Dominion 2nd-quarter profit drops 21 percent

Dominion Resources Inc. (D) on Wednesday reported profit that declined by 21 percent in its second quarter, and beat analysts' expectations.

The Richmond, Virginia-based company said earnings fell to $159 million, or 27 cents per share, from $202 million, or 35 cents per share, in the same quarter a year earlier.

Earnings, adjusted for non-recurring costs, were 62 cents per share. The average estimate of analysts surveyed by Zacks Investment Research was for earnings of 61 cents per share.

The company said revenue dropped 5.6 percent to $2.81 billion from $2.98 billion in the same quarter a year earlier. The results met Wall Street forecasts.

Dominion Resources shares have increased $5.24, or 8.1 percent, to $69.93 since the beginning of the year, while the Standard & Poor's 500 index has risen 6.6 percent. The stock has climbed $10.53, or 18 percent, in the last 12 months.

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This story was generated automatically by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Full D report: http://www.zacks.com/ap/D

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Keywords:Dominion,Earnings Report