Dominion Reports Mixed Results Ahead of Proposed Scana Purchase -- Earnings Review
By Imani Moise
Dominion Energy Inc. (D) reported fourth-quarter earnings Monday as the energy company looks to wrap up its deal to buy troubled energy company Scana Corp. Here's what you need to know:
EARNINGS: On an adjusted basis, the company reported earnings of 91 cents, ahead of analysts' expectations of 89 cents.
REVENUE: Revenue rose 4% to $3.21 billion, but missed the consensus forecast of $3.47 billion.
GUIDANCE: For 2018, the company forecast adjusted per-share earnings of $3.80 to $4.25, compared with $3.60 in 2017. Analysts have modeled per-share earnings of $4.04.
TAX WATCH: On an as-reported basis, the company's bottom line more than tripled to $1.4 billion due to a benefit from the recently enacted tax law changes.
DIVIDEND: Dominion said its board approved a 10% increase the annual dividend, raising the payout to $3.34 a share.
M&A UPDATE: The company did not provide an update on its acquisition of Scana Corp. which could face scrutiny from South Carolina lawmakers.
STOCK MOVE: Shares, inactive premarket, are down 6.9% so far this year.
Write to Imani Moise at firstname.lastname@example.org
(END) Dow Jones Newswires
January 29, 2018 08:41 ET (13:41 GMT)Copyright (c) 2018 Dow Jones & Company, Inc.