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Dominion 1Q Net Rises 3.1% On Lower Costs, Virginia Power

DOW JONES NEWSWIRES Dominion Resources Inc.'s (D) first-quarter earnings rose 3.1% as the energy company reported lower overhead and a boost from its Virginia power business. For the current quarter, the company sees per-share earnings of 55 cents to 65 cents, shy of estimates from analysts polled by Thomson Reuters, who recently saw earnings of around 67 cents a share. Dominion's performance has stumbled in recent quarters, largely due to slides in its merchant generation business. Merchant generators sell power on the open market as opposed to at regulated rates. They have recently struggled with weak prices on the wholesale market, as natural gas prices have dropped. Dominion posted a profit of $494 million, or 86 cents a share, up from $479 million, or 82 cents a share, a year earlier. Excluding write-downs of utility and merchant stations and other items, earnings fell to 86 cents from 93 cents a share. In January, the company predicted adjusted earnings of 85 cents to $1 a share. The company said the decrease in adjusted earnings was largely due to warmer-than-normal weather in the regulated electric service territory and lower merchant generation margins, despite lower operations and maintenance expenses, higher contributions from unregulated energy marketing operations and a lower tax rate. At its merchant generation operations, profit dropped 15%. The Virginia power business, which operates utilities in Virginia and North Carolina, posted an 11% profit jump. Shares of the company, which affirmed its full-year guidance, were up 1.5% in premarket trading to $52. -By Kristin Jones; Dow Jones Newswires; 212-416-2208; [email protected]

Stock News for Dominion (D)
DateTimeHeadline
02/27/201712:12:00DVI and NRTC Team Up To Assist Grid Modernization Efforts
02/24/201716:30:00Dominion Sets Annual Meeting
02/23/201717:17:00Dominion East Ohio Standard Choice Offer Customers Will Pay NYMEX...
02/14/201708:00:00Dominion Solar Investment In Virginia Approaches $1 Billion
02/13/201714:45:00Dominion's Edward Baine Receives a Black Engineer of the Year...
02/06/201710:05:00Dominion to Gain 'Energy' With New Name, Rebranding
02/02/201712:23:00Dominion Resources and the Library of Virginia Honor Seven African-American...
02/01/201716:49:00Dominion East Ohio Reminds Customers Of Important Natural Gas...
02/01/201708:55:00Dominion Resources Warns of Lower Earnings in 2017
02/01/201708:52:00Dominion Resources Warns of Lower Earnings in 2017
02/01/201707:31:00Dominion Midstream Partners Announces Fourth-Quarter 2016 Earnings
02/01/201707:30:00Dominion Announces Fourth-Quarter and Full-Year 2016 Earnings
01/31/201715:09:00Dominion's Expanded EnergyShare Program Reaching Out To Aid Thousands...
01/25/201711:30:00Dominion Awards $50,000 to ArtStars Winners
01/24/201716:30:00Dominion Elects Two New Directors
01/24/201713:00:00Dominion Declares Quarterly Dividend of 75.5 Cents
01/24/201709:37:00Save Money with Energy Tips from Dominion East Ohio
01/19/201711:14:00Dominion's Project Plant It!® Now Open for Online Registration
01/18/201714:00:00Dominion Promotes Five to Its Executive Ranks
01/18/201709:30:00Dominion to Award $1 Million in Environmental Education and Stewardship...

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