SCANA Corporation (SCG) has reported a 2.84 percent fall in profit for the quarter ended Mar. 31, 2017. The company has earned $171 million, or $1.19 a share in the quarter, compared with $176 million, or $1.23 a share for the same period last year.
Revenue during the quarter went up marginally by 0.09 percent to $1,173 million from $1,172 million in the previous year period. Total expenses were 73.06 percent of quarterly revenues, up from 71.76 percent for the same period last year. That has resulted in a contraction of 130 basis points in operating margin to 26.94 percent.
Operating income for the quarter was $316 million, compared with $331 million in the previous year period.
"Weather in the first quarter of this year was significantly milder than normal," said Jimmy Addison, Executive Vice president and chief executive officer. "While this mild weather caused lower electric margins, gas margins were up due to rate increases and customer growth in our North and South Carolina businesses."
For financial year 2017, SCANA Corporation projects diluted earnings per share to be in the range of $4.15 to $4.35 on adjusted basis.
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