Dominion (D) Q2 Earnings in Line With Estimates, Revenues Beat

Dominion Energy Inc. D has reported second-quarter 2022 operating earnings of 77 cents per share, in line with the Zacks Consensus Estimate. Quarterly earnings were within the company’s guided range of 70-80 cents per share. Operating earnings improved 1.3% year over year.

The GAAP loss for the second quarter was 58 cents per share compared with a loss of 33 cents in the year-ago quarter.

Revenues

Dominion Energy’s total revenues were $3,596 million, which surpassed the Zacks Consensus Estimate of $3,386 million by 6.2%. Revenues improved 18.4% from $3,038 million in the year-ago quarter.

Dominion Energy Inc. Price, Consensus and EPS Surprise

 

Dominion Energy Inc. Price, Consensus and EPS Surprise

Dominion Energy Inc. price-consensus-eps-surprise-chart | Dominion Energy Inc. Quote

Highlights of the Release

Total operating expenses increased 46.3% year over year to $3,914 million due to higher electric fuel and other energy-related purchase costs, and increases in other operations and maintenance expenses.

Interest and related charges for the reported quarter were $47 million, down 90.9% from the year-ago period.

Segmental Details

Dominion Energy Virginia: Net income from the segment was $440 million, up 2.1% year over year.

Gas Distribution: Net income from the segment was $125 million, up 31.6% from the year-ago figure.

Dominion Energy South Carolina: Net income from the segment was $124 million, up 47.6% year over year.

Contracted Assets: Net income from the segment was $20 million, down 80.8% year over year.

Corporate and Other: Net loss was $51 million compared with a loss of $86 million in the year-ago quarter.

Financial Highlights

Cash and cash equivalents as of Jun 30, 2022, were $272 million compared with $283 million as of Dec 31, 2021.

The total long-term debt as of Jun 30, 2022, was $38,259 million, up from $37,426 million as of Dec 31, 2021.

For the first half of 2022, cash from operating activities was $1,361 million compared with $2,240 million in the year-ago period.

Guidance

Dominion has given the third-quarter 2022 operating earnings guidance between 98 cents and $1.13 per share. Notably, the company reported earnings of $1.11 per share in the year-ago period. The mid-point of the guided range is $1.05, lower than the current Zacks Consensus Estimate of $1.16 per share for the same period.    

Dominion has reiterated its 2022 earnings per share view at $3.95-$4.25. The mid-point of the guidance is $4.10 per share, which is lower than the Zacks Consensus Estimate of $4.11.

Growth capital expenditure for the 2022-2026 period is expected to be $37 billion, and 85% of the planned expenditure will be directed toward lowering emissions.

Zacks Rank

Currently, Dominion has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Other Releases

NextEra Energy, Inc. NEE reported second-quarter 2022 adjusted earnings of 81 cents per share, which beat the Zacks Consensus Estimate of 75 cents by 8%.

The Zacks Consensus Estimate for NextEra Energy’s 2022 earnings has gone up 2.1% in the past 60 days. NEE’s long-term (three to five years) earnings growth is pegged at 9.3%.

WEC Energy Group WEC delivered second-quarter 2022 earnings per share of 91 cents, which beat the Zacks Consensus Estimate of 86 cents by 5.8%.

The Zacks Consensus Estimate for WEC Energy’s 2022 earnings has gone up 0.5% in the past 60 days. WEC’s long-term earnings growth is pegged at 6.1%.

American Electric Power Company, Inc. AEP reported second-quarter 2022 operating earnings per share of $1.20, which beat the Zacks Consensus Estimate of $1.18 by 1.7%.

The Zacks Consensus Estimate for American Electric Power’s 2022 earnings has gone up 0.6% in the past 60 days. AEP’s long-term earnings growth is pegged at 6.2%.

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