Summary
Dominion Energy, Inc.'s (D) Q3 2014 10-Q filing shows a mixed financial performance compared to the prior year. For the three months ended September 30, 2014, Dominion reported net income attributable to Dominion of $529 million, a decrease from $569 million in the same period of 2013. This was driven by lower gains on asset sales and charges related to Virginia legislation concerning nuclear and offshore wind projects, partially offset by a lower effective tax rate. Year-to-date, net income decreased to $1.067 billion from $1.266 billion in 2013, impacted by similar factors including charges related to legislation and a repositioning of the producer services business, but benefited from the absence of discontinued operations losses. Financially, Dominion's total assets grew to $52.3 billion from $50.1 billion at the end of 2013. Long-term debt increased to $20.7 billion from $19.3 billion, reflecting significant investment activities. The company actively managed its capital structure, including the issuance of new debt and the redemption of existing debt, as well as the issuance of new equity units. Cash provided by operating activities decreased year-over-year, impacting overall liquidity, though the company maintained significant credit facility capacity.
Financial Highlights
46 data points| Revenue | $3.05B |
| Operating Expenses | $2.13B |
| Operating Income | $921.00M |
| Net Income | $529.00M |
| EPS (Basic) | $0.91 |
| EPS (Diluted) | $0.90 |
| Shares Outstanding (Basic) | 583.10M |
| Shares Outstanding (Diluted) | 584.60M |
Key Highlights
- 1Net income attributable to Dominion decreased to $529 million for Q3 2014 from $569 million in Q3 2013, and year-to-date net income fell to $1.067 billion from $1.266 billion.
- 2The decrease in earnings was attributed to lower asset sale gains and charges related to Virginia legislation on North Anna and offshore wind projects, partly offset by a lower effective tax rate.
- 3Total assets increased to $52.3 billion as of September 30, 2014, compared to $50.1 billion at December 31, 2013.
- 4Long-term debt rose to $20.7 billion from $19.3 billion, indicating continued investment and financing activities.
- 5The company issued new equity units and managed its debt portfolio through issuances and redemptions.
- 6Cash flow from operations decreased year-over-year, impacting liquidity, although significant credit facility capacity remained available.
- 7Dominion is investing in solar development projects and planning significant capital expenditures for future projects like the Atlantic Coast Pipeline.