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Dominion Energy (D) Q1 Earnings & Revenues Beat Estimates

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Dominion Energy Inc. (D - Free Report) reported first-quarter 2023 operating earnings of 99 cents per share, which surpassed the Zacks Consensus Estimate of 98 cents per share by 1.02%. Quarterly earnings were within the company’s guided range of 97 cents to $1.12 per share. Operating earnings were $1.18 in the year-ago quarter.

The GAAP earnings for the first quarter were $1.17 per share compared with 83 cents in the year-ago quarter.

Revenues

Dominion Energy’s total revenues were $5,252 million, which surpassed the Zacks Consensus Estimate of $4,472 million by 17.5%. Revenues improved 22.7% from $4,279 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 increased 15.3% year over year to $3,807 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 $586 million, up 236.8% from the year-ago period.

The company is systematically adding 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 $386 million, down 25.5% year over year.

Gas Distribution: Net income from the segment was $278 million, down 5.4% from $294 million recorded in the year-ago period.

Dominion Energy South Carolina: Net income from the segment was $91 million, down 16.5% year over year.

Contracted Assets: Net income from the segment was $156 million, up 54.4% year over year.

Corporate and Other: The net loss was $62 million compared with a loss of $22 million in the year-ago quarter.

Financial Highlights

Current assets as of Mar 31, 2023, were $9,605 million compared with $9,850 million as of Dec 31, 2022.

The total long-term debt as of Mar 31, 2023, was $40,158 million, up from $38,914 million as of Dec 31, 2022.

In first-quarter of 2023, cash from operating activities was $2,097 million compared with $1,125 million in the year-ago period.

Guidance

Dominion has given second-quarter 2023 operating earnings guidance between 58 cents and 68 cents per share. The company reported earnings of 77 cents per share in the year-ago period. The mid-point of the guided range is 63 cents, lower than the Zacks Consensus Estimate of 83 cents 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) released first-quarter 2023 adjusted earnings of 84 cents per share, which beat the Zacks Consensus Estimate of 75 cents by 12%.

The Zacks Consensus Estimate for NEE’s 2023 earnings per share is $3.11, implying year-over-year growth of 7.3%.

Entergy Corporation (ETR - Free Report) reported first-quarter 2023 earnings of $1.14 per share, missing the Zacks Consensus Estimate of $1.34 by 14.9%.

The Zacks Consensus Estimate for ETR’s 2023 earnings per share is $6.69, implying a year-over-year increase of 4.2%.

PPL Corporation (PPL - Free Report) reported first-quarter 2023 operating earnings per share of 48 cents, which beat the Zacks Consensus Estimate of 44 cents by 9.1%.

The Zacks Consensus Estimate for PPL’s 2023 earnings per share is $1.58, implying a year-over-year increase of 12.1%.

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