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Growth projects contribute to YOY surge in Dominion earnings

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Growth projects contribute to YOY surge in Dominion earnings

Dominion Resources Inc. reported fourth-quarter 2016 operating earnings of $618 million, or 99 cents per share, missing the S&P Capital IQ consensus normalized EPS estimate by 1 cent. The result compares to operating earnings of $416 million, or 70 cents per share, in the same period of 2015.

For its business segments, Dominion Virginia Power, legally known as Virginia Electric and Power Co., posted operating earnings of $121 million, or 19 cents per share, an increase from the $108 million, or 18 cents per share, recorded in the 2015 fourth quarter.

Dominion Energy Inc.'s fourth-quarter operating earnings grew to $243 million, or 39 cents per share, from $171 million, or 29 cents per share. The 2016 results include Dominion Questar Corp. operations as of Sept. 16, 2016.

Dominion Generation Corp. recorded operating earnings of $331 million, or 53 cents per share, in the fourth quarter of 2016, compared with $218 million, or 37 cents per share, in the year-ago quarter.

On a GAAP basis, Dominion reported net income attributable to the company of $457 million, or 73 cents per share, in the 2016 fourth quarter, compared with $357 million, or 60 cents per share, in the corresponding quarter of 2015.

The company's operating revenue were up to $3.08 billion in the most recent quarter, from $2.56 billion in the 2015 fourth quarter, while income from operations grew year over year to $819 million from $638 million.

For full year 2016, Dominion reported operating earnings of $2.35 billion, or $3.80 per share, compared with $2.04 billion, or $3.44 per share in 2015. The S&P Capital IQ consensus normalized EPS estimate for 2016 was $3.81.

The company attributed the increase in operating earnings to growth projects in its regulated electric and gas service areas, lower capacity expenses and investment tax credits from solar facilities, offset by lower farmout earnings, higher depreciation, interest costs and share dilution.

Dominion Virginia Power's operating earnings fell to $484 million, or 78 cents per share in 2016, from $490 million, or 82 cents per share in 2015, while Dominion Generation's operating earnings increased to $1.40 billion, or $2.26 per share, in 2016, from $1.12 billion, or $1.89 per share, a year ago.

Dominion Energy operating earnings grew to $726 million, or $1.18 per share in the 2016, from $680 million, or $1.15 per share in 2015. The 2016 results include Dominion Questar operations as of Sept. 16, 2016.

On a GAAP basis, Dominion reported net income attributable to the company of $2.12 billion, or $3.44 per share, in 2016, compared with $1.90 billion, or $3.20 per share, in 2015.

The company's operating revenue totaled $11.73 billion in 2016, up from $11.68 billion in 2015, while income from operations was rose to $3.63 billion from $3.54 billion in 2015.

"We are very pleased with our strong safety, operational and financial performance in 2016. Operating earnings per share were in the middle of our guidance range and 10 percent above last year's," Dominion Chairman, President and CEO Thomas Farrell II said.

Dominion is targeting first-quarter 2016 operating EPS in the range of 90 cents to $1.10 and full-year 2017 operating EPS in the range of $3.40 to $3.90.

Dominion Midstream Partners sees growth in Q4, FY'16 earnings

Dominion Midstream Partners LP booked $45.8 million in adjusted EBITDA for the quarter ended Dec. 31, 2016, compared with $23.6 million for the same period of 2015.

The partnership recorded a $14.6 million year-over-year increase in distributable cash flow to $37.7 million for the most recent quarter, results released Feb. 1 showed.

Dominion Midstream reported fourth-quarter 2016 net income attributable to the partnership of $36.5 million on operating revenue of $177.5 million, compared with net income of $25.1 million on operating revenue of $82.7 million in the corresponding quarter of 2015.

On a full-year basis, the partnership reported adjusted EBITDA of $125.8 million for 2016, compared with $75.6 million for 2015. Distributable cash flow increased to $105.9 million in 2016, from $71.6 million in 2015.

Full-year net income attributable to the partnership rose to $106.4 million in 2016 from $72.5 million in 2015, while operating revenues were up to $441.3 million from $369.6 million in 2015.