Dominion Resources Inc., the Richmond parent of Virginia Power, earned $337 million ($1.02 per share) in the third quarter, compared with a loss of $256 million (79 cents) in the same quarter a year earlier, mainly due to charges Dominion took to sell off a flagging telecommunications business and to absorb Hurricane Isabel costs. Revenue rose 15 percent, to $3.29 billion from $2.85 billion.
For the first nine months of 2004, Dominion earned $1 billion ($3.12 a share), up from $492 million ($1.56) in the same period a year earlier. Revenue rose 13 percent, to $10.21 billion from $9.06 billion.
The stock dropped $1.08 a share to close yesterday at $64.
* Danaher Corp., the maker of Craftsman hand tools and Fluke electronic testing equipment, said third-quarter profit rose, helped by the expanding economy and acquisitions.
Profit climbed to $200.8 million (62 cents a share) from $138.62 million (44 cents) in the same quarter a year earlier, the District-based company said in a statement. Sales rose 34 percent, to $1.75 billion from $1.31 billion.
For the first three quarters of the year, profit was $528.3 million ($1.63), up 44 percent from the $366.9 million ($1.16) reported for the same period in 2003. Sales rose 29 percent, to $4.9 billion from $3.8 billion. Shares of Danaher rose 23 cents, to $54.61.
* AvalonBay Communities Inc. earned $45.4 million (60 cents a share) in the third quarter, compared with $57.4 million (79 cents) in the same quarter a year earlier. For the first nine months of the year, the Alexandria apartment real estate investment trust earned $105.7 million ($1.39) compared with $171.2 million ($2.35) in the same period of 2003.
Funds from operations, a measure of profitability for REITs, were $63.6 million in the third quarter (86 cents), up from $56.2 million (80 cents).
* Capital Automotive REIT earned $21.8 million (50 cents a share) on revenue of $51.9 million, compared with profit of $13.1 million (40 cents) on revenue of $41.5 million in the same quarter a year earlier. Funds from operations were $32.3 million (64 cents), compared with $24.3 million (59 cents).
For the first nine months of the year, the McLean REIT, which owns the land and buildings of auto dealerships, earned $51.5 million ($1.21) on $148.2 million in revenue. In the same period of 2003, it earned $37.7 million ($1.22) on $121.1 million in revenue. Funds from operations were $83.8 million ($1.72), compared with $70.9 million ($1.79).
* Legg Mason Inc. said strong growth in its business managing money for wealthy people and institutions fueled a 38 percent increase in quarterly earnings.
The Baltimore investment company earned $91.7 million (81 cents a share) in the quarter ended Sept. 30, compared with $66.6 million (62 cents) in the same quarter of 2003. Revenue was $585.5 million, compared with $472.7 million. The biggest increase in revenue came from asset management, with revenue growth of more than 45 percent to $322.4 million.
For the first six months of Legg Mason's fiscal year, it earned $178.1 million ($1.57) on revenue of $1.1 billion, compared with profit of $125 million ($1.18) on revenue of $906.6 million in the same period a year earlier.
* Provident Bankshares Corp., a Baltimore bank with branches in the Washington area, said its third-quarter earnings grew 36 percent, to $18.1 million (54 cents a share) from $13.3 million (53 cents) in the same quarter of 2003. For the first nine months of the year, Provident earned $41.4 million ($1.38), compared with $37.3 million ($1.48) in the same period a year earlier.
Provident said the bottom-line growth was driven in part by its purchase of Virginia's Southern Financial Corp. earlier this year. Provident had $6.4 billion in assets, a 28.5 percent increase.
* SLM Corp., whose main business is the Sallie Mae student loan company, earned $357 million (80 cents a share) in the third quarter, compared with $480 million ($1.04) in the same quarter of 2003. SLM attributed the decline to one-time charges.
SLM also reports what it calls "core cash" results, which remove accounting-related factors that cause swings in results under generally accepted accounting rules. Under core cash, SLM earned $219 million, compared with $228 million a year earlier.
The company took a $130 million in charges during the quarter.
* Cardinal Financial Corp. said a 30 percent increase in loans led to more profit in the third quarter and pushed the company's assets above $1 billion.
The Tysons Corner banking company earned $1.3 million (7 cents a share), compared with $769,000 (6 cents) in the same quarter of 2003. Profit in the first nine months of the year was $2.6 million (14 cents), compared with $1.9 million (15 cents) in the same period a year earlier. Assets at Cardinal were $1.2 billion on Sept. 30, an 85 percent increase from a year earlier.
* Millennium Bankshares Corp., a Reston bank, said improved management of its balance sheet and a $30 million stock offering in May improved its third-quarter profit.
The company earned $635,000 (7 cents a share), compared with $183,000 (5 cents) in the third quarter of 2003. For the nine months ended Sept. 30, Millennium earned $1.2 million (18 cents), compared with $790,000 (20 cents) in the same period of 2003. The company's assets on Sept. 30 were $349.9 million, compared with $313.4 million on Dec. 31.