Dive Brief:
- Dominion Resources Q3 2014 earnings were $529 million, $0.90 per share, down from Q3 2013’s $569 million, $0.98 per share. Q3 2014 operating earnings were $545 million, $0.93 per share, below analysts’ forecasted $0.96 per share and down from Q3 2013’s $583 million, $1.00 per share.
- Revenue fell 11% to $3.05 billion, below the analyst-forecasted $3.26 billion. Profit fell 7% on decreased revenue and $28 million in expenditures for the planning of a proposed third reactor at the North Anna nuclear power station and the development of ocean wind off Virginia’s Atlantic Coast.
- Per share earnings for 2014 are projected to be between $3.35 and $3.65. Q4 2014 per share operating earnings are projected to be between $0.80 and $0.90, up from Q4 2013’s operating earnings of $0.80 per share. Q4 2014 expenditures for the North Anna and offshore wind development are projected to be $44 million.
Dive Insight:
During Q3, Dominion got FERC approval for its Cove Point liquefaction project and began construction; announced the development of the Atlantic Coast Pipeline, which will deliver natural gas to the Southeast; neared completion of its Warren County Power Station and moved ahead on its Brunswick County Power Station; and proceeded with construction of seven solar projects expected to go online this year.
"Our third-quarter results were below the midpoint of our guidance range of $0.90 to $1.05 per share,” explained Chair/President/CEO Thomas F. Farrell II, because of “one of the mildest summers in the last 30 years. Excluding the eight cents per share impact of the mild weather, third quarter earnings would have been in the upper end of our range.”
