SCANA Corporation today announced earnings for the second quarter of 2015 of $99 million, or earnings per share of 69 cents, compared to $96 million, or earnings per share of 68 cents, for the second quarter of 2014.

For the first six months of 2015, SCANA reported earnings of $499 million, or earnings per share of $3.49, compared to $289 million, or earnings per share of $2.05, for the same period in 2014.  Year to date 2015 earnings include a $202 million, net of taxes gain or $1.41 per share from the sale of two subsidiaries, Carolina Gas Transmission and SCANA Communications, Inc.  

"Electric margins continue to increase as expected due to financing cost recovery through the Base Load Review Act and customer growth," said Jimmy Addison, Executive Vice President and Chief Financial Officer.   "Compared to the second quarter of last year, electric margins due to weather were relatively flat, while accounting for a five cent per share decline year-to-date."

FINANCIAL RESULTS BY MAJOR LINES OF BUSINESS

South Carolina Electric & Gas Company

Reported earnings for the second quarter of 2015 at SCE&G, SCANA's principal subsidiary, were $111 million, or earnings per share of 77 cents, compared to $99 million, or earnings per share of 70 cents, in the second quarter of 2014.  Electric margins were higher due primarily to a Base Load Review Act rate increase and customer growth.  These items were offset by increases in expenses related to our capital program including interest expense, property taxes, depreciation and share dilution.  Abnormal weather increased earnings by 6 cents per share in the second quarter of 2015, consistent with the second quarter of 2014.  At June 30, 2015, SCE&G was serving approximately 695,000 electric customers and 342,000 natural gas customers, an increase of 1.6 and 3.0 percent, respectively, over the previous year.

PSNC Energy

PSNC Energy, the Company's North Carolina-based retail natural gas distribution subsidiary, reported breakeven results for the second quarter 2015, compared to earnings of 1 cent per share in 2014.  At June 30, 2015, PSNC Energy was serving approximately 519,000 customers, an increase of 2.7 percent over the previous year.

SCANA Energy - Georgia 

SCANA Energy, the Company's retail natural gas marketing business in Georgia, reported a seasonal loss of $5 million, or 4 cents per share, in the second quarter 2015, compared to a loss of $3 million, or 2 cents per share, in the second quarter of 2014. This decrease is primarily attributable to lower margins resulting from lower residential sales volumes, primarily in April. 

Corporate and Other, Net

SCANA's corporate and other businesses, which include SCANA Energy Marketing, the holding company, and prior to their sales, CGT and SCI, reported a loss of $7 million, or 4 cents per share in the second quarter of 2015, compared to a loss of $2 million, or 1 cent per share in the second quarter of 2014.  This change is primarily attributable to forgone earnings contributions from the subsidiaries that were sold during the first quarter of 2015.

EARNINGS OUTLOOK

The Company reaffirms its guidance for 2015 GAAP-adjusted weather-normalized earnings per share of $3.60 to $3.80, with an internal target of $3.70 per share.  The Company's targeted average annual growth rate for GAAP-adjusted weather-normalized earnings per share is 3 to 6 percent over the next 3 to 5 years. The Company previously reset its base year to 2014 GAAP-adjusted weather-normalized earnings per share of $3.58 (reflecting a downward adjustment of 21 cents per share to normalize weather in the electric business).  Excluded from estimated 2015 GAAP-adjusted weather-normalized earnings per share is the effect of the aggregate gains of $1.41 per share recorded in the first quarter of 2015 from the sales of CGT and SCI. 

The following information is provided in accordance with SEC Regulation G.  For 2015, the Company estimates that GAAP earnings per share will be in the range of $5.00 to $5.20, with an internal target of $5.10.  This estimate includes the effect of the item discussed in the preceding paragraph with respect to the sales of CGT and SCI.  Based on 2014 GAAP earnings per share of $3.79, the Company's targeted average annual earnings per share growth rate is 1 to 5 percent over the next 3 to 5 years.

The Company's management believes that these non-GAAP earnings and earnings growth measures provide a meaningful representation of the Company's fundamental earnings power and can aid in performing period-over-period financial analysis and comparison with peer group data. In management's opinion, these non-GAAP measures serve as useful indicators of the financial results of the Company's primary businesses and as a basis for management's provision of earnings guidance and growth projections. In addition, management uses these non-GAAP measures in making resource allocation and other budgetary and operational decisions. These non-GAAP measures are not intended to replace the GAAP measures of earnings per share or average annual earnings per share growth rate, but are offered as supplements to those GAAP measures.

Factors and risks that could impact future earnings are discussed in the Company's filings with the Securities and Exchange Commission and below under the Safe Harbor Statement.