Cold Weather Boosts Dominion Earnings

By Washington Business Journal

Dominion reports gains in fourth-quarter revenue, as its Virginia Power division turned in strong quarterly results.

Dominion's fourth-quarter revenue rose 15 percent to $3.7 billion. Operating earnings fell 2 percent to $366 million. Cold weather in the final months of the year boosted demand for electricity, pushing Virginia Power's operating earnings up 25 percent last quarter.

Dominion's fourth-quarter net income was $350 million, or 43 cents per share, compared with a net loss of $9 million, or 1 cent per share, a year ago.

Dominion also raised its annual shareholder dividend by nearly 8 percent, to $1.97 per share.

Dominion (NYSE: D) stock was down 25 cents to $43.54 per share Friday. Its share price has gained 21 percent in the past 12 months.

Copyright 2011 American City Business Journals

http://www.bizjournals.com/washington/news/2011/01/28/cold-weather-boosts-dominion-earnings.html?ana=thestreet

Copyright bizjournals.com 2010

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