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Dominion Resources 4Q profit falls 33 percent
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RICHMOND, Va. - Electricity and natural gas utility operator Dominion Resources Inc. said Friday that fourth-quarter earnings fell 33 percent on mild winter weather and weaker margins on power generation.
The company said it expects first-quarter adjusted earnings of 85 cents to $1 per share, a range that covers the average forecast of analysts surveyed by Fact Set of 96 cents per share.
For all of 2012, the company expects adjusted earnings of $3.10 to $3.35 per share, in line with the $3.24 per share estimate of analysts.
Fourth-quarter net income was $201 million, or 35 cents per share, compared with $298 million, or 51 cents per share, a year earlier.
The company said that excluding items such as write-downs of power-generation facilities, it would have earned 58 cents per share.
Analysts, who usually exclude such items, expected 64 cents per share.
The Richmond company owns utilities in Virginia and North Carolina.
The shares fell 78 cents to $50.07 in midday trading.
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