Dominion Resources Earnings: Profits Energized on Falling Revenue
Falling revenue did not prevent S&P 500 (NYSE:SPY) component Dominion Resources, Inc. (NYSE:D) from reporting a profit boost in the first quarter. Dominion Resources, Inc. supplies electricity and natural gas to various regions across the United States.
Dominion Resources Earnings Cheat Sheet for the First Quarter
Results: Net income for Dominion Resources, Inc. rose to $479 million (82 cents/share) vs. $174 million (28 cents/share) in the same quarter a year earlier. A more than twofold rise from the year earlier quarter.
Revenue: Fell 2.7% to $4.06 billion YoY.
Actual vs. Wall St. Expectations: D reported adjusted net income of 93 cents per share. By this measure, the company topped the mean analyst estimate of 91 cents/share. Estimates ranged from 88 cents per share to 93 cents per share.
Quoting Management: Thomas F. Farrell II, chairman, president and chief executive officer, said: “Dominion is off to a very good start in 2011. First quarter earnings were in the upper half of our guidance range. We continue to improve our safety performance, which is already in the top tier for our industry. All three of our business units performed well and delivered results that met or exceeded our expectations. We continue to move forward with our growth plans, completing several major projects and beginning several more.”
A year-over-year revenue decrease last quarter snaps a streak of two consecutive quarters of revenue increases. Revenue rose 15.1% in the fourth quarter of the last fiscal year and 8.3% in the third quarter of the last fiscal year.
Competitors to Watch: Integrys Energy Group, Inc. (NYSE:TEG), CenterPoint Energy, Inc. (NYSE:CNP), SCANA Corporation (NYSE:SCG), CMS Energy Corporation (NYSE:CMS), DTE Energy Company (NYSE:DTE), Ameren Corporation (NYSE:AEE), NiSource Inc. (NYSE:NI), Wisconsin Energy Corp. (NYSE:WEC), Sempra Energy (NYSE:SRE), and Avista Corporation (NYSE:AVA).
Today’s Performance: Shares of D are trading at $45.97 as of April 28, 2011 at 11:33 AM ET, down 0.2% from the previous close.