Dominion Resources’ 1Q17 Revenues Rise 15.8% YoY
Dominion Resources reports higher revenues
Based in Richmond, Virginia, Dominion Resources (D) reported its 1Q17 financial results on May 4, 2017. The company reported total revenues of ~$3.4 billion for the quarter compared with its revenues of ~$2.9 billion in 1Q16.
Dominion Resources posted a 15.8% increase in revenues in 1Q17 compared to 1Q16, resulting from the contribution from Dominion Questar. The utility acquired gas distribution company Questar Corporation in early 2016.
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Dominion Resources (D) reported a 10.8% increase in total operating expenses to ~$2.3 billion compared to 1Q16, mainly due to the rise in purchased gas prices.
Dominion Virginia Power, Dominion Resources’ principal regulated utility, increased its customer base 1% in 1Q17 compared to 1Q16.
Relatively milder weather in 1Q17 hampered the top line of Dominion Resources. During the quarter, its total electricity sales volume fell 3.1% compared to 1Q16.
Dominion Resources obtains revenues from its diversified electric and gas operations, and it has core operations in electric and gas distribution. The company has also been actively expanding in the midstream and solar spaces.
Duke Energy (DUK) plans to report its 1Q17 earnings on May 9, 2017. For a pre-earnings review of DUK, please read Can Duke Energy Beat Analysts’ 1Q17 Revenue Estimates?