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Energy provider Dominion's 2Q profit falls

Published on NewsOK Modified: August 6, 2013 at 10:30 am •  Published: August 6, 2013

RICHMOND, Va. (AP) — Dominion Resources Inc. said Tuesday that its second-quarter profit fell nearly 22 percent as it discontinued operations at two power stations it's selling and had other restructuring charges.

The Richmond, Va.-based energy provider earned $202 million, or 35 cents per share, for the period ended June 30. That's down from $258 million, or 45 cents per share, a year ago.

Operating earnings, which Dominion uses as its primary performance measurement, grew 5 percent to 62 cents per share. Analysts polled by FactSet expected earnings of 65 cents per share.

The company recorded a $70 million loss from discontinued operations of its Brayton Point Power Station in Somerset, Mass., and a power station in the southern Illinois town of Kincaid, which Dominion has agreed to sell as part of its plan to exit the merchant coal-fired generation business. Dominion also recorded charges of $84 million related to an impairment of certain natural gas infrastructure assets, restructuring charges and other items.

Revenue slipped nearly 1 percent to $2.98 billion as electric sales fell and lower sales from producer services. Analysts expected $2.97 billion.

Its shares fell 12 cents to $59.46 in morning trading Tuesday.

The company said that it expects to report third-quarter operating earnings of 85 cents to 95 cents per share compared with 92 cents per share in the year-ago period.

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