Dominion Energy Inc. (D - Free Report) reported second-quarter 2021 operating earnings of 76 cents per share, which lagged the Zacks Consensus Estimate by a penny. Operating earnings, however, improved 4.1% year over year. Quarterly earnings were within the guided range of 70-80 cents per share.
GAAP earnings were 33 cents per share against a loss of $1.52 in the year-ago quarter.
Revenues
Dominion Energy’s total revenues came in at $3,038 million, which lagged the Zacks Consensus Estimate of $3,292 million by 7.7% and declined 2.2% from $3,106 million in the year-ago quarter.
Highlights of the Release
Total operating expenses increased 16.2% year over year to $2,675 million due to increase in operating and maintenance costs along with higher purchased gas prices.
Interest and related charges for the reported quarter were $518 million, up 30.1% from the year-ago period.
Segment Details
Dominion Energy Virginia: Net income from this segment was $431 million, down 1.4% year over year.
Gas Distribution: Net income from this segment was $95 million, up 9.2% on a year-over-year basis.
Dominion Energy South Carolina: Net income from this segment was $84 million, up 12% year over year.
Contracted Assets: Net income from this segment was $104 million, up 44.4% year over year.
Corporate and Other: Net loss was $86 million compared with a loss of $41 million in the year-ago quarter.
Financial Highlights
As of Jun 30, 2021, Dominion Energy had $240 million in cash and cash equivalents compared with $172 million on Dec 31, 2020.
Total long-term debt as of Jun 30, 2021 was $31,288 million, up from $30,915 million on Dec 31, 2020.
For first-half of 2021, cash provided from operating activities was $2,240 million, down 28.6% from $3,136 million in the year-ago period.
Guidance
The company initiated its third-quarter 2021 operating earnings guidance in the range of 95 cents to $1.10 per share. The company reported earnings of $1.08 per share in the year-ago period. The midpoint of the above guided range is $1.025, lower than the current Zacks Consensus Estimate for the period of $1.11 per share.
It reaffirmed 2021 earnings per share expectation in the range of $3.70-$4.00. The current Zacks Consensus Estimate for the period is $3.86 per share.
Growth capital expenditure for the 2021-2025 period is expected to be $32 billion and nearly 80% of the planned expenditure will be directed for lowering emissions.
Zacks Rank
Currently, Dominion Energy has a Zacks Rank #3 (Hold).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Other Releases
DTE Energy Company (DTE - Free Report) reported second-quarter 2021 operating earnings per share of $1.70, which beat the Zacks Consensus Estimate of $1.44 by 18.1%.
American Electric Power (AEP - Free Report) reported second-quarter 2021 adjusted earnings per share of $1.18, which surpassed the Zacks Consensus Estimate of $1.14 by 3.5%.
NextEra Energy (NEE - Free Report) reported second-quarter 2021 adjusted earnings of 71 cents per share, which beat the Zacks Consensus Estimate of 67 cents by 5.6%.
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Dominion Energy Inc. (D - Free Report) reported second-quarter 2021 operating earnings of 76 cents per share, which lagged the Zacks Consensus Estimate by a penny. Operating earnings, however, improved 4.1% year over year. Quarterly earnings were within the guided range of 70-80 cents per share.
GAAP earnings were 33 cents per share against a loss of $1.52 in the year-ago quarter.
Revenues
Dominion Energy’s total revenues came in at $3,038 million, which lagged the Zacks Consensus Estimate of $3,292 million by 7.7% and declined 2.2% from $3,106 million in the year-ago quarter.
Highlights of the Release
Total operating expenses increased 16.2% year over year to $2,675 million due to increase in operating and maintenance costs along with higher purchased gas prices.
Interest and related charges for the reported quarter were $518 million, up 30.1% from the year-ago period.
Segment Details
Dominion Energy Virginia: Net income from this segment was $431 million, down 1.4% year over year.
Gas Distribution: Net income from this segment was $95 million, up 9.2% on a year-over-year basis.
Dominion Energy South Carolina: Net income from this segment was $84 million, up 12% year over year.
Contracted Assets: Net income from this segment was $104 million, up 44.4% year over year.
Corporate and Other: Net loss was $86 million compared with a loss of $41 million in the year-ago quarter.
Financial Highlights
As of Jun 30, 2021, Dominion Energy had $240 million in cash and cash equivalents compared with $172 million on Dec 31, 2020.
Total long-term debt as of Jun 30, 2021 was $31,288 million, up from $30,915 million on Dec 31, 2020.
For first-half of 2021, cash provided from operating activities was $2,240 million, down 28.6% from $3,136 million in the year-ago period.
Guidance
The company initiated its third-quarter 2021 operating earnings guidance in the range of 95 cents to $1.10 per share. The company reported earnings of $1.08 per share in the year-ago period. The midpoint of the above guided range is $1.025, lower than the current Zacks Consensus Estimate for the period of $1.11 per share.
It reaffirmed 2021 earnings per share expectation in the range of $3.70-$4.00. The current Zacks Consensus Estimate for the period is $3.86 per share.
Growth capital expenditure for the 2021-2025 period is expected to be $32 billion and nearly 80% of the planned expenditure will be directed for lowering emissions.
Zacks Rank
Currently, Dominion Energy has a Zacks Rank #3 (Hold).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Other Releases
DTE Energy Company (DTE - Free Report) reported second-quarter 2021 operating earnings per share of $1.70, which beat the Zacks Consensus Estimate of $1.44 by 18.1%.
American Electric Power (AEP - Free Report) reported second-quarter 2021 adjusted earnings per share of $1.18, which surpassed the Zacks Consensus Estimate of $1.14 by 3.5%.
NextEra Energy (NEE - Free Report) reported second-quarter 2021 adjusted earnings of 71 cents per share, which beat the Zacks Consensus Estimate of 67 cents by 5.6%.
Infrastructure Stock Boom to Sweep America
A massive push to rebuild the crumbling U.S. infrastructure will soon be underway. It’s bipartisan, urgent, and inevitable. Trillions will be spent. Fortunes will be made.
The only question is “Will you get into the right stocks early when their growth potential is greatest?”
Zacks has released a Special Report to help you do just that, and today it’s free. Discover 5 special companies that look to gain the most from construction and repair to roads, bridges, and buildings, plus cargo hauling and energy transformation on an almost unimaginable scale.
Download FREE: How To Profit From Trillions On Spending For Infrastructure >>
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