Summary
Dominion Energy, Inc.'s (D) second quarter 10-Q filing for the period ending June 30, 2012, reveals a decrease in net income attributable to Dominion by 23% compared to the prior year, largely driven by increased storm restoration costs and less favorable weather impacting electric utility operations. Year-to-date, net income saw an 8% decline due to similar factors, partially offset by lower operational expenses and gains from merchant generation activities. The company's financial position shows total assets of $46.4 billion and total liabilities of $34.2 billion as of June 30, 2012. Cash flow from operations for the year-to-date period was strong at $2.4 billion, supporting investing activities which primarily focused on capital expenditures for growth projects. While liquidity remains adequate with substantial unused credit facilities, investors should note the ongoing regulatory matters, particularly concerning transmission rates and environmental compliance, which could present future financial impacts.
Financial Highlights
48 data points| Revenue | $3.00B |
| Operating Expenses | $2.38B |
| Operating Income | $628.00M |
| Net Income | $258.00M |
| EPS (Basic) | $0.45 |
| EPS (Diluted) | $0.45 |
| Shares Outstanding (Basic) | 572.00M |
| Shares Outstanding (Diluted) | 573.10M |
Key Highlights
- 1Net income attributable to Dominion decreased by 23% to $258 million for the second quarter of 2012, compared to $336 million in the prior year.
- 2Year-to-date net income attributable to Dominion declined by 8% to $752 million, from $815 million in the same period of 2011.
- 3Operating revenue for Dominion decreased by $235 million in the second quarter and $756 million year-to-date, primarily due to lower merchant generation margins and electric utility sales.
- 4Storm damage and service restoration costs significantly increased operating expenses, contributing to the decline in net income.
- 5Dominion's total assets stood at $46.4 billion and total liabilities at $34.2 billion as of June 30, 2012.
- 6Cash flow from operations remained robust at $2.4 billion for the first six months of 2012, supporting capital expenditures.
- 7The company is managing ongoing regulatory matters, including appeals related to transmission rates and environmental compliance regulations, which could have future financial implications.