Dominion Reports Profit Increase Thanks to Weather, Transactions
November 02 2015 - 9:26AM
Dow Jones News
By Lisa Beilfuss
Dominion Resources Inc. said profit rose 12% in the latest
quarter as the energy producer and transporter benefited from more
favorable weather and farm-out transactions.
Like many in the space, the sharply lower price of energy has
crimped the firm's results. But in the third quarter, Dominion said
a return to normal weather helped lift its bottom line. Earlier
Monday, electric-power producer Entergy Corp. similarly credited
better weather for its adjusted earnings increase.
Dominion also said transactions during the quarter helped boost
earnings. Last month, the company agreed to sell a third of its
solar portfolio to SunEdison Inc. for about $300 million, the
latest in a recent string of deals between the companies. In the
quarter, farm-out transactions added 5 cents to earnings per
share.
In all, the Richmond, Va., company reported a profit of $593
million, or $1.00 a share, up from $529 million, or 90 cents, a
year earlier. Excluding certain tax-related items, among others,
earnings per share rose to $1.03 from 93 cents.
Dominion had guided for adjusted earnings of 95 cents to $1.10 a
share.
For the current quarter, Dominion said it expects to earn an
adjusted 85 cents to 95 cents a share. Analysts have predicted 93
cents in per-share profit, according to Thomson Reuters.
Shares in the company, down about 7% this year, were inactive
premarket.
Write to Lisa Beilfuss at lisa.beilfuss@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
November 02, 2015 09:11 ET (14:11 GMT)
Copyright (c) 2015 Dow Jones & Company, Inc.
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