S&P 500 (NYSE:SPY) component Dominion Resources Inc. (NYSE:D) reported a lower net income in third quarter, missing analysts’ estimates. Dominion Resources supplies electricity and natural gas to various regions across the United States.
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Dominion Resources Inc. Earnings Cheat Sheet
Results: Net income for the utility-electric power fell to $209 million (36 cents per share) vs. $392 million (69 cents per share) a year earlier. This is a decline of 46.7% from the year-earlier quarter.
Actual vs. Wall St. Expectations: Dominion Resources Inc. fell short of the mean analyst estimate of 98 cents per share.
Quoting Management: Thomas F. Farrell II, chairman, president and chief executive officer, said, “Our third-quarter results came in toward the bottom of our guidance range of $0.90 to $1.00 reflecting the effects of unplanned outages at Millstone Unit two and our Hastings Extraction Plant, lower results from Dominion Retail and milder-than-normal weather in our electric service territory. We remain on track to deliver weather-normalized five percent to six percent earnings per share growth and continue to execute our long-term infrastructure growth plan.”
The company’s net income has fallen for two quarters in a row. In the second quarter, net income fell 23.2% from the year-earlier quarter.
The company fell short of estimates last quarter after being in line with expectations the quarter before with net income of 59 cents.
Looking Forward: The outlook for the company’s next-quarter results is favorable. The average estimate for the fourth quarter has reached 71 cents, up from 70 cents seven days ago. The average estimate for the fiscal year is $3.16 per share, down from $3.19 ninety days ago.
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(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
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