Dominion Operating Earnings Grow but Will Soon Shrink
Shares of Richmond, Va.-based Dominion Resources slipped 0.5% in Tuesday trading, following a Q2 2013 earnings report that showed the company earning operating profits of $0.62 per share, toward the low end of prior guidance of $0.60 to $0.70, and below analyst expectations of $0.65.
Under GAAP accounting standards, earnings amounted to $0.35 per share. Dominion clarified that net losses from discontinued operations at its Brayton Point and Kincaid power stations, plus an impairment charge for natural gas infrastructure assets and other one-time charges, accounted for the difference between GAAP earnings and operating earnings this quarter.
Dominion's operating earnings were up 5% from the same quarter of 2012.
Looking forward, Dominion guided investors to expect a small decline in operating earnings in Q3, predicting that operating earnings will range between $0.85 and $0.95 per share, down from $0.92 per share in Q3 2012. Full-year operating earnings guidance remains steady at between $3.20 and $3.50 per share.
The article Dominion Operating Earnings Grow but Will Soon Shrink originally appeared on Fool.com.Fool contributor Rich Smith has no position in any stocks mentioned. The Motley Fool recommends Dominion Resources. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
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