SCANA: 2Q Earnings Snapshot
CAYCE, S.C. (AP) — SCANA Corp. (SCG) on Thursday reported second-quarter profit of $8 million.
On a per-share basis, the Cayce, South Carolina-based company said it had net income of 6 cents. Earnings, adjusted for non-recurring costs, came to 67 cents per share.
The energy holding company posted revenue of $843 million in the period.
During the same period in 2017, SCANA had profits of $121 million or 85 cents per share. That was the quarter before the company announced it was no longer building two nuclear reactors in South Carolina.
A statement from the company blamed the steep decline in profits on setting aside money to pay for possible rate cuts passed by lawmakers angry over the project’s failure.
SCANA shares have risen slightly more than 1 percent since the beginning of the year, while the Standard & Poor’s 500 index has increased 5 percent. The stock has declined 40 percent in the last 12 months.
Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on SCG at https://www.zacks.com/ap/SCG