Dominion profit climbs in 3Q as utility improves

Dominion profits rise 17 percent in 3rd quarter on strength in utility, transmission business

• On 10:46 am EDT, Friday October 30, 2009

RICHMOND, Va. (AP) -- Power company Dominion said Friday that its third-quarter profit rose 17 percent, helped by improvements in its regulated electric utility and gas transmission businesses.

Dominion earned $594 million, or $1 per share, for the quarter ended Sept. 30 compared with $508 million, or 87 cents per share, in the year-ago quarter. Excluding items, operating earnings were 99 cents per share in the latest quarter.

Revenue fell 16 percent to $3.65 billion from $4.37 billion.

Analysts surveyed by Thomson Reuters expected Dominion to post profit of 90 cents per share on revenue of $3.9 billion. Analyst estimates typically exclude special items.

The company said earnings were strong despite a cool summer that drove down demand for electricity.

Dominion said it expects operating profit of 55 cents to 65 cents per share in the fourth quarter and $3.20 to $3.40 per share in 2010. Wall Street projects profit per share of 67 cents in the fourth quarter and $3.23 in 2010.

Dominion generates and distributes electricity and produces, stores and distributes natural gas. Its shares added 4 cents to $34.67 in morning trading.