Dominion’s profit up 17 percent, revenues fall
- October 30, 2009
Dominion Resources Inc. reported a 17 percent increase in its third quarter profit on lower financing costs and income taxes .
The utility said its net income rose to $594 million, compared with $508 million during last year’s third quarter. This came despite a 16 percent drop in revenue to $3.6 billion for the quarter.
“Our core businesses continued to deliver strong operating earnings results this quarter despite unfavorable weather in our electric service territory,” Dominion chairman, president and CEO Thomas F. Farrell II said in a statement. “Driven by the performance of our regulated businesses, and combined with lower financng costs and a lower effective income tax rate, our operating earnings exceeded the top end of our guidance range.”