Dominion Resources Inc. Earnings: Below Street Expectations

S&P 500 (NYSE:SPY) component Dominion Resources Inc. (NYSE:D) reported its results for the fourth quarter. Dominion Resources supplies electricity and natural gas to various regions across the United States.

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Dominion Resources Earnings Cheat Sheet for the Fourth Quarter

Results: Net income for the electric utilities company fell to $201 million (35 cents per share) vs. $298 million (51 cents per share) a year earlier. This is a decline of 32.6% from the year earlier quarter.

Actual vs. Wall St. Expectations: D fell short of the mean analyst estimate of 64 cents per share.

Quoting Management: Thomas F. Farrell II, chairman, president and chief executive officer, said: “For Dominion, 2011 was a year of significant accomplishments. We completed several major capital projects in our strategic growth plan and made significant progress in the construction of several others. We delivered operating earnings per share within our guidance range in the face of a sluggish, yet improving economy, weak commodity prices and mild weather, particularly in the fourth quarter. The structural factors that will drive earnings growth remain in place, and we continue to expect operating earnings growth of five to six percent annually.”

Key Stats:

The company fell short of estimates last quarter after beating the mark the quarter before with net income of 95 cents versus a mean estimate of net income of 94 cents per share.

Looking Forward: The outlook for the company’s results in the upcoming quarter is unfavorable. The average estimate for the first quarter of the next fiscal year is 98 cents per share, down from $1.01 ninety days ago. The average estimate for the fiscal year is $3.11 per share, down from $3.14 ninety days ago.

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).

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(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)

To contact the reporter on this story: Derek Hoffman at staff.writers@wallstcheatsheet.com

To contact the editor responsible for this story: Damien Hoffman at editors@wallstcheatsheet.com