Summary
Dominion Energy, Inc. (D) reported its financial results for the second quarter and the first six months of 2013. For the second quarter, net income attributable to Dominion was $202 million, or $0.35 per diluted share, a decrease from $258 million, or $0.45 per diluted share, in the same period of 2012. For the year-to-date period, net income attributable to Dominion was $697 million, or $1.21 per diluted share, down from $752 million, or $1.31 per diluted share, in the prior year. The decrease in net income was primarily driven by lower net revenue across several segments, including retail energy marketing, producer services, and merchant generation. These were partially offset by increases in regulated natural gas transmission and electric utility operations. The company also incurred impairment charges for certain natural gas infrastructure assets and noted the absence of storm restoration costs that benefited the prior year's results. Significant asset dispositions and reclassifications to discontinued operations, such as the sale of Illinois Gas Contracts and the expected sale of Brayton Point, Kincaid, and Elwood, also impacted comparability. Virginia Power, a subsidiary, reported a strong increase in net income for both periods, driven by favorable weather impacts, rate adjustment clauses, and the absence of storm restoration costs. The company also benefited from lower interest expenses due to debt management. Dominion's overall liquidity remains adequate with significant capacity under its credit facilities.
Financial Highlights
47 data points| Revenue | $2.98B |
| Operating Expenses | $2.43B |
| Operating Income | $548.00M |
| Net Income | $202.00M |
| EPS (Basic) | $0.35 |
| EPS (Diluted) | $0.35 |
| Shares Outstanding (Basic) | 578.10M |
| Shares Outstanding (Diluted) | 578.90M |
Key Highlights
- 1Net income attributable to Dominion decreased by 22% to $202 million in Q2 2013 compared to $258 million in Q2 2012.
- 2Year-to-date net income attributable to Dominion decreased by 7% to $697 million in the first six months of 2013 compared to $752 million in the same period of 2012.
- 3The decrease in net income was primarily attributed to lower net revenue from retail energy marketing, producer services, and merchant generation operations.
- 4Virginia Power's net income saw a significant increase of 54% in Q2 2013 and 33% year-to-date, driven by favorable weather, rate adjustment clauses, and lower storm restoration costs.
- 5The company is actively managing its asset portfolio, with the sale of Illinois Gas Contracts completed and agreements in place for the sale of Brayton Point, Kincaid, and its interest in Elwood, which are classified as discontinued operations.
- 6Dominion issued $1.1 billion in Equity Units in June 2013 to fund general corporate purposes and its growth plan, including the Cove Point liquefaction project.
- 7Capital expenditures remain significant, particularly related to the planned construction of the Cove Point liquefaction project, leading to an increase in planned capital expenditures compared to previous forecasts.