Dominion Drops as Third-Quarter Profit Misses Estimates
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.
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