By Joshua Jamerson

Dominion Resources Inc. said earnings could fall this year, hurt by import contract revenue at its Cove Point Terminal in Maryland, among other causes.

Dominion expects full-year 2017 operating earnings in the range of $3.40 to $3.90 a share, compared with full-year 2016 operating earnings of $3.80 a share in 2016. Analysts polled by Thomson Reuters expected $3.78 a share this year.

The company said lower revenue from import contracts at Cove Point, a refueling outage and lower hedged power prices at its Millstone power station in Connecticut, and a "step down" in solar investment tax credits, are expected to hurt results this year.

Dominion Resources -- with about 26,000 megawatts of generation, 14,400 miles of natural gas transmission, gathering and storage pipeline, and 6,500 miles of electric-transmission lines -- is a producer and transporter of energy. Dominion Resources formed Dominion Midstream Partners LP as a partnership to create a portfolio of natural gas terminaling, processing, storage and transportation assets.

Dominion Resources reported earnings of $457 million, or 73 cents a share, up from $357 million, or 60 cents a share, a year prior. Operating revenue came in at $3.08 billion, up from $2.56 billion in the year-earlier period.

Dominion Midstream reported earnings of $36.5 million, up from the year prior's $25.1 million. Operating revenue jumped 42% to $117.5 million.

Write to Joshua Jamerson at joshua.jamerson@wsj.com

(END) Dow Jones Newswires

February 01, 2017 08:40 ET (13:40 GMT)

Copyright (c) 2017 Dow Jones & Company, Inc.
Dominion Energy (NYSE:D)
Historical Stock Chart
From Mar 2024 to Apr 2024 Click Here for more Dominion Energy Charts.
Dominion Energy (NYSE:D)
Historical Stock Chart
From Apr 2023 to Apr 2024 Click Here for more Dominion Energy Charts.