Energy provider Dominion's 1Q profit flat

Published on NewsOK Modified: April 25, 2013 at 11:08 am •  Published: April 25, 2013
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RICHMOND, Va. (AP) — Dominion Resources Inc. said Thursday its first-quarter profit was nearly unchanged as it spent more on storm-related costs and electric sales were lower than expected.

The Richmond, Va.-based energy provider said its earnings grew by $1 million, to $495 million, in the period ended March 31. Per-share earnings were unchanged at 86 cents.

Excluding certain items, the company's operating profit fell about 2 percent to 83 cents per share. Dominion uses operating earnings as its primary performance measurement.

Revenue grew nearly 4 percent to $3.52 billion.

Analysts polled by FactSet expected earnings of 90 cents per share on revenue of $3.18 billion.

Dominion Resources is one of the nation's largest producers and transporters of energy, running natural gas pipelines and electric transmission lines.

Part of the reason for the "challenging" quarter was the delayed start to operations at its large gas processing plant in Natrium, W.Va, said CEO Thomas Farrell in a statement. The plant will serve the energy-rich Marcellus and Utica shale regions. Other reasons included higher than normal costs to restore power after storms and weaker-than-expected electric sales.

In the current quarter, the company expects to benefit from a return to normal weather in areas where it provides electricity and higher revenues from its gas transmission projects.