RICHMOND, Va. (AP) — Dominion Resources is profitable again in the fourth quarter on gains from its power generation and electric service businesses and as it distanced itself from hefty charges related to the sale of certain power stations.
The Richmond, Va., energy provider on Friday posted earnings of $431 million, or 74 cents per share. That compares with a loss of $659 million, or $1.15 cents per share, a year ago.
In the year-ago period, Dominion recorded more than $1 billion in charges associated with fossil fuel-fired merchant power stations in the Midwest and the Northeast that Dominion decided to market for sale, the permanent shutdown of its Kewaunee nuclear power plant in Wisconsin, storm restoration costs in its Virginia and North Carolina service areas and other charges.
Operating earnings, which Dominion uses as its primary performance measurement, grew to 80 cents per share.
Revenue increased 3 percent to $3.18 billion.
Analysts polled by FactSet expected earnings of 89 cents per share on revenue of $3.16 billion.
Its shares fell 44 cents to $66.61 in morning trading Friday.
Dominion also said it anticipates full-year 2014 operating earnings between $3.35 and $3.65 per share. Analysts expect $3.58 per share.
For the full year, the company said it earned $1.7 billion, or $2.93 per share, compared with $302 million, or 53 cents per share, in the year-ago period. Revenue increased about 2 percent to $13.1 billion.
On Friday the company also said it expects to grow its contracted solar projects by nearly 250 megawatts with projects coming on line in 2014 and 2015. It also plans to exit the electric component of its unregulated retail energy marketing business. The sale is expected to be complete in the next several months.
Dominion Resources Inc., one of the nation's largest producers and transporters of energy, has a portfolio of about 27,500 megawatts of generation, 11,000 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.