Dominion Energy Inc. (D - Free Report) reported fourth-quarter 2020 operating earnings of 81 cents per share, which beat the Zacks Consensus Estimate by 5.2%. Operating earnings also decreased 20.6% year over year. The quarterly earnings were within the guidance range of 73-87 cents per share.
GAAP earnings were 82 cents per share compared with $1.21 in the year-ago quarter.
Total Revenues
Dominion Energy’s total revenues came in at $3,521 million, which lagged the Zacks Consensus Estimate of $3,672 million by 4.1% and declined 9.6% from $3,895 million in the year-ago quarter.
Highlights of the Release
Total operating expenses decreased 9.9% year over year to $2,665 million due to a decline in operating and maintenance costs, along with drop in purchased gas as well as electric fuel and energy-related purchases.
Interest and related charges for the reported quarter were $241 million, down 31.7% from the year-ago period.
Segment Details
Dominion Energy Virginia: Net income from this segment was $412 million, up 2.2% year over year.
Gas Distribution: Net income from this segment was $185 million, up 6.9% on a year-over-year basis.
Dominion Energy South Carolina: Net income from this segment was $93 million, down 5.1% year over year.
Contracted Assets: The segment’s net income was $107 million, up 34.8% year over year.
Corporate and Other: The segment’s net loss was $125 million against earnings of $14 million in the year-ago quarter.
Financial Highlights
As of Dec 31, 2020, Dominion Energy had $1,482 million in current assets held for sale, up from $535 million in the corresponding period of 2019.
Total long-term debt as of Dec 31, 2020 was $33,957 million, up from $28,998 million in the comparable period of 2019.
For 2020, cash provided from operating activities was $5,227 million, up 0.4% from $5,204 million in the year-ago period.
Guidance
For first -quarter 2021, Dominion expects operating earnings within $1.00-$1.15 per share. The company reported earnings of $1.109 per share in the year-ago period. The midpoint of the above guided range is $1.075, higher than the current Zacks Consensus Estimate for the period of 95 cents per share.
It expects 2021 earnings per share in the range of $3.70-$4.00. The company maintained long-term earnings and dividend growth rate of 6.5% and 6%, respectively, through 2025.
Growth capital expenditure for the 2021-2025 period is expected to be $32 billion and maintenance capital expenditure for the same time frame is projected at $11.2 billion.
Zacks Rank
Currently, Dominion has a Zacks Rank #4 (Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Other Releases
NextEra Energy, Inc. (NEE - Free Report) reported fourth-quarter 2020 adjusted earnings of 40 cents per share, which beat the Zacks Consensus Estimate of 39 cents by 2.6%.
Duke Energy Corporation (DUK - Free Report) reported fourth-quarter 2020 adjusted earnings of $1.03 per share, which surpassed the Zacks Consensus Estimate of $1.02 by 1%.
CMS Energy Corporation (CMS - Free Report) reported fourth-quarter 2020 adjusted earnings per share of 56 cents, which surpassed the Zacks Consensus Estimate of 55 cents by 1.8%.
(We are reissuing this article to correct a mistake. The original article, issued on February 12, 2021, should no longer be relied upon.)
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Dominion Energy Inc. (D - Free Report) reported fourth-quarter 2020 operating earnings of 81 cents per share, which beat the Zacks Consensus Estimate by 5.2%. Operating earnings also decreased 20.6% year over year. The quarterly earnings were within the guidance range of 73-87 cents per share.
GAAP earnings were 82 cents per share compared with $1.21 in the year-ago quarter.
Total Revenues
Dominion Energy’s total revenues came in at $3,521 million, which lagged the Zacks Consensus Estimate of $3,672 million by 4.1% and declined 9.6% from $3,895 million in the year-ago quarter.
Highlights of the Release
Total operating expenses decreased 9.9% year over year to $2,665 million due to a decline in operating and maintenance costs, along with drop in purchased gas as well as electric fuel and energy-related purchases.
Interest and related charges for the reported quarter were $241 million, down 31.7% from the year-ago period.
Segment Details
Dominion Energy Virginia: Net income from this segment was $412 million, up 2.2% year over year.
Gas Distribution: Net income from this segment was $185 million, up 6.9% on a year-over-year basis.
Dominion Energy South Carolina: Net income from this segment was $93 million, down 5.1% year over year.
Contracted Assets: The segment’s net income was $107 million, up 34.8% year over year.
Corporate and Other: The segment’s net loss was $125 million against earnings of $14 million in the year-ago quarter.
Financial Highlights
As of Dec 31, 2020, Dominion Energy had $1,482 million in current assets held for sale, up from $535 million in the corresponding period of 2019.
Total long-term debt as of Dec 31, 2020 was $33,957 million, up from $28,998 million in the comparable period of 2019.
For 2020, cash provided from operating activities was $5,227 million, up 0.4% from $5,204 million in the year-ago period.
Guidance
For first -quarter 2021, Dominion expects operating earnings within $1.00-$1.15 per share. The company reported earnings of $1.109 per share in the year-ago period. The midpoint of the above guided range is $1.075, higher than the current Zacks Consensus Estimate for the period of 95 cents per share.
It expects 2021 earnings per share in the range of $3.70-$4.00. The company maintained long-term earnings and dividend growth rate of 6.5% and 6%, respectively, through 2025.
Growth capital expenditure for the 2021-2025 period is expected to be $32 billion and maintenance capital expenditure for the same time frame is projected at $11.2 billion.
Zacks Rank
Currently, Dominion has a Zacks Rank #4 (Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Other Releases
NextEra Energy, Inc. (NEE - Free Report) reported fourth-quarter 2020 adjusted earnings of 40 cents per share, which beat the Zacks Consensus Estimate of 39 cents by 2.6%.
Duke Energy Corporation (DUK - Free Report) reported fourth-quarter 2020 adjusted earnings of $1.03 per share, which surpassed the Zacks Consensus Estimate of $1.02 by 1%.
CMS Energy Corporation (CMS - Free Report) reported fourth-quarter 2020 adjusted earnings per share of 56 cents, which surpassed the Zacks Consensus Estimate of 55 cents by 1.8%.
(We are reissuing this article to correct a mistake. The original article, issued on February 12, 2021, should no longer be relied upon.)
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From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
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