Updated from 12:43 p.m.
Shares of energy and gas deliverer
were down 10% after the company said 2003 earnings are expected to be relatively flat due to "unforeseeable developments."
However, the company said its 2002 earnings outlook is on track and consistent with analysts' predictions.
Shares of Dominion closed down $5.67 at $52.23 on the
New York Stock Exchange
The company expects full-year 2002 earnings to range from $4.90 a share to $4.95 a share, compared with last year's $4.17 a share. Analysts have predicted the company will earn $4.91 a share.
The company said its 2003 earnings will be flat to up 4%. Dominion said its priority is to strengthen its balance sheet and debt ratios, moves that could reduce total earnings. Increased security costs at its six nuclear facilities and higher pension expenses are other reasons for the flat earnings, the company said.
The company, based in Richmond, Va., will announce its third-quarter earnings on Oct. 17. Analysts expect the company to earn $1.51 a share for the period.