Dominion Energy 2Q Profit Slides on Climbing Costs
Dow Jones07-31
Dominion Energy recorded a smaller profit in the second quarter as cost growth outpaced revenue growth.
The electric-services company posted a profit of $340 million, or 37 cents a share, compared with $760 million, or 88 cents a share, in the same quarter a year earlier.
Stripping out one-time items, adjusted earnings were 79 cents a share. Analysts polled by FactSet had been expecting 68 cents a share.
Operating revenue climbed almost 18% to $4.48 billion, ahead of analyst projections for $4.04 billion.
Total operating expenses meanwhile surged 53% to $4.15 billion.
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