SCANA's basic earnings for the fourth quarter of 2011 were $98 million or 76 cents per share compared to $94 million or 74 cents per share for the same quarter in 2010.
Financial results by major lines of business
South Carolina Electric & Gas Company
South Carolina Electric & Gas Company (SCE&G), SCANA's principal subsidiary, reported earnings of $316 million or $2.46 per share for 2011, compared to $304 million or $2.42 per share in 2010. For the fourth quarter of 2011, SCE&G reported earnings of $65 million or 50 cents per share compared to $67 million or 52 cents per share in the same quarter of 2010.
The increase in annual earnings was due to higher margins from base rate increases under the Base Load Review Act, which were partially offset by higher interest expense, property taxes, depreciation, and share dilution.
At year-end 2011, SCE&G was serving approximately 664,000 electric customers and approximately 317,000 natural gas customers, up 0.5 and 1.1 percent, respectively, over 2010.
SCANA posts growth in 2011 earnings, reaffirms 2012 guidance
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