S&P 500 (NYSE:SPY) component Dominion Resources, Inc. (NYSE:D) reported its results for the second quarter. Dominion Resources, Inc. supplies electricity and natural gas to various regions across the United States.
Dominion Resources Earnings Cheat Sheet for the Second Quarter
Results: Net income for the electric utilities company fell to $336 million (58 cents per share) vs. $1.76 billion ($2.98 per share) a year earlier. This is a decline of 80.9% from the year earlier quarter.
Revenue: Rose 0.2% to $3.34 billion from the year earlier quarter.
Actual vs. Wall St. Expectations: D fell short of the mean analyst estimate of 60 cents per share. Analysts were expecting revenue of $3.36 billion.
Quoting Management: Thomas F. Farrell II, chairman, president and chief executive officer, said: “We are pleased with the second-quarter results that came in at the top end of our $0.50 to $0.60 per share guidance range.Most important, we continue to move forward on our long-term infrastructure growth plan, having completed several major projects and beginning several more. “In our Generation segment, Bear Garden, our 580-megawatt combined cycle plant, began commercial operation in May and was completed on time and on budget. Another major generation project, the 585-megawatt Virginia City Hybrid Energy Center, expected in service in summer 2012, is now about 90 percent complete and proceeding according to plan. We recently filed applications with the Virginia State Corporation Commission (NYSE:SCC) for Warren County, a 1,300-megawatt gas-fired combined cycle plant. Pending regulatory approval, construction on this facility should start in the spring of 2012. Other recent regulatory filings include the conversions of the coal-fired Altavista, Hopewell and Southampton stations to biomass, a renewable energy source. We expect completion of these conversions in 2013, pending regulatory approvals.”
The company fell short of estimates last quarter after beating the mark the quarter before with net income of 93 cents versus a mean estimate of net income of 91 cents per share.
Revenue rose last quarter after seeing a drop the quarter before. Revenue fell 2.7% to $4.06 billion in the first quarter from the year earlier.
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).
(Source: Xignite Financials)