Dominion Resources Inc. (D) expects its first-quarter earnings will come in near the bottom of its December guidance, the latest power company to report that milder-than-usual temperatures have compounded challenges facing the industry.
The Virginia electricity and natural gas company estimated the impact of the mild weather at 10 cents to 11 cents a share. The company in December had projected per-share profit of 85 cents to $1.
Dominion, which affirmed its guidance for the full year, expects to report its first-quarter results on April 26.
The company in January posted lower fourth-quarter profit on weakness in its wholesale power business, though it also said it sees growth in natural gas, particularly exports.
Shares recently fell 1.4% to $50.80 premarket. The stock is down roughly 3% this year.
-By Tess Stynes, Dow Jones Newswires; 212-416-2481; Tess.Stynes@dowjones.com