Dominion Resources (NYSE: D) announced operating earnings for the three months ended June 30, 2015, of $429 million ($0.73 per share), compared to operating earnings of $361 million ($0.62per share) for the same period in 2014. Operating earnings are defined as reported earnings, determined in accordance with Generally Accepted Accounting Principles (GAAP), adjusted for certain items.
Unaudited reported GAAP earnings for the three months ended June 30, 2015, were $413 million ($0.70 per share), compared with earnings of $159 million ($0.27 per share) for the same period in 2014.
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.
The principal differences between GAAP earnings and operating earnings for the quarter were charges associated with future ash pond closures.
“Our second-quarter operating earnings were near the top of our guidance range of $0.65 to $0.75 per share,” Thomas F. Farrell II, chairman, president and chief executive officer, said. “All of the major projects in our infrastructure growth plan continue to move forward on time and on budget. Construction onBrunswick County, the 1,358-megawatt natural gas combined-cycle facility is about 75 percent complete and scheduled to begin commercial operation in the middle of 2016. During the quarter we filed with the State Corporation Commission of Virginia for approval to construct a 1,588-megawatt gas-fired combined-cycle facility in Greensville County, Va., expected to begin operation in late 2018. Plans to develop 400 megawatts of utility-scale solar in Virginia are also underway.
“Our Cove Point liquefaction project is also progressing on time and on budget. The project overall is about 31 percent complete and engineering – at 90 percent – is nearly complete. We are continuing to work toward the commencement of Atlantic Coast Pipeline construction and anticipate filing for a FERC permit in September.”
The board of directors of Dominion declared a quarterly dividend of 64.75 cents per share of common stock. Dividends are payable on Sept. 20, 2015, to shareholders of record at the close of business Aug. 28, 2015.
This is the 350th consecutive dividend that Dominion or its predecessor company has paid holders of common stock. The company’s last quarterly dividend was declared May 13, 2015.
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