By Connor Hart
Dominion Energy Inc. swung to a loss Monday, as increased sales were unable to offset increased operating costs.
The Richmond, Va.-based energy company reported a net loss attributable to the company of $453 million, or 58 cents a share, compared to net earnings of $285 million, or 33 cents a share, in the previous year.
Adjusted for costs including regulated asset retirements, charges associated with the sale of a nuclear power station and the mark-to-market impact of economic hedging activities, operating income was $658 million, or 77 cents a share.
Revenue for the quarter ended June 30 rose to $3.6 billion, compared to $3 billion in the prior year. Analysts were expecting revenue of $3.5 billion, according to FactSet.
Total operating expenses increased to $3.9 billion, up from $2.7 billion in the previous year. Impairments on assets and losses on the sales of assets largely attributed to the higher costs, as well as an increase in energy-related purchases and gas.
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(END) Dow Jones Newswires