SCANA Corporation announced Thursday earnings for the first quarter of 2014 of $193 million, or basic earnings per share of $1.37, compared to $151 million, or basic earnings per share of $1.13, for the first quarter of 2013.

"We are very pleased with the first quarter of 2014," said Jimmy Addison, executive vice president and chief financial officer.  "Margins were higher than last year due mainly to an extremely cold first quarter, continued customer growth in our service territories, and a rate increase at South Carolina Electric & Gas Company. As I noted during the 2013 year-end earnings call, the pilot eWNA program ended in December and our earnings are now subject to the impact of abnormal weather in our electric business."

FINANCIAL RESULTS BY MAJOR LINES OF BUSINESS

South Carolina Electric & Gas Company

Reported earnings for the first quarter of 2014 at South Carolina Electric & Gas Company (SCE&G), SCANA's principal subsidiary, were $126 million, or basic earnings per share of 89 cents, compared to $92 million, or basic earnings per share of 68 cents, in the first quarter of 2013. Higher electric margins due primarily to weather, a Base Load Review Act rate increase, and customer growth, as well as higher gas margins, were partially offset by increases in operations and maintenance expenses, as well as expenses related to our capital program including property taxes, depreciation and share dilution.  At March 31, 2014, SCE&G was serving approximately 681,000 electric customers and approximately 332,000 natural gas customers, up 1.3 and 2.4 percent over the previous year.

PSNC Energy

PSNC Energy, the Company's North Carolina-based retail natural gas distribution subsidiary, reported first quarter 2014 earnings of $33 million, or 24 cents per share, compared to $32 million, or 24 cents per share, in the first quarter of 2013.  Increases in margin due to customer growth were offset by higher depreciation and share dilution.  At March 31, 2014, PSNC Energy was serving approximately 512,000 customers, an increase of 2.3 percent over the previous year.

SCANA Energy - Georgia 

SCANA Energy, the Company's retail natural gas marketing business in Georgia, reported first quarter 2014 earnings of$22 million, or 16 cents per share, compared to $22 million, or 16 cents per share, in the first quarter of 2013. The effects of higher customer volumes arising from the abnormally cold weather during the quarter were offset by higher commodity prices experienced in serving the incremental volumes and price competition.

Corporate and Other, Net

SCANA's corporate and other businesses, which include Carolina Gas Transmission, SCANA Communications, ServiceCare, SCANA Energy Marketing and the holding company, reported earnings of $11 million, or 8 cents per share, compared to earnings of $6 million, or 5 cents per share in the first quarter of 2013. 

EARNINGS OUTLOOK

The Company reaffirms its guidance for 2014 earnings per share will be in the range of $3.45 to $3.65, with an internal target of $3.55 per share. The Company's average annual growth rate target is 3 to 6 percent over the next 3 to 5 years.

Factors and risks that could impact future earnings are discussed in the Company's filings with the Securities and Exchange Commission and below under the Safe Harbor Statement.