Dominion Resources Operating Profit, Revenue Fall
August 03 2016 - 9:20AM
Dow Jones News
Dominion Resources Inc. reported a decline in operating profit
and revenue in the most-recent quarter amid weather and refueling
woes, and offered a disappointing outlook for the current
quarter.
The Richmond, Va.-based utility said it expects to post
third-quarter earnings in the range of 95 cents to $1.10 a share.
Analysts had predicted $1.12 a share, according to Thomson Reuters.
The company reaffirmed its yearly guidance for earnings of $3.60 to
$4 a share.
During the June quarter, a 26% surge in profit in Dominion's
electric generation segment was offset by declines in other
segments.
In all, Dominion reported a profit of $452 million, or 73 cents
a share, up from $413 million, or 70 cents a share, a year
earlier.
Operating earnings fell to 71 cents a share from 73 cents a year
before. The company, which blamed the slip on milder weather, a
planned refueling outage and share dilution—had guided for
operating earnings of 65 cents to 75 cents a share.
Operating revenue slide 5.4% to $2.6 billion, below analyst
estimates for $2.9 billion.
Shares, inactive premarket, have risen 14% so far this year.
Write to Anne Steele at Anne.Steele@wsj.com
(END) Dow Jones Newswires
August 03, 2016 09:05 ET (13:05 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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