Dominion Resources Operating Profit, Revenue Fall

By Anne Steele 

Dominion Resources Inc. reported a decline in operating profit and revenue in the most-recent quarter amid weather and refueling woes, and offered a disappointing outlook for the current quarter.

The Richmond, Va.-based utility said it expects to post third-quarter earnings in the range of 95 cents to $1.10 a share. Analysts had predicted $1.12 a share, according to Thomson Reuters. The company reaffirmed its yearly guidance for earnings of $3.60 to $4 a share.

During the June quarter, a 26% surge in profit in Dominion's electric generation segment was offset by declines in other segments.

In all, Dominion reported a profit of $452 million, or 73 cents a share, up from $413 million, or 70 cents a share, a year earlier.

Operating earnings fell to 71 cents a share from 73 cents a year before. The company, which blamed the slip on milder weather, a planned refueling outage and share dilution -- had guided for operating earnings of 65 cents to 75 cents a share.

Operating revenue slide 5.4% to $2.6 billion, below analyst estimates for $2.9 billion.

Shares, inactive premarket, have risen 14% so far this year.

Write to Anne Steele at [e-mail]

(END) Dow Jones Newswires

August 03, 2016 08:50 ET (12:50 GMT)

Copyright (c) 2016 Dow Jones & Company, Inc.