Dominion Energy Inc. ( D Quick Quote 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).
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