Summary
Dominion Energy, Inc. (D) reported its first quarter 2012 financial results, showing a slight increase in net income attributable to Dominion to $494 million, or $0.86 per diluted share, compared to $479 million, or $0.82 per diluted share, in the first quarter of 2011. This improvement was driven by the absence of a significant impairment charge recorded in the prior year and a lower effective income tax rate, partially offset by decreased margins from merchant generation operations and less favorable weather impacting electric utility operations. Operationally, revenue saw a notable decrease of $565 million, primarily due to lower energy-related purchases and decreased wholesale energy prices. The company continues to invest in its infrastructure, with net cash used in investing activities increasing due to higher capital expenditures. Management remains confident in the company's liquidity, supported by substantial unused capacity under its credit facilities.
Financial Highlights
48 data points| Revenue | $3.40B |
| Operating Expenses | $2.48B |
| Operating Income | $918.00M |
| Net Income | $494.00M |
| EPS (Basic) | $0.86 |
| EPS (Diluted) | $0.86 |
| Shares Outstanding (Basic) | 570.50M |
| Shares Outstanding (Diluted) | 571.90M |
Key Highlights
- 1Net income attributable to Dominion increased by 3% to $494 million ($0.86/share) in Q1 2012, compared to $479 million ($0.82/share) in Q1 2011.
- 2Operating revenue decreased by $565 million to $3,492 million in Q1 2012, mainly due to lower energy-related purchases and decreased wholesale energy prices.
- 3The company's effective income tax rate decreased in Q1 2012, contributing positively to net income.
- 4Dominion Generation's net income contribution decreased by $75 million, primarily due to lower merchant generation margins and less favorable weather.
- 5DVP segment (regulated electric distribution and transmission) showed an increase in net income contribution of $17 million, driven by favorable weather, transmission equity returns, and retail energy marketing operations.
- 6Cash flow from operations increased significantly, with net cash provided by operating activities rising to $1,623 million in Q1 2012 from $912 million in Q1 2011.
- 7Capital expenditures increased, with net cash used in investing activities at $946 million in Q1 2012, up from $752 million in Q1 2011, reflecting investments in growth projects.