regulatory order issued in connection with SCE&Gs annual fuel cost proceeding. (See also discussion at Income Taxes).
Operating revenues and gas purchased for resale increased primarily due to increased customer usage. Margin increased $3.9 million due to increased customer usage and $5.6 million due to the SCPSC-approved increase in retail gas base rates which became effective with the first billing cycle of November 2009.
Other operation and maintenance expenses increased by $2.0 million due to higher incentive compensation and other benefits and by $4.5 million due to higher generation, transmission and distribution 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.
(b) SCE&G and Fuel Company may issue commercial paper in the amounts of up to $350 million for SCE&G and up to $250 million for Fuel Company. Nuclear and fossil fuel inventories and emission allowances are financed through the issuance by Fuel Company of short-term commercial paper or LOC advances.
As of March 31, 2010, SCE&G Consolidated had drawn approximately $150 million from its $650 million facilities, had approximately $216 million in commercial paper borrowings outstanding, was obligated under $0.3 million in LOC-supported letters of credit and had approximately $54 million in cash and temporary investments. SCE&G Consolidated 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.
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Scana Corp. has a market cap of $4.79 billion; its shares were traded at around $38.6 with a P/E ratio of 13.6 and P/S ratio of 1.2. The dividend yield of Scana Corp. stocks is 5%. Scana Corp. had an annual average earning growth of 2.2% over the past 10 years.SCG is in the portfolios of Stanley Druckenmiller of Duquesne Capital Management, LLC, John Hussman of Hussman Economtrics Advisors, Inc., George Soros of Soros Fund Management LLC, Kenneth Fisher of Fisher Asset Management, LLC.
Highlight of Business Operations:
Net income increased by $7.0 million due to higher electric margin (excluding the effect of the $17.4 million adjustment described at Electric Operations) and $6.4 million due to higher gas margin. These increases were partially offset by higher operating expenses of $5.9 million which are explained below and higher interest expense of $4.4 million. All amounts are net of tax.Margin increased due to higher residential and commercial customer usage of $25.7 million, higher industrial sales of $1.1 million, customer growth of $2.0 million and an increase in base rates approved by the SCPSC under the BLRA of $7.4 million. Although weather was abnormally cold in 2010 and significantly colder than in the same period in 2009, estimated incremental revenues of $25 million associated with this weather have been deferred within other current liabilities (for refund to customers) based upon a stipulation related to SCE&Gs 2010 electric base rate case proceeding (see Note 2). Also, margin in 2010 was adjusted downward by $17.4 million pursuant to an SCPSC regulatory order issued in connection with SCE&Gs annual fuel cost proceeding. (See also discussion at Income Taxes).
Operating revenues and gas purchased for resale increased primarily due to increased customer usage. Margin increased $3.9 million due to increased customer usage and $5.6 million due to the SCPSC-approved increase in retail gas base rates which became effective with the first billing cycle of November 2009.
Other operation and maintenance expenses increased by $2.0 million due to higher incentive compensation and other benefits and by $4.5 million due to higher generation, transmission and distribution 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.
(b) SCE&G and Fuel Company may issue commercial paper in the amounts of up to $350 million for SCE&G and up to $250 million for Fuel Company. Nuclear and fossil fuel inventories and emission allowances are financed through the issuance by Fuel Company of short-term commercial paper or LOC advances.
As of March 31, 2010, SCE&G Consolidated had drawn approximately $150 million from its $650 million facilities, had approximately $216 million in commercial paper borrowings outstanding, was obligated under $0.3 million in LOC-supported letters of credit and had approximately $54 million in cash and temporary investments. SCE&G Consolidated 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.
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