SCANA reports financial results for second quarter 2018

SCANA Corporation (NYSE: SCG) announced earnings for the second quarter of 2018 of $8 million, or 6 cents per share, compared to earnings of $121 million, or 85 cents per share, for the second quarter of 2017.  The decrease in earnings is primarily attributable to rate-reduction credits for billed and unbilled electric revenues for the period of April 1, 2018 through June 30, 2018.  These credits accounted for a decrease in the quarter of $109 million, or 61 cents per share, and are a result of the order issued by the Public Service Commission of South Carolina (SCPSC) in response to the passage of Act 258 by the South Carolina General Assembly.  Higher legal costs and financial advisory fees, as well as the impact of tax reform at the holding company due to the non-deductibility of interest expense also had a negative impact on earnings for the quarter.

For the first six months of 2018, SCANA reported earnings of $177 million, or earnings per share of $1.24, compared to $292 million, or earnings per share of $2.04, for the same period in 2017.