Dominion Reports Mixed Results Ahead of Proposed Scana Purchase -- Earnings Review

01/29/18 08:41 AM EST
   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 imani.moise@wsj.com

 

(END) Dow Jones Newswires

January 29, 2018 08:41 ET (13:41 GMT)

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