Dominion Q4 Earnings Top Estimates, Revenue Misses; Q1 Outlook Weak

(RTTNews) - Electric utility Dominion (D) on Friday reported fourth-quarter earnings of $243 million or $0.42 per share compared with $431 million or $0.74 per share last year.

Excluding items, operating earnings for the quarter were $0.84 per share compared with $0.80 per share a year ago.

On average, 14 analysts polled by Thomson Reuters estimated earnings of $0.83 per share for the quarter. Analysts' estimates typically exclude special items.

Dominion's revenues for the quarter were lower at $2.94 billion compared with $3.19 billion in the prior year, hurt by lower revenues at Dominion Generation.

Analysts expected revenues of $3.10 billion for the quarter.

For the first quarter, Dominion expects operating earnings of $0.85 per share to $1.00 per share, while analysts expect $1.03 per share.

Dominion said the guidance reflects higher revenues from growth projects and higher merchant generation margins, while negative factors include a return to normal weather, the absence of an asset drop into its Blue Racer joint venture and higher operating and depreciation expense.

Dominion closed Friday at $75.71, down $2.98 or 3.79%, on a volume of 3.3 million shares on the NYSE. In after hours, the stock dropped $0.11 or 0.15%.