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Dominion Energy (D) Q1 Earnings Beat on Solid Electric Sales
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Dominion Energy Inc. (D - Free Report) reported first-quarter 2018 operating earnings of $1.14 per share, beating the Zacks Consensus Estimate of $1.03 by 10.7%. Earnings were near the top end of the guided range of 95 cents to $1.15 per share.
Operating earnings increased 17.5% from 97 cents reported a year ago. The year-over-year improvement was attributable to higher merchant generation margins, normal weather in its regulated service territory and the impact of tax reform.
GAAP earnings were 77 cents per share compared with $1.01 in the year-ago quarter. The difference between GAAP and operating earnings was due to one-time adjustments of 37 cents.
Total Revenues
Dominion’s total revenues came in at $3,466 million, beating the Zacks Consensus Estimate of $3,355 million by 3.3% and improving 2.4% year over year.
Highlights of the Release
Total operating expenses increased 12.4% year over year to $2,591 million primarily due to higher purchased gas and electric fuel prices.
Interest and related charges in the reported quarter were $314 million, up 7.5% from the year-ago quarter.
In the reported quarter, Power Delivery’s electric customer base increased by 26,966 from the prior-year quarter. Electricity consumption volumes also improved 7.96% year over year to 22,162 GWh in the first quarter.
Net income in the reported quarter was $741 million, up 21.3% year over year.
Dominion Energy Inc. Price, Consensus and EPS Surprise
FirstEnergy Corporation (FE - Free Report) reported first-quarter 2018 operating earnings of 67 cents per share, lagging the Zacks Consensus Estimate of 68 cents by 1.5%.
NextEra Energy, Inc. (NEE - Free Report) reported first-quarter 2018 adjusted earnings of $1.94 per share, beating the Zacks Consensus Estimate of $1.78 by 8.9%.
DTE Energy (DTE - Free Report) reported first-quarter 2018 operating earnings per share of $1.91, which beat the Zacks Consensus Estimate of $1.89 by 1.06%
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Dominion Energy (D) Q1 Earnings Beat on Solid Electric Sales
Dominion Energy Inc. (D - Free Report) reported first-quarter 2018 operating earnings of $1.14 per share, beating the Zacks Consensus Estimate of $1.03 by 10.7%. Earnings were near the top end of the guided range of 95 cents to $1.15 per share.
Operating earnings increased 17.5% from 97 cents reported a year ago. The year-over-year improvement was attributable to higher merchant generation margins, normal weather in its regulated service territory and the impact of tax reform.
GAAP earnings were 77 cents per share compared with $1.01 in the year-ago quarter. The difference between GAAP and operating earnings was due to one-time adjustments of 37 cents.
Total Revenues
Dominion’s total revenues came in at $3,466 million, beating the Zacks Consensus Estimate of $3,355 million by 3.3% and improving 2.4% year over year.
Highlights of the Release
Total operating expenses increased 12.4% year over year to $2,591 million primarily due to higher purchased gas and electric fuel prices.
Interest and related charges in the reported quarter were $314 million, up 7.5% from the year-ago quarter.
In the reported quarter, Power Delivery’s electric customer base increased by 26,966 from the prior-year quarter. Electricity consumption volumes also improved 7.96% year over year to 22,162 GWh in the first quarter.
Net income in the reported quarter was $741 million, up 21.3% year over year.
Dominion Energy Inc. Price, Consensus and EPS Surprise
Dominion Energy Inc. Price, Consensus and EPS Surprise | Dominion Energy Inc. Quote
Segment Details
Power Delivery: Net income from this segment was $156 million, up 24.8% year over year.
Power Generation: Net income from this segment was $348 million, up 33.3% year over year.
Gas Infrastructure: Net income from this segment was $327 million, up 24.3% year over year.
Corporate and Other: Net loss was $90 million compared with a loss of $38 million in the year- ago quarter.
Financial Update
Cash and cash equivalents as of Mar 31,2018 was $189 million compared with $120 million as of Dec 31, 2017.
Total long-term debt as of Mar 31, 2018 was $25.76 billion compared with $25.59 billion at the end of 2017.
Cash from operating activities in the first quarter of 2018 was $1.23 billion, down 9.4% from $1.36 billion in first quarter of 2017.
Outlook
In second-quarter 2018, Dominion expects operating earnings of 70 to 80 cents per share.
For the full year, Dominion reiterated earnings per share guidance in the range of $3.80-$4.25.
Zacks Rank
Dominion Energy has a Zacks Rank #4 (Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here
Peer Releases
FirstEnergy Corporation (FE - Free Report) reported first-quarter 2018 operating earnings of 67 cents per share, lagging the Zacks Consensus Estimate of 68 cents by 1.5%.
NextEra Energy, Inc. (NEE - Free Report) reported first-quarter 2018 adjusted earnings of $1.94 per share, beating the Zacks Consensus Estimate of $1.78 by 8.9%.
DTE Energy (DTE - Free Report) reported first-quarter 2018 operating earnings per share of $1.91, which beat the Zacks Consensus Estimate of $1.89 by 1.06%
Looking for Stocks with Skyrocketing Upside?
Zacks has just released a Special Report on the booming investment opportunities of legal marijuana.
Ignited by new referendums and legislation, this industry is expected to blast from an already robust $6.7 billion to $20.2 billion in 2021. Early investors stand to make a killing, but you have to be ready to act and know just where to look.
See the pot trades we're targeting>>