Dominion Resources Inc (D) has reported a 28.01 percent rise in profit for the quarter ended Dec. 31, 2016. The company has earned $457 million, or $0.73 a share in the quarter, compared with $357 million, or $0.60 a share for the same period last year.
Revenue during the quarter grew 20.58 percent to $3,082 million from $2,556 million in the previous year period. Gross margin for the quarter expanded 430 basis points over the previous year period to 76.09 percent. Total expenses were 73.43 percent of quarterly revenues, down from 75.04 percent for the same period last year. This has led to an improvement of 161 basis points in operating margin to 26.57 percent.
Operating income for the quarter was $819 million, compared with $638 million in the previous year period.
Thomas F. Farrell II, chairman, president and chief executive officer, said: "We are very pleased with our strong safety, operational and financial performance in 2016. Operating earnings per share were in the middle of our guidance range and 10 percent above last year's. In December, our Board established a 2017 dividend rate that would result in an increase of 8 percent from 2016. This is the third straight year of 8 percent annual dividend growth, which is among the best in the industry. We anticipate being able to increase the dividend at greater than 8 percent beginning in 2018.
The company projects diluted earnings per share to be in the range of $0.90 to $1.10 for the first-quarter. For financial year 2017, the company projects diluted earnings per share to be in the range of $3.40 to $3.90.
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