Dominion Resources, Inc. (D) Tops Q1 EPS by 7c; Reaffirms

Dominion Resources, Inc. (NYSE: D) reported Q1 EPS of $1.04, $0.07 better than the analyst estimate of $0.97.

Dominion Resources, Inc. reaffirms FY2014 EPS of $3.35-$3.65.

Thomas F. Farrell II, chairman, president and chief executive officer, said:

"Our first-quarter results came in above our guidance range of $0.85 to $1.00 per share. While favorable weather in our electric service territory was a benefit of about 5 cents per share, we are pleased that other factors, including improved merchant generation margins, higher ancillary service revenues and lower operating expenses, produced results that were above expectations.

"During the quarter we also continued to move forward with our infrastructure growth plan. We received a Notice of Schedule from FERC for our Cove Point Liquefaction project and, pending receipt of regulatory approvals and permits, expect to commence construction later this year. We also commenced a non-binding open season for the Dominion Southeast Reliability Project, a new pipeline extending from the Marcellus and Utica Shale production regions to markets in Virginia and North Carolina.

"Construction of the Warren County Power Station and Brunswick County Power Station continues on time and on budget, and we announced the acquisition of six solar projects, totaling 139 megawatts, during the quarter."

For earnings history and earnings-related data on Dominion Resources, Inc. (D) click here.

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