Scana Corp. Q1 Profit Surges, Reaffirms FY15 Adj. Earnings View

(RTTNews) - Scana Corp. (SCG) Thursday announced a surge in first quarter net earning to $400 million or $2.80 per share from $193 million or $1.37 per share last year. On an adjusted basis, earnings were $1.34 per share compared to $1.27 per share last year.

On average, 8 analysis polled by Thomson Reuters expected the company to earn $1.25 per share. Analysts estimates usually exclude special items.

Revenue for the quarter declined to $1.389 million from $1.590 million a year ago. Wall Street was looking for $1.50 billion.

Looking ahead to 2015, the Company estimates earnings per share to be in the range of $5.00 to $5.20, with an internal target of $5.10.

The company reaffirmed its 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 adjusted weather-normalized earnings per share is 3 to 6 percent over the next 3 to 5 years. Street expects $3.69 per share on revenue of $4.80 billion.

The company said the guidance excludes the effect of the aggregate gains of $1.41 per share recorded in the first quarter of 2015 from the sales of Carolina Gas Transmission and Scana Communications.