Utility firm Dominion Resources, Inc. (D) Thursday reported first-quarter earnings of $495 million, slightly up from $494 million in the previous year. Earnings per share remained flat at $0.86.
Adjusted for certain items, operating earnings for the three months ended March 31, 2013, amounted to $476 million or $0.83 per share, compared to originally reported operating earnings of $486 million or $0.85 per share a year earlier.
On average, nine analysts polled by Thomson Reuters expected the company to earn $0.90 per share for the quarter. Analysts' estimates typically exclude special items.
The company attributed the decrease in operating earnings mainly to lower merchant generation margins, higher than expected storm and service restoration costs, and lower contributions from unregulated retail energy marketing operations.
Looking ahead to the second quarter, the company expects operating earnings to be in the range of $0.60 to $0.70 per share. Analysts currently expect the company to earn $0.66 per share for the quarter.
The company also affirmed its 2013 operating earnings guidance of $3.20 to $3.50 per share. Analysts are looking for earnings of $3.38 per share for the year.
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