South Carolina Electric & Gas owner reports $131 million 3Q gain

The parent company of South Carolina Electric & Gas Co. today posted a third quarter profit of $131 million, a 7.4 percent increase from the same period a year ago.

Cayce-based SCANA Corp. said the June-September gain totaled 94 cents on per-share basis.

SCE&G generated the bulk of the company’s earnings.

“We are pleased with the third-quarter results and our accelerating customer growth in our electric and gas businesses,” said Jimmy Addison, executive vice president and chief financial officer.

Year-to-date through Sept. 30, SCANA reported earnings of $368 million, or $2.67 a share, up 17 percent from the first nine months of 2012.

“For the year, margins have increased due to electric base rate increases and customer growth, as well as a return to normal weather in Georgia during the first quarter of 2013,” Addison said.

SCANA also reaffirmed its our earnings guidance for the year at $3.35 a share.

Third-quarter net income at SCE&G was $139 million, a 5 percent increase from a year ago. That gain was offset by capital improvement expenses and losses at other SCANA businesses.

As of Sept. 30, SCE&G had about 675,000 power customers and 325,000 natural gas customers, respective increases of 1.3 percent and 2.2 percent over 2012.

Contact John McDermott at 937-5572

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