Earnings: Dominion, United Therapeutics, Vanda
*Dominion Resources of Richmond said its first-quarter profit surged 50 percent, to $680 million ($1.18 a share) from $453 million (65 cents) in the comparable period a year earlier, on strength in its generation business and higher volumes and prices in its exploration and production segment. Revenue fell 6 percent, to $4.39 billion.
The company attributed results to deferred fuel expenses that weighed down the year-ago period, a growing merchant generation business, higher production and prices within its exploration and production unit, and a lower interest expense.
Dominion said it expects second-quarter 2008 operating earnings of 47 to 52 cents per share.
The company said it expects the sale of exploration and production businesses and higher expenses to hurt the quarter. However, Dominion predicts surging generation income and higher production and prices within its remaining exploration and production assets to aid the period.
*United Therapeutics of Silver Spring swung to a profit, earning $11.4 million (47 cents), compared with a loss of $2.8 million (13 cents). Revenue grew 55 percent, to $62 million, mostly due to sales of Remodulin, a drug used to treat pulmonary arterial hypertension.
*Vanda Pharmaceutical's first-quarter loss expanded to $19.2 million (72 cents) from $15.4 mlilion (61 cents). It had no revenue from services, though it did pull in $865,750 in interest income. The Rockville biotech, which works on treatments for central nervous system disorders, reaffirmed its 2008 guidance.
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