RICHMOND, Va. (AP) — Dominion Resources Inc. said Wednesday that its first-quarter profit fell more than 23 percent on costs related to the repositioning of its producer-services business despite higher electricity sales.
The Richmond, Va., energy provider posted earnings of $379 million, or 65 cents per share, for the period ended March 31. That's down from $495 million, or 86 cents per share, a year ago.
Operating earnings grew to $1.04 per share. Dominion uses operating earnings that exclude certain items as its primary performance measurement. It excludes $193 million for costs related to a plan announced in August 2013 to exit all of its producer-services businesses except for its fuel-management services for Appalachia producers and Dominion affiliates.
Revenue increased 3 percent to $3.63 billion.
Analysts polled by FactSet expected earnings of 97 cents per share on revenue of $3.48 billion. Its shares rose 93 cents to $73.39 in midday trading.
The company said construction is proceeding on a 1,329-megawatt gas-fired plant in Warren County, Va., and is on schedule to start operating in the fourth quarter of 2014. Construction also is moving forward for a similar facility in Brunswick County, Va., that's expected to be in operation in mid-2016.
It also acquired six solar power projects during the quarter totaling 139 megawatts.
Dominion Resources, one of the nation's largest producers and transporters of energy, has a portfolio of about 23,600 megawatts of generation, 10,900 miles of natural gas transmission, gathering and storage pipeline and 6,400 miles of electric transmission lines. It also operates one of the nation's largest natural gas storage systems with 947 billion cubic feet of storage capacity and serves retail energy customers in 15 states.
Michael Felberbaum can be reached at http://www.twitter.com/MLFelberbaum .