Full-year 2012 operating earnings of $3.05 per share
Full-year 2012 GAAP earnings of $1.01 per share
Fourth-quarter 2012 operating earnings of 69 cents per share
Fourth-quarter 2012 GAAP loss of 66 cents per share
Company affirms 2013 operating earnings guidance of $3.20 to $3.50 per share
Conference call scheduled for 10 a.m. ET today
RICHMOND, Va. – Dominion (NYSE: D) today announced unaudited reported earnings determined in accordance with Generally Accepted Accounting Principles (GAAP) for the 12 months ended Dec. 31, 2012, of $581 million ($1.01 per share), compared with reported earnings of $1.41 billion ($2.45 per share) for the same period in 2011.
Operating earnings for the 12 months ended Dec. 31, 2012, amounted to $1.75 billion ($3.05 per share), compared to originally reported operating earnings of $1.75 billion ($3.05 per share) for the same period in 2011. Operating earnings are defined as reported (GAAP) earnings adjusted for certain items.
Dominion uses operating earnings as the primary performance measurement of its earnings guidance and results for public communications with analysts and investors. Dominion also uses operating earnings internally for budgeting, for reporting to the Board of Directors, for the company’s incentive compensation plans and for its targeted dividend payouts and other purposes. Dominion management believes operating earnings provide a more meaningful representation of the company’s fundamental earnings power.
The principal difference between GAAP earnings and operating earnings for fourth-quarter 2012 was an impairment charge of $731 million related to the Brayton Point merchant generating station, which is in the process of being sold.
Business segment results and detailed descriptions of items included in 2012 and 2011 reported earnings but excluded from operating earnings can be found on Schedules 1, 2 and 3 of this release.
Thomas F. Farrell II, chairman, president and chief executive officer, said:
“2012 was a year of significant accomplishments for Dominion. Several major capital projects were completed, significant progress was made on others and we worked to advance the next round of infrastructure growth.