Dominion Resources, Inc. (NYSE:DCUC) Q1 2016 Earnings Conference Call - Final Transcript

May 04, 2016 • 10:00 am ET


Dominion Resources, Inc. (NYSE:DCUC) Q1 2016 Earnings Conference Call - Final Transcript


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Good morning, and welcome to the Dominion Resources and Dominion Midstream Partners First Quarter Earnings Conference Call. [Operator Instructions] At the conclusion of today's presentation, we will open the floor for questions. Instructions will be given after the procedure to follow if you would like to ask a question.

I would now like to turn the conference over to Tom Hamlin, Vice President of Investor Relations and Financial Planning for the Safe Harbor Statement.

Thomas E. Hamlin

Good morning, and welcome to first quarter 2016 earnings conference call for Dominion Resources and Dominion Midstream Partners. During this call, we will refer to certain schedules included in this morning's earnings releases and pages from our Earnings Release Kit. Schedules in the Earnings Release Kit are intended to answer the more detailed questions pertaining to operating statistics and accounting. Investor Relations will be available after the call for any clarification of these schedules.

If you've not done so, I encourage you to visit the Investor Relations page on our website, register for email alerts and view our first quarter earnings documents. Our website addresses are, and In addition to the Earnings Release Kit, we have included a slide presentation on our website that will follow this morning's discussion.

And now for the usual cautionary language. The earnings releases and other matters that will be discussed on the call today may contain forward-looking statements and estimates that are subject to various risks and uncertainties. Please refer to our SEC filings, including our most recent Annual Reports on Form 10-K and our Quarterly Reports on Form 10-Q for a discussion of factors that may cause results to differ from management's projections, forecasts, estimates and expectations.

Also, on this call we will discuss some measures of our company's performance that differ from those recognized by GAAP. Reconciliation of our non-GAAP measures to most directly comparable GAAP financial measures we are able to calculate and report are contained in the Earnings Release Kit and Dominion Midstream's press release.

Joining us on the call this morning are our CEO, Tom Farrell, our CFO, Mark McGettrick, and other members of our management team. Mark will discuss our earnings results for the first quarter and Dominion's earnings guidance for the second quarter and full year 2016. Tom will review our operating and regulatory activity and review the progress we have made on our growth plans.

I will now turn the call over to Mark McGettrick.

Mark F. McGettrick

Good morning. Dominion Resources reported operating earnings of $0.96 per share for the first quarter of 2016, landing in the middle of our guidance range of $0.90 to $1.05 per share. Earnings drivers were as expected, with the exception of slightly milder weather, which was $0.03 per share lower than normal. GAAP earnings were $0.88 per share for the first quarter. The principal difference between GAAP and operating earnings was a charge relating to an organizational restructuring across our company made to improve the efficiency of our reporting structure. This one-time staffing charge will support lower