South Carolina Electric & Gas parent sees 25% jump in 1Q profit
Profits at the owner of South Carolina Electric & Gas Co. jumped $30 million in the first quarter, up 25 percent compared to the same period a year ago.
Cayce-based SCANA Corp. said today it earned $151 million, or $1.13 per share.
“Financially, margins were higher than last year due to continued customer growth as well as rate increases at South Carolina Electric & Gas Company and improved results in our Georgia businesses,” said Jimmy Addison, executive vice president and chief financial officer.
The power rate increases helped boost earnings at SCE&G to $92 million, a 28 percent gain from the first quarter of 2012.
As of March 31, SCE&G served about 673,000 electric customers and approximately 325,000 natural gas customers, up 0.8 percent and 1.8 percent, respectively compared to that date last year.