Dominion announces second-quarter earnings

dominion virginia powerDominion Resources today announced unaudited reported earnings determined in accordance with Generally Accepted Accounting Principles (reported earnings) for the three months ended June 30, 2016, of $452 million ($0.73 per share) compared with earnings of $413 million ($0.70 per share) for the same period in 2015.

Operating earnings for the three months ended June 30, 2016, amounted to $441 million ($0.71 per share), compared to operating earnings of $429 million ($0.73 per share) for the same period in 2015.  Operating earnings are defined as reported earnings adjusted for certain items.

The principal difference between reported earnings and operating earnings for the quarter is related to our investments in nuclear decommissioning trust funds.

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.

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

“Our second-quarter operating earnings were in the upper half of our guidance range of $0.65 to $0.75 per share.

“Strong operational and safety performance continued in the second quarter.  In addition, several milestones were reached in our growth projects. The 1,385-megawatt Brunswick County Power Station commenced commercial operations in April, ahead of schedule and under budget.  We also began construction on the 1,588-megawatt Greensville County combined cycle power station. We are looking forward to getting this state-of-the-art power station operating and providing energy to more than 400,000 customers.

“The Cove Point Liquefaction project is now 67 percent complete and continues on time and on budget for a late 2017 in-service date.  We continue to work toward the construction of the Atlantic Coast Pipeline and the related Supply Header project with an expected completion date of late 2018.”

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