Dominion Resources Inc. Earnings: Three Quarters of Declining Profit Snapped
S&P 500 (NYSE:SPY) component Dominion Resources Inc. (NYSE:D) reported its results for the first 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 First Quarter
Results: Net income for Dominion Resources Inc. rose to $494 million (86 cents per share) vs. $479 million (82 cents per share) in the same quarter a year earlier. This marks a rise of 3.1% from the year-earlier quarter.
Actual vs. Wall St. Expectations: Dominion Resources Inc. reported adjusted net income of 85 cents per share. By that measure, the company fell short of mean estimate of 87 cents per share.
Quoting Management: Thomas F. Farrell II, chairman, president and chief executive officer, said, “Our core businesses continued to deliver strong operating earnings results this quarter despite the effects of the warmest first quarter weather in more than 100 years in our electric service territory. We maintain our focus on meeting the growing infrastructure needs of customers in the energy markets we serve and are very pleased with the progress being made on projects in our infrastructure growth plan.”
The profit increase last quarter broke a three-quarter streak of profit decreases. In the fourth quarter of the last fiscal year, net income fell 32.6% from the year earlier, while the figure dropped 31.8% in the third quarter of the last fiscal year and 80.9% in the second quarter of the last fiscal year.
The company has now fallen short of estimates in the last two quarters. In the fourth quarter of the last fiscal year, it missed expectations by 6 cents with net income of 58 cents versus a mean estimate of net income of 64 cents per share.
Looking Forward: The average estimate for the second quarter is steady at 64 cents a share. The average estimate for the fiscal year is $3.20 per share, down from $3.25 ninety days ago.
(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
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