Dominion Resources, (D 2.62%) announced its Q1 2014 earnings today, exceeding expectations.
The utility reported adjusted earnings per share (EPS) of $1.04, $0.07 above analyst estimates and a full $0.21 above Q1 2013 adjusted EPS. Dominion Resources, had previously provided investors with a Q1 2014 earnings guidance range of $0.85 to $1.00.
"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," said Dominion Resources Chairman, President, and CEO Thomas Farrell II in a statement today.
Farrell also noted significant non-financial progress for Dominion this past quarter. Its Cove Point Liquefaction project (for LNG exports) jumped another regulatory hurdle, Dominion took non-binding steps toward building a pipeline to connect Virginia and North Carolina to the Marcellus and Utica Shale areas, and the company continues to push ahead on new power projects and solar acquisitions.
Taking a closer look at subsidiaries, Dominion's powerhouse generation unit saw earnings jump $55 million to $309 million. Its Dominion Energy gas business improved earnings by $29 million to reach $208 million, while regulated Dominion Virginia Power added on $15 million to hit $131 million in earnings.
