- Dominion Resources (D +0.4%) edges higher after Q1 operating EPS of $0.99 fell from $1.04 a year ago but came in at the high end of its expectation for $0.85-$1 in per-share profit.
- D attributed the decline mostly to the absence of a gain on asset sales to Blue Racer, which knocked $0.06 off the bottom line, with lower merchant generation margins and a higher effective tax rate as other factors.
- Dominion Virginia, which provides electric service to ~2.5M customers, was the company’s best performer in Q1, with profit rising to $140M from $131M a year earlier; Dominion Generation was the biggest drag, with profit falling ~9% to $282M.
- D reaffirmed guidance for FY 2015, seeing EPS of $3.50-$3.85 vs. $3.69 analyst consensus estimate, but issued downside guidance for Q2, seeing operating EPS of $0.65-$0.75 vs. $0.79 consensus.