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SCANA posts Q4 net loss of $445M on VC Summer losses

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SCANA posts Q4 net loss of $445M on VC Summer losses

SCANA Corp. recorded a fourth-quarter 2017 net loss of $445 million, or $3.11 per share, stemming from an impairment loss of $908 million, $559 million after taxes, or $3.91 per share, associated with the abandonment of the V.C. Summer nuclear expansion project and a loss of $30 million, or 21 cents per share, resulting from the federal tax reform.

The troubled South Carolina company, which is in the middle of a $7.9 billion stock-for-stock merger deal with Richmond, Va.-headquartered Dominion Energy Inc., had booked $124 million, or 87 cents per share, in fourth-quarter 2016 net income.

The S&P Capital IQ consensus normalized EPS estimate for the 2017 fourth quarter was 92 cents.

SCANA generated $1.16 billion in fourth-quarter 2017 operating revenues, up from $1.06 billion a year earlier. The company reported an operating loss of $608 million in the most recent quarter, compared with operating income of $253 million in the prior-year period, results released Feb. 22 showed.

South Carolina Electric & Gas Co. incurred a net loss of $452 million, or $3.16 cents per share, compared with earnings of $93 million, or 65 cents per share, in the same quarter of 2016.

Public Service Co. of North Carolina Inc. d/b/a PSNC Energy contributed earnings of $72 million, or 50 cents per share, in fourth-quarter 2017, an increase from $57 million, or 40 cents per share, in the corresponding quarter of 2016.

Scana Energy Marketing Inc. d/b/a SCANA Energy reported fourth-quarter earnings of $27 million, or 19 cents per share, compared with $30 million, or 21 cents per share, in the same quarter of 2016.

On a full-year basis, SCANA reported a net loss of $119 million, or 83 cents per share, compared with earnings of $595 million, or $4.16 per share, in 2016.

The S&P Capital IQ consensus normalized EPS estimate for 2017 was $4.16.

The company attributed the net loss to an impairment loss of $1.12 billion, or $4.83 per share, associated with the V.C. Summer nuclear project and a loss due to the tax reform.

Full-year 2017 operating revenues grew to $4.41 billion, from $4.23 billion a year earlier, while operating income dipped to $76 million, compared with $1.15 billion in 2016.

SCANA will pay a first-quarter dividend of 61.25 cents per share on April 1 to shareholders of record at the close of business March 12.

The company did not provide 2018 or long-term earnings guidance and will not host a conference call due to its pending merger deal with Dominion Energy.