Dominion Resources Inc. (NYSE:D) reported its results for the third quarter. 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. D reported adjusted net income of 95 cents per share. By that measure, the company beat the mean estimate of 94 cents per share.
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.”
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).
Constellation Energy Group Inc. (NYSE:CEG) reported its results for the third quarter. Reported a profit of $73.7 million (36 cents per diluted share) in the quarter. Constellation Energy Group Inc. had a net loss of $1.41 billion or a loss $6.99 per share in the year earlier quarter. Revenue fell 11.3% to $3.52 billion from the year earlier quarter. CEG reported adjusted net income of 68 cents per share. By that measure, the company fell short of mean estimate of 89 cents per share. It fell short of the average revenue estimate of $4.45 billion.
“Our core businesses are performing well in a competitive price environment, benefitting in particular from strong results in our wholesale load serving business. We continue to make headway with our strategy to combine cost-effective conventional and renewable energy supply with an integrated mix of innovative energy management products and solutions,” said Mayo A. Shattuck III, chairman, president and chief executive officer of Constellation Energy.
Competitors to Watch: Calpine Corporation (NYSE:CPN), NRG Energy, Inc. (NYSE:NRG), Dynegy Inc. (NYSE:DYN), Exelon Corporation (NYSE:EXC), ALLETE, Inc. (NYSE:ALE), ITC Holdings Corp. (NYSE:ITC), Integrys Energy Group, Inc. (NYSE:TEG), The AES Corporation (NYSE:AES), Pepco Holdings, Inc. (NYSE:POM), and American Electric Power Co., Inc. (NYSE:AEP).