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Dominion Energy (D) Q4 Earnings & Revenues Surpass Estimates
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Dominion Energy Inc. (D - Free Report) reported fourth-quarter 2022 operating earnings of $1.06 per share, which surpassed the Zacks Consensus Estimate of $1.03 per share by 2.9%. Quarterly earnings were within the company’s guided range of 98 cents and $1.13 per share. Operating earnings were 90 cents in the year-ago quarter.
The GAAP loss for the fourth quarter was 7 cents per share against earnings of $1.63 in the year-ago quarter.
Adjusted earnings per share in 2022 were $4.11, up 6.5% from $3.86 per share in the year-ago period. Earnings were within the guidance range of $4.03-$4.18 per share.
Revenues
Dominion Energy’s total revenues were $4,913 million, which surpassed the Zacks Consensus Estimate of $4,196 million by 17.1%. Revenues improved by 26.6% from $3,880 million in the year-ago quarter.
In 2022, total revenues were $17,257 million, up 16.3% year over year.
Dominion Energy Inc. Price, Consensus and EPS Surprise
Total operating expenses increased 24.7% year over year to $3,346 million due to higher electric fuel and other energy-related purchase costs and increases in the purchased gas price.
Interest and related charges for the reported quarter were $424 million, up 22.5% from the year-ago period.
The company is systematically adding new renewable sources to its generation portfolio and reducing its carbon footprint. Dominion is set to achieve net-zero emissions by 2050.
Segmental Details
Dominion Energy Virginia: Net income from the segment was $433 million, down 4.8% year over year.
Gas Distribution: Net income from the segment was $211 million, up 14.1% from $185 million recorded in the year-ago period.
Dominion Energy South Carolina: Net income from the segment was $97 million, down 3% year over year.
Contracted Assets: Net income from the segment was $93 million, up 60.4% year over year.
Corporate and Other: Net income was $69 million against a loss of $46 million in the year-ago quarter.
Financial Highlights
Current assets as of Dec 31, 2022, were $9,850 million compared with $7,269 million as of Dec 31, 2021.
The total long-term debt as of Dec 31, 2022, was $38,914 million, up from $37,426 million as of Dec 31, 2021.
In 2022, cash from operating activities was $3,700 million compared with $4,037 million in 2021.
Guidance
Dominion has given first-quarter 2023 operating earnings guidance between 97 cents and $1.12 per share. Notably, the company reported earnings of $1.18 per share in the year-ago period. The mid-point of the guided range is $1.05, higher than the current Zacks Consensus Estimate of $1.03 per share for the same period.
NextEra Energy, Inc. (NEE - Free Report) reported fourth-quarter 2022 adjusted earnings of 51 cents per share, which beat the Zacks Consensus Estimate of 50 cents by 2%.
The Zacks Consensus Estimate for NEE’s 2023 earnings per share is $3.12, implying year-over-year growth of 7.6%.
CMS Energy (CMS - Free Report) reported fourth-quarter 2022 adjusted earnings per share of 60 cents from continuing operations, which came in line with the Zacks Consensus Estimate.
The Zacks Consensus Estimate for CMS’ 2023 earnings per share is $3.11, indicating year-over-year growth of 7.61%.
Xcel Energy Inc. (XEL - Free Report) posted fourth-quarter 2022 operating earnings of 69 cents per share, which were on par with the Zacks Consensus Estimate.
The Zacks Consensus Estimate for XEL’s 2023 earnings per share is $3.37, suggesting year-over-year growth of 6.31%.
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Dominion Energy (D) Q4 Earnings & Revenues Surpass Estimates
Dominion Energy Inc. (D - Free Report) reported fourth-quarter 2022 operating earnings of $1.06 per share, which surpassed the Zacks Consensus Estimate of $1.03 per share by 2.9%. Quarterly earnings were within the company’s guided range of 98 cents and $1.13 per share. Operating earnings were 90 cents in the year-ago quarter.
The GAAP loss for the fourth quarter was 7 cents per share against earnings of $1.63 in the year-ago quarter.
Adjusted earnings per share in 2022 were $4.11, up 6.5% from $3.86 per share in the year-ago period. Earnings were within the guidance range of $4.03-$4.18 per share.
Revenues
Dominion Energy’s total revenues were $4,913 million, which surpassed the Zacks Consensus Estimate of $4,196 million by 17.1%. Revenues improved by 26.6% from $3,880 million in the year-ago quarter.
In 2022, total revenues were $17,257 million, up 16.3% year over year.
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 24.7% year over year to $3,346 million due to higher electric fuel and other energy-related purchase costs and increases in the purchased gas price.
Interest and related charges for the reported quarter were $424 million, up 22.5% from the year-ago period.
The company is systematically adding new renewable sources to its generation portfolio and reducing its carbon footprint. Dominion is set to achieve net-zero emissions by 2050.
Segmental Details
Dominion Energy Virginia: Net income from the segment was $433 million, down 4.8% year over year.
Gas Distribution: Net income from the segment was $211 million, up 14.1% from $185 million recorded in the year-ago period.
Dominion Energy South Carolina: Net income from the segment was $97 million, down 3% year over year.
Contracted Assets: Net income from the segment was $93 million, up 60.4% year over year.
Corporate and Other: Net income was $69 million against a loss of $46 million in the year-ago quarter.
Financial Highlights
Current assets as of Dec 31, 2022, were $9,850 million compared with $7,269 million as of Dec 31, 2021.
The total long-term debt as of Dec 31, 2022, was $38,914 million, up from $37,426 million as of Dec 31, 2021.
In 2022, cash from operating activities was $3,700 million compared with $4,037 million in 2021.
Guidance
Dominion has given first-quarter 2023 operating earnings guidance between 97 cents and $1.12 per share. Notably, the company reported earnings of $1.18 per share in the year-ago period. The mid-point of the guided range is $1.05, higher than the current Zacks Consensus Estimate of $1.03 per share for the same period.
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 fourth-quarter 2022 adjusted earnings of 51 cents per share, which beat the Zacks Consensus Estimate of 50 cents by 2%.
The Zacks Consensus Estimate for NEE’s 2023 earnings per share is $3.12, implying year-over-year growth of 7.6%.
CMS Energy (CMS - Free Report) reported fourth-quarter 2022 adjusted earnings per share of 60 cents from continuing operations, which came in line with the Zacks Consensus Estimate.
The Zacks Consensus Estimate for CMS’ 2023 earnings per share is $3.11, indicating year-over-year growth of 7.61%.
Xcel Energy Inc. (XEL - Free Report) posted fourth-quarter 2022 operating earnings of 69 cents per share, which were on par with the Zacks Consensus Estimate.
The Zacks Consensus Estimate for XEL’s 2023 earnings per share is $3.37, suggesting year-over-year growth of 6.31%.