Summary
Dominion Energy, Inc. (D) reported its financial results for the second quarter and the first six months ended June 30, 2011. For the second quarter, net income attributable to Dominion was $336 million, or $0.58 per diluted share, a significant decrease compared to $1.761 billion, or $2.98 per diluted share, in the prior year's quarter. This decline was primarily due to the absence of a large gain on the sale of Appalachian E&P operations recorded in the second quarter of 2010. For the first six months of 2011, net income attributable to Dominion was $815 million, or $1.41 per diluted share, down from $1.935 billion, or $3.25 per diluted share, in the same period of 2010. The year-to-date decrease was also largely influenced by the prior year's gain from the E&P asset sale, alongside lower margins from merchant generation and unfavorable weather impacts on electric utility operations. The company's regulated utility segment (DVP) showed resilience with a slight increase in net income contribution year-over-year, while Dominion Generation experienced a notable decline.
Financial Highlights
48 data points| Revenue | $3.34B |
| Operating Expenses | $2.56B |
| Operating Income | $733.00M |
| Net Income | $336.00M |
| EPS (Basic) | $0.58 |
| EPS (Diluted) | $0.58 |
| Shares Outstanding (Basic) | 573.40M |
| Shares Outstanding (Diluted) | 575.20M |
Key Highlights
- 1Net income for the second quarter of 2011 decreased significantly to $336 million from $1.761 billion in Q2 2010, primarily due to the absence of a gain from the sale of Appalachian E&P operations.
- 2Year-to-date net income for 2011 was $815 million, down from $1.935 billion in the same period of 2010, again impacted by the prior year's asset sale gain.
- 3Diluted EPS for Q2 2011 was $0.58, a substantial drop from $2.98 in Q2 2010. Year-to-date diluted EPS was $1.41 in 2011, down from $3.25 in 2010.
- 4Dominion Generation segment experienced a notable decline in net income contribution, down $82 million year-over-year for the quarter and $109 million year-over-year for the year-to-date period, attributed to lower merchant generation margins and increased outage costs.
- 5The regulated electric utility segment (DVP) showed stable performance, with a slight increase in net income contribution year-over-year for both the quarter and year-to-date periods.
- 6The company's liquidity remains adequate with $1.7 billion in unused capacity under its credit facilities as of June 30, 2011.
- 7Dominion announced plans to shut down its State Line merchant generation facility by mid-2014 and retire two units at Salem Harbor by the end of 2011, with all four units to be retired by June 1, 2014.