Dominion Drops as Third-Quarter Profit Misses Estimates

Dominion Resources Inc. (D), owner of Virginia’s largest electric utility, fell to the lowest in four months after third-quarter earnings lagged analysts’ estimates.

Dominion, based in Richmond, Virginia, declined 1 percent to $51.95 at the close in New York, the lowest price since June 5. The shares have dropped 2.1 percent this year.

Net income decreased to $209 million, or 36 cents a share, from $392 million, or 69 cents, a year earlier, the company said in a statement today. Excluding costs from shuttering plants like the Kewaunee nuclear reactor, profit was 92 cents a share, 5 cents less than the average of 14 estimates compiled by Bloomberg.

Dominion was hurt by lower-than-normal humidity that caused customers to run air conditioners less in the July-to-September period, Chief Financial Officer Mark McGettrick said during an earnings conference call today.

The quarter was “tough” for all of the company’s units, Julien Dumoulin-Smith, a New York-based analyst with UBS Securities LLC, wrote in a note to clients today.

To contact the reporter on this story: Julie Johnsson in Chicago at jjohnsson@bloomberg.net

To contact the editor responsible for this story: Susan Warren at susanwarren@bloomberg.net

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