Staff Report
Published Feb. 11, 2010

SCANA Corp. reported lower earnings for the fourth quarter and all of 2009 on Thursday, citing reduced customer demand for electricity amid the recession.

The utility reported fourth-quarter earnings of $76 million, or 62 cents per share, compared to $86 million, or 73 cents per share, for the same quarter in 2008. That was right in line with a survey of analyst estimates. At S.C. Electric & Gas, its largest subsidiary, earnings were down by nine cents per share compared with the same time last year.

For all of 2009, SCANA reported earnings of $348 million, or $2.85 per share, compared to $346 million, or $2.95 per share, in 2008. Slimmer profit margins more than offset rate increases and efficiency efforts at SCE&G, the company said. Its customer base for natural gas and electricity grew by slightly less than 1% during 2009, the company said.

“Stringent cost control measures were not enough to offset the electric margin erosion, dilution and reduced other income from asset sales in 2008,” said SCANA CFO Jimmy Addison.

For 2010, SCANA offered a preliminary estimate that earnings will be between $2.85 and $3.05 per share. The company said it continues to target an average annual earnings growth rate of 4% to 6% over the next three to five years.

SCANA stock rallied Thursday to post a gain of 31 cents by midday, to $34.94, as stocks in the energy sector broadly moved higher.