Pending Nuclear Project Derisking Should Be a Benefit for Scana Shareholders
We are reaffirming our $56 fair value estimate, narrow moat, and stable moat trend ratings for Scana after it announced earnings of $1.32 per share in the third quarter, up 27% from the third quarter of 2015. The sharp growth is somewhat deceiving given the record-warm summer weather in the quarter that resulted in a $0.16 EPS net benefit year over year. Adjusting for these weather benefits, Scana's performance is on track to meet our full-year forecast and management's $3.90-$4.10 EPS guidance....SCANA is a holding company. Through its regulated subsidiaries, the company is engaged in the generation, transmission, distribution and sale of electricity in South Carolina and in the purchase, transmission and sale of natural gas in North Carolina and South Carolina. Through its non-regulated subsidiary, the company markets natural gas to retail customers in Georgia and to wholesale customers in the southeast. In addition, the company's subsidiary, SCANA Services, Inc. provides primarily administrative and management services to the company's other subsidiaries.
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