Summary
Dominion Energy, Inc. (D) reported its third-quarter and year-to-date financial results for the period ending September 29, 2010. The company saw a slight decrease in net income attributable to Dominion for the third quarter of 2010 compared to the same period in 2009, largely due to lower margins from merchant generation and the absence of earnings from divested Appalachian E&P operations, partially offset by favorable weather impacts on electric utility operations. For the year-to-date period, Dominion reported a significant increase in net income, driven primarily by a substantial gain on the sale of its Appalachian E&P operations and lower impairment charges. This positive performance was somewhat tempered by charges related to workforce reductions and a loss on the sale of Peoples. The company continues to manage its business through strategic divestitures and operational adjustments, with a focus on its regulated utility operations and energy infrastructure.
Financial Highlights
48 data points| Revenue | $3.95B |
| Operating Expenses | $2.83B |
| Operating Income | $1.12B |
| Net Income | $575.00M |
| EPS (Basic) | $0.98 |
| EPS (Diluted) | $0.98 |
| Shares Outstanding (Basic) | 585.00M |
| Shares Outstanding (Diluted) | 586.40M |
Key Highlights
- 1Net income attributable to Dominion decreased by 3% ($19 million) to $575 million for the third quarter of 2010 compared to $594 million in the prior year. Diluted EPS decreased to $0.98 from $1.00.
- 2Year-to-date net income attributable to Dominion increased significantly by 94% ($1.214 billion) to $2.510 billion in 2010, primarily driven by a $2.467 billion gain on the sale of Appalachian E&P operations.
- 3Operating revenue for Dominion increased by $320 million to $3.950 billion in the third quarter of 2010, largely due to higher electric utility operations driven by weather and rate adjustments.
- 4Virginia Power reported a 21% increase in net income to $380 million for the third quarter of 2010, driven by favorable weather and rate adjustment clauses, partially offset by workforce reduction charges.
- 5Dominion completed the sale of substantially all of its Appalachian E&P operations in April 2010 for approximately $3.5 billion, resulting in a significant after-tax gain.
- 6The company repurchased approximately 21.4 million shares of its common stock for about $900 million during the first nine months of 2010, utilizing proceeds from asset sales.
- 7Dominion and Virginia Power have entered into new, substantial credit facilities totaling $3.5 billion and $500 million, respectively, to ensure liquidity and support operations.