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Dominion Energy (D) Q1 Earnings Beat Estimates, Sales Lag

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Dominion Energy Inc. (D - Free Report) reported first-quarter 2020 operating earnings of $1.09 per share, which beat the Zacks Consensus Estimate by a penny. Operating earnings also improved 18.5% year over year. The quarterly earnings were within the guided range of $1.00-$1.15 per share.

GAAP earnings were $1.23 per share against a loss of 34 cents per share in the year-ago quarter.

Total Revenues

Dominion Energy’s total revenues came in at $3,870 million, which lagged the Zacks Consensus Estimate of $4,191 million by 7.6% and declined 13.9% from $4,496 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 decreased 16.2% year over year to $2,992 million due to a decline in operating and maintenance costs along with drop in electric fuel and energy-related purchases.

Interest and related charges for the reported quarter were $53 million, down 87.7% from the year-ago period.

Segment Details

Dominion Energy Virginia: Net income from this segment was $434 million, up 1.2% year over year.

Gas Distribution: Net income from this segment was $251 million, up 12.1% on a year-over-year basis.

Dominion Energy South Carolina: Net income from this segment was $102 million, up 8.5% year over year.

Contracted Assets: The segment’s net income was $150 million, up 35.1% year over year.

Corporate and Other: The segment’s net loss was $44 million compared with a loss of $70 million in the year-ago quarter.

Financial Highlights

As of Dec 31, 2021, Dominion Energy had $477 million in cash and cash equivalents compared with $172 million in the corresponding period of 2020.

Total long-term debt as of Mar 31, 2020 was $33,248 million, up from $33,957 million as of Dec 31, 2020.
 
For first-quarter 2021, cash provided from operating activities was $1,452 million, down 11.1% from $1,633 million in the year-ago period.

Guidance

The company initiated its second-quarter 2021 operating earnings guidance in the range of 70-80 cents per share. The company reported earnings of 82 cents per share in the year-ago period. The midpoint of the above guided range is 75 cents, lower than the current Zacks Consensus Estimate for the period of 77 cents per share.

It reaffirmed 2021 earnings per share in the range of $3.70-$4.00.

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

NextEra Energy, Inc. (NEE - Free Report) reported first-quarter 2021 adjusted earnings of 67 cents per share, which beat the Zacks Consensus Estimate of 60 cents by 11.7%.

American Electric Power Co., Inc. (AEP - Free Report) reported first-quarter 2021 adjusted earnings per share of $1.15, which missed the Zacks Consensus Estimate of $1.23 by 6.5%.

FirstEnergy Corporation (FE - Free Report) came up with first-quarter 2021 operating earnings of 69 cents per share, which beat the Zacks Consensus Estimate of 68 cents by 1.5%.

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