Coal-fired plant deactivations reduce Dominion 2Q earnings - WOWK 13 Charleston, Huntington WV News, Weather, Sports

Coal-fired plant deactivations reduce Dominion 2Q earnings

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Dominion reported second quarter GAAP earnings on Aug. 6 of $202 million, or $0.35 per share, compared with $258 million, or $0.45 per share, for the same period in 2012.

Excluding special items, the company reported second-quarter operating earnings of $355 million, or $0.62 per share, compared with originally reported operating earnings of $337 million, or $0.59 per share, for the same period in 2012.  

Special items included a net loss from discontinued operations of the Brayton Point and Kincaid coal-fired power stations, the company said, as well as a net charge related to the impairment of certain natural gas infrastructure assets and the rescoping of activities of Producer Services.

"Our second-quarter results came in below the midpoint of our guidance range of $0.60 to $0.70 per share, reflecting the impact of lower than expected sales and lower contributions from Producer Services," said Chairman, President and CEO Thomas F. Farrell II. "Despite the challenging quarter, we remain focused on delivering 5 percent to 6 percent earnings per share growth this year."

The company attributed the increase in second-quarter 2013 operating earnings per share as compared with originally reported second-quarter 2012 operating earnings per share to higher revenues related to gas transmission growth projects and higher rate adjustment clause revenues. Negative factors for the quarter were a planned refueling outage at Millstone Power Station and lower contributions from unregulated retail energy marketing operations.

Dominion will host its second-quarter earnings conference call at 10 a.m. ET on Aug. 6. 

A live webcast of the conference call, including accompanying slides, and the Earnings Release Kit will be available on the company's investor information page.

Dominion shares trade on the New York Stock Exchange under the symbol D.