Dominion Increases 2001 Earnings Target by 30 Cents Per Share.Business Editors/High Tech Writers RICHMOND, Va.--(BUSINESS WIRE)--Jan. 10, 2001 Expects to Earn About $4.10 Per Share in 2001, $4.40 to $4.50 Per Share in 2002; Meet or Exceed Fourth-Quarter 2000 Estimates Dominion Resources Dominion NYSE: D (formerly Dominion Resources) is a power and energy company headquartered in Richmond, Virginia, USA, that supplies electricity, natural gas, or other energy services to homes in Virginia, West Virginia, Ohio, Pennsylvania, and eastern North Carolina. (NYSE NYSE See: New York Stock Exchange : D) today announced that it is raising its 2001 earnings target by 30 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. , attributable to expected strong revenues across all of its lines of business. This would represent nearly a 24 percent increase over current First Call analyst consensus earnings estimates of $3.31 per share in 2000. The new 2001 earnings goal includes expected earnings accretion of 5 cents per share resulting from the pending acquisition of the Millstone millstone Either of two flat, round stones used for grinding grain to make flour. The stationary bottom stone is carved with shallow grooved channels that radiate from the centre. The upper stone rotates horizontally, and has a central hole through which grain is poured. nuclear plant in Waterford, CT. Dominion also announced today that it is raising its 2002 earnings target to $4.40 to $4.50 per share, up from the previous target of $4.10 to $4.18 per share. In addition, Dominion announced that it expects to meet or exceed fourth-quarter 2000 First Call consensus analyst estimates of 57 cents per share, attributable to strong revenues. Dominion will announce fourth-quarter and full-year 2000 earnings on January 26. In addition, the company will host a conference call for investors on January 26 at 3:00 p.m. ET to review the fourth-quarter and full-year results, and will host analyst meetings on January 29 at 10:00 a.m. and 3:00 p.m. ET at the Four Seasons Hotel in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of to discuss in detail its strategic and financial outlook for 2001 and forward. Dominion is one of the nation's largest producers of energy, with a production capability of 2.7 trillion British Thermal Units British thermal unit, abbr. Btu, unit for measuring heat quantity in the customary system of English units of measurement, equal to the amount of heat required to raise the temperature of one pound of water at its maximum density [which occurs at a temperature of 39. (BTUs) of energy per day. The company has a power generation portfolio of more than 19,000 megawatts, which is expected to grow to more than 28,000 megawatts by 2005. Dominion is also one of the largest independent oil and natural gas exploration and production companies in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. , with 2.8 trillion cubic feet equivalent of natural gas reserves, with an annual production capability of over 300 billion cubic feet equivalent of natural gas. The company has 7,600 miles of interstate natural gas pipeline with a delivery capability of 6.3 billion cubic feet per day. In addition, the company operates the nation's largest underground natural gas storage system, with more than 950 billion cubic feet of storage capacity. Dominion also serves 3.8 million retail natural gas and electric customers, and owns a telecommunications business that is expanding its fiber-optic network from its current 35,000 fiber miles (3,600 route miles) to more than 800,000 fiber miles (9,000 route miles). For more information about Dominion, visit the company's website at www.dom.com . This release contains forward-looking statements that are subject to various risks and uncertainties. A discussion of factors that may cause actual results to differ from management's projections, forecasts, estimates and expectations is available in company filings with the SEC, including the company's most recent Quarterly Report on Form 10-Q Form 10-Q See 10-Q. . They include fluctuations in energy-related commodities prices, weather conditions, capital market conditions, the risks of operating businesses in regulated industries that are in the process of becoming deregulated, and completing the divestiture of Dominion Capital, Inc. required of the company in connection with the CNG CNG Compressed Natural Gas CNG Calling (Tone) CNG Comfort Noise Generation CNG Cryptography Next Generation (Microsoft Windows Vista) CNG Centre National de Génotypage transaction. |
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