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Dominion Energy's (D) Q1 Earnings & Revenues Lag Estimates
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Dominion Energy Inc. (D - Free Report) reported first-quarter 2022 operating earnings of $1.18 per share, which lagged the Zacks Consensus Estimate by a penny. Quarterly earnings were within the guided range of $1.10-$1.25 per share. Operating earnings improved 8.3% year over year.
GAAP earnings for the first quarter were 83 cents per share compared with $1.23 in the year-ago quarter.
Revenues
Dominion Energy’s total revenues came in at $4,279 million, which lagged the Zacks Consensus Estimate of $4,286 million by 0.2%. Revenues improved 10.6% from $3,870 million in the year-ago quarter.
Dominion Energy Inc. Price, Consensus and EPS Surprise
Total operating expenses increased 10.4% year over year to $3,303 million due to higher electric fuel and other energy-related purchase costs.
Interest and related charges for the reported quarter were $174 million, up 228.3% from the year-ago period.
Segment Details
Dominion Energy Virginia: Net income from this segment was $518 million, up 19.4% year over year.
Gas Distribution: Net income from this segment was $294 million, up 17.1% from the year-ago figure.
Dominion Energy South Carolina: Net income from this segment was $109 million, up 6.9% year over year.
Contracted Assets: Net income from this segment was $101 million, down 32.7% year over year.
Corporate and Other: Net loss was $22 million compared with a loss of $44 million in the year-ago quarter.
Financial Highlights
Cash and cash equivalents as of Mar 31, 2022 was $444 million compared with $283 million as of Dec 31, 2021.
Total long-term debt as of Mar 31, 2022 was $36,659 million, down from $37,426 million as of Dec 31, 2021.
For first-quarter 2022, cash provided from operating activities was $1,125 million compared with $1,452 million in the year-ago period.
Guidance
Dominion initiated its second-quarter 2022 operating earnings guidance in the range of 70-80 cents per share. Dominion reported earnings of 76 cents per share in the year-ago period. The midpoint of the guided range is 75 cents, lower than the current Zacks Consensus Estimate for the period of 80 cents per share.
Dominion reiterated its 2022 earnings per share view in the range of $3.95-$4.25. The midpoint of the guidance is $4.10 per share, which is lower than the current Zacks Consensus Estimate of $4.12.
Growth capital expenditure for the 2022-2026 period is expected to be $37 billion, and nearly 85% of the planned expenditure will be directed toward lowering emissions.
Zacks Rank
Currently, Dominion Energy has a Zacks Rank #3 (Hold).
NextEra Energy, Inc. (NEE - Free Report) reported first-quarter 2022 adjusted earnings of 74 cents per share, which beat the Zacks Consensus Estimate of 69 cents by 7.3%.
NextEra Energy’s long-term (three to five years) earnings growth is pegged at 8.8%. The Zacks Consensus Estimate for NEE’s 2022 earnings per share of $2.81 indicates year-over-year growth of 10.2%.
American Electric Power Company, Inc. (AEP - Free Report) reported first-quarter 2022 adjusted earnings per share of $1.22, which beat the Zacks Consensus Estimate of $1.19 by 2.5%.
American Electric Power’s long-term earnings growth is projected at 5.9%. The Zacks Consensus Estimate for AEP’s 2022 earnings indicates year-over-year growth of 5.3%.
Xcel Energy Inc. (XEL - Free Report) posted first-quarter 2022 operating earnings of 70 cents per share, which surpassed the Zacks Consensus Estimate of 68 cents by 2.9%.
Xcel Energy’s long-term earnings growth is projected at 6.4%. The Zacks Consensus Estimate for XEL’s 2022 earnings indicates year-over-year growth of 7.1%.
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Dominion Energy's (D) Q1 Earnings & Revenues Lag Estimates
Dominion Energy Inc. (D - Free Report) reported first-quarter 2022 operating earnings of $1.18 per share, which lagged the Zacks Consensus Estimate by a penny. Quarterly earnings were within the guided range of $1.10-$1.25 per share. Operating earnings improved 8.3% year over year.
GAAP earnings for the first quarter were 83 cents per share compared with $1.23 in the year-ago quarter.
Revenues
Dominion Energy’s total revenues came in at $4,279 million, which lagged the Zacks Consensus Estimate of $4,286 million by 0.2%. Revenues improved 10.6% from $3,870 million in the year-ago quarter.
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 increased 10.4% year over year to $3,303 million due to higher electric fuel and other energy-related purchase costs.
Interest and related charges for the reported quarter were $174 million, up 228.3% from the year-ago period.
Segment Details
Dominion Energy Virginia: Net income from this segment was $518 million, up 19.4% year over year.
Gas Distribution: Net income from this segment was $294 million, up 17.1% from the year-ago figure.
Dominion Energy South Carolina: Net income from this segment was $109 million, up 6.9% year over year.
Contracted Assets: Net income from this segment was $101 million, down 32.7% year over year.
Corporate and Other: Net loss was $22 million compared with a loss of $44 million in the year-ago quarter.
Financial Highlights
Cash and cash equivalents as of Mar 31, 2022 was $444 million compared with $283 million as of Dec 31, 2021.
Total long-term debt as of Mar 31, 2022 was $36,659 million, down from $37,426 million as of Dec 31, 2021.
For first-quarter 2022, cash provided from operating activities was $1,125 million compared with $1,452 million in the year-ago period.
Guidance
Dominion initiated its second-quarter 2022 operating earnings guidance in the range of 70-80 cents per share. Dominion reported earnings of 76 cents per share in the year-ago period. The midpoint of the guided range is 75 cents, lower than the current Zacks Consensus Estimate for the period of 80 cents per share.
Dominion reiterated its 2022 earnings per share view in the range of $3.95-$4.25. The midpoint of the guidance is $4.10 per share, which is lower than the current Zacks Consensus Estimate of $4.12.
Growth capital expenditure for the 2022-2026 period is expected to be $37 billion, and nearly 85% of the planned expenditure will be directed toward 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 2022 adjusted earnings of 74 cents per share, which beat the Zacks Consensus Estimate of 69 cents by 7.3%.
NextEra Energy’s long-term (three to five years) earnings growth is pegged at 8.8%. The Zacks Consensus Estimate for NEE’s 2022 earnings per share of $2.81 indicates year-over-year growth of 10.2%.
American Electric Power Company, Inc. (AEP - Free Report) reported first-quarter 2022 adjusted earnings per share of $1.22, which beat the Zacks Consensus Estimate of $1.19 by 2.5%.
American Electric Power’s long-term earnings growth is projected at 5.9%. The Zacks Consensus Estimate for AEP’s 2022 earnings indicates year-over-year growth of 5.3%.
Xcel Energy Inc. (XEL - Free Report) posted first-quarter 2022 operating earnings of 70 cents per share, which surpassed the Zacks Consensus Estimate of 68 cents by 2.9%.
Xcel Energy’s long-term earnings growth is projected at 6.4%. The Zacks Consensus Estimate for XEL’s 2022 earnings indicates year-over-year growth of 7.1%.