Dominion Resources Inc. Earnings Cheat Sheet: Quarter Lacks Gusto

S&P 500 (NYSE:SPY) component Dominion Resources Inc. (NYSE:D) reported its results for the third 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 Third Quarter

Results: Net income for the electric utilities company fell to $392 million (69 cents per share) vs. $575 million (98 cents per share) a year earlier. This is a decline of 31.8% from the year earlier quarter.

Actual vs. Wall St. Expectations: D reported adjusted net income of 95 cents per share. By that measure, the company beat the mean estimate of 94 cents per share.

Quoting Management: Thomas F. Farrell II, chairman, president and chief executive officer, said: “Third quarter results were good and came at the mid-point of our $0.90 to $1.00 per share guidance range. Most importantly, we faced significant challenges during the quarter but were up to the task and performed well. While Hurricane Irene caused major outages on our electric transmission and distribution systems, extraordinary restoration efforts were completed by our employees and workers from our neighboring utility companies. Our thanks to all for outstanding work on such a monumental task.”

Key Stats:

The company beat estimates last quarter after being in line with expectations in the second quarter with net income of 59 cents per share.

Looking Forward: Analysts appear increasingly negative about the company’s results for the next quarter. The average estimate for the fourth quarter has moved down from 66 cents a share to 65 cents over the last sixty days. In the past month, the average estimate for the fiscal year has fallen from $3.16 per share to $3.14 abs.

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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(Source: Xignite Financials)