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Dominion Energy (D) Q3 Earnings and Revenues Beat Estimates
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Dominion Energy Inc. (D - Free Report) reported third-quarter 2022 operating earnings of $1.11 per share, which surpassed the Zacks Consensus Estimate of $1.08 by 2.8%. Quarterly earnings were near the high end of the company’s guided range of 98 cents and $1.13 per share. Operating earnings were on par with the year-ago quarter’s results.
The GAAP earnings for the third quarter were 91 cents per share compared with 79 cents in the year-ago quarter.
Revenues
Dominion Energy’s total revenues were $4,386 million, which surpassed the Zacks Consensus Estimate of $3,912 million by 12.1%. Revenues improved 38.1% from $3,176 million in the year-ago quarter.
Dominion Energy Inc. Price, Consensus and EPS Surprise
Total operating expenses increased 41.9% year over year to $3,314 million due to higher electric fuel and other energy-related purchase costs, increases in other operations and maintenance expenses.
Interest and related charges for the reported quarter were $329 million, down 19.2% from the year-ago period.
Segmental Details
Dominion Energy Virginia: Net income from the segment was $617 million, up 3% year over year.
Gas Distribution: Net income from the segment was $67 million, down from $69 million recorded in the year-ago period.
Dominion Energy South Carolina: Net income from the segment was $175 million, up 15.9% year over year.
Contracted Assets: Net income from the segment was $121 million, up 1.7% year over year.
Corporate and Other: Net loss was $36 million compared with a loss of $20 million in the year-ago quarter.
Financial Highlights
Cash and cash equivalents as of Sep 30, 2022, were $163 million compared with $283 million as of Dec 31, 2021.
The total long-term debt as of Sep 30, 2022, was $38,162 million, up from $37,426 million as of Dec 31, 2021.
For the first nine months of 2022, cash from operating activities was $2,671 million compared with $3,535 million in the year-ago period.
Guidance
Dominion has given fourth-quarter 2022 operating earnings guidance between 98 cents and $1.13 per share. Notably, the company reported earnings of 90 cents per share in the year-ago period. The mid-point of the guided range is $1.05, lower than the current Zacks Consensus Estimate of $1.08 per share for the same period.
Dominion’s outlook for 2022 earnings per share has narrowed to $4.03-$4.18 from an earlier range of $3.95-$4.25. The mid-point of the guidance is $4.10 per share, which is lower than the Zacks Consensus Estimate of $4.11.
Growth capital expenditure for the 2022-2026 period is expected to be $37 billion, and 85% of the planned expenditure will be directed toward lowering emissions.
NextEra Energy, Inc. (NEE - Free Report) reported third-quarter 2022 adjusted earnings of 85 cents per share, beating the Zacks Consensus Estimate of 79 cents by 7.6%.
The Zacks Consensus Estimate for NEE’s fourth-quarter earnings per share is 56 cents, implying growth of 36.6% from the year-ago quarter’s reported number.
FirstEnergy Corporation (FE - Free Report) delivered third-quarter 2022 operating earnings per share (EPS) of 79 cents, beating the Zacks Consensus Estimate of 77 cents by 2.6%.
The Zacks Consensus Estimate for FE’s fourth-quarter earnings per share is 53 cents, indicating growth of 3.92% from the year-ago quarter’s reported figure.
Xcel Energy Inc. (XEL - Free Report) posted third-quarter 2022 operating earnings of $1.18 per share, lagging the Zacks Consensus Estimate by 1.7%.
The Zacks Consensus Estimate for XEL’s fourth-quarter earnings per share is 67 cents, suggesting growth of 15.5% from the year-ago quarter’s actuals.
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Dominion Energy (D) Q3 Earnings and Revenues Beat Estimates
Dominion Energy Inc. (D - Free Report) reported third-quarter 2022 operating earnings of $1.11 per share, which surpassed the Zacks Consensus Estimate of $1.08 by 2.8%. Quarterly earnings were near the high end of the company’s guided range of 98 cents and $1.13 per share. Operating earnings were on par with the year-ago quarter’s results.
The GAAP earnings for the third quarter were 91 cents per share compared with 79 cents in the year-ago quarter.
Revenues
Dominion Energy’s total revenues were $4,386 million, which surpassed the Zacks Consensus Estimate of $3,912 million by 12.1%. Revenues improved 38.1% from $3,176 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 41.9% year over year to $3,314 million due to higher electric fuel and other energy-related purchase costs, increases in other operations and maintenance expenses.
Interest and related charges for the reported quarter were $329 million, down 19.2% from the year-ago period.
Segmental Details
Dominion Energy Virginia: Net income from the segment was $617 million, up 3% year over year.
Gas Distribution: Net income from the segment was $67 million, down from $69 million recorded in the year-ago period.
Dominion Energy South Carolina: Net income from the segment was $175 million, up 15.9% year over year.
Contracted Assets: Net income from the segment was $121 million, up 1.7% year over year.
Corporate and Other: Net loss was $36 million compared with a loss of $20 million in the year-ago quarter.
Financial Highlights
Cash and cash equivalents as of Sep 30, 2022, were $163 million compared with $283 million as of Dec 31, 2021.
The total long-term debt as of Sep 30, 2022, was $38,162 million, up from $37,426 million as of Dec 31, 2021.
For the first nine months of 2022, cash from operating activities was $2,671 million compared with $3,535 million in the year-ago period.
Guidance
Dominion has given fourth-quarter 2022 operating earnings guidance between 98 cents and $1.13 per share. Notably, the company reported earnings of 90 cents per share in the year-ago period. The mid-point of the guided range is $1.05, lower than the current Zacks Consensus Estimate of $1.08 per share for the same period.
Dominion’s outlook for 2022 earnings per share has narrowed to $4.03-$4.18 from an earlier range of $3.95-$4.25. The mid-point of the guidance is $4.10 per share, which is lower than the Zacks Consensus Estimate of $4.11.
Growth capital expenditure for the 2022-2026 period is expected to be $37 billion, and 85% of the planned expenditure will be directed toward lowering emissions.
Zacks Rank
Currently, Dominion 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 third-quarter 2022 adjusted earnings of 85 cents per share, beating the Zacks Consensus Estimate of 79 cents by 7.6%.
The Zacks Consensus Estimate for NEE’s fourth-quarter earnings per share is 56 cents, implying growth of 36.6% from the year-ago quarter’s reported number.
FirstEnergy Corporation (FE - Free Report) delivered third-quarter 2022 operating earnings per share (EPS) of 79 cents, beating the Zacks Consensus Estimate of 77 cents by 2.6%.
The Zacks Consensus Estimate for FE’s fourth-quarter earnings per share is 53 cents, indicating growth of 3.92% from the year-ago quarter’s reported figure.
Xcel Energy Inc. (XEL - Free Report) posted third-quarter 2022 operating earnings of $1.18 per share, lagging the Zacks Consensus Estimate by 1.7%.
The Zacks Consensus Estimate for XEL’s fourth-quarter earnings per share is 67 cents, suggesting growth of 15.5% from the year-ago quarter’s actuals.