SCANA Corporation 's SCG second-quarter 2018 earnings of 67 cents per share beat the Zacks Consensus Estimate of 59 cents. An expanded customer base, higher margin from SCANA Energy Marketing unit and benefits from tax reform have led to the outperformance.
The bottom line, however, deteriorated from the year-ago quarter's 85 cents. Credits associated to lower rate on electric revenues hurt the bottom line.
Quarterly operating revenues plunged to $843 million from $1,001 million in the year-ago quarter.
South Carolina Electric & Gas Company (SCE&G): Quarterly profits from this segment - SCANA's principal subsidiary - were $31 million, down from $126 million in the year-ago quarter on credits associated to lower rate on electric revenues.
As of Jun 30, 2018, SCE&G provided services to about 373,000 customers of natural gas, higher 2.9% annually and 727,000 electric clients, higher 1.3% annually.
PSNC Energy: This segment recorded $1 million of loss in the April-to-June quarter of 2018 against year-ago quarter profit of $2 million, thanks to higher expenses. The negatives were partially offset by a higher customer count.
SCANA Energy Marketing : The segment saw profits of $4 million, higher from $1 million in the prior-year quarter owing to a surge in margin and benefits from tax reform.
During the second quarter, the company reported $730 million in operating expenses, lower than $750 million in the prior-year quarter.
SCANA Corporation Price, Consensus and EPS Surprise
SCANA Corporation Price, Consensus and EPS Surprise | SCANA Corporation Quote
Zacks Rank & Stocks to Consider
SCANA carries a Zacks Rank #3 (Hold). Meanwhile, the prospective players in the energy space are Northern Oil and Gas, Inc. NOG , McDermott International, Inc. MDR and Murphy Oil Corp. MUR . While Murphy Oil carries a Zacks Rank #2 (Buy), McDermott and Northern Oil sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today's Zacks #1 Rank stocks here .
Northern Oil beat the Zacks Consensus Estimate in three of the prior four quarters, the average positive earnings surprise being 160.4%.
McDermott's earnings beat the Zacks Consensus Estimate in three of the last four quarters, the average positive surprise being 73.6%.
Murphy Oil's bottom line surpassed the consensus mark in each of the last four quarters, the average positive surprise being 102.5%.
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Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report SCANA Corporation (SCG): Free Stock Analysis Report McDermott International, Inc. (MDR): Free Stock Analysis Report Northern Oil and Gas, Inc. (NOG): Free Stock Analysis Report Murphy Oil Corporation (MUR): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research