SCANA (SCG) is an energy company that’s involved in regulated electric and natural gas utility operations and other energy-related businesses. SCANA was the S&P 500’s second-best performer on Thursday. After trading with weak sentiment for five weeks, SCANA regained strength last week. On February 22, SCANA opened the day higher and rallied to three-week high price levels.
The buying pressure in SCANA increased on Thursday following the release of the earnings report. According to management, the EPS (earnings per share) in 4Q17 was $1.01—better than analysts’ forecast of $0.85. The revenues in the fourth quarter were $1.16 billion—9.4% growth compared to SCANA’s revenues in the same period in 2016. The total quarterly operating revenues were $1.16 billion, which is higher than the forecast of $1.06 billion. After including the $908 million impairment loss from the VC summer nuclear construction project, the loss per share in 4Q17 was $3.11. Re-measuring deferred income taxes amid the Tax Cuts and Jobs Act also added a loss of $30 million.
Amid a pending merger with Dominion Energy (D), SCANA isn’t providing its 2018 outlook. Analysts expect the EPS in 1Q18 to be $0.67–$1.39 with a consensus of $1. SCANA also declared a quarterly dividend of $0.61 per share, which is in line with the market expectations. On February 22, SCANA rose 10.0% and closed the day at $39.93. SCANA is part of the S&P 500 Utilities sector, which gained 0.46% on Thursday.
Next, we’ll discuss how the S&P 500’s top losers performed on February 22.