Dominion Resources profit leaps 50 percent, beats Wall St.

RICHMOND, Va.—Utility Dominion Resources Inc. said Thursday its first-quarter earnings surged 50 percent on strength in its generation business and higher volumes and prices in its exploration and production segment.

The company earned $680 million, or $1.18 per share, compared with $453 million, or 65 cents per share, in the year-ago quarter. Operating earnings, which exclude certain one-time items, were $578 million, or $1 per share, compared with $518 million, or 74 cents per share, last year.

Revenue fell 6 percent to $4.39 billion from $4.66 billion in the year-ago quarter.

Analysts, who typically exclude one-time items, were expecting a profit of 89 cents per share on revenue of $4.08 billion, according to a poll by Thomson Financial.

The company attributed results to deferred fuel expenses that weighed down the year-ago period, a growing merchant generation business, higher production and prices within its exploration and production unit, and a lower interest expense.

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