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Dominion Energy (D) Q2 Earnings & Revenues Surpass Estimates
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Dominion Energy Inc. (D - Free Report) delivered second-quarter 2023 operating earnings of 53 cents per share, which surpassed the Zacks Consensus Estimate of 48 cents by 10.4%. Quarterly earnings exceeded the company’s guided range of 44-50 cents per share. Operating earnings were 77 cents in the year-ago quarter.
The GAAP earnings for the second quarter were 69 cents per share against a loss of 58 cents in the year-ago quarter. The difference between GAAP and operating earnings for the period includes the gains and losses on nuclear decommissioning trust funds, the mark-to-market impact of economic hedging activities and other adjustments.
Revenues
Dominion Energy’s total revenues were $3,794 million, which surpassed the Zacks Consensus Estimate of $3,674 million by 3.3%. Revenues improved 5.5% from $3,596 million in the year-ago quarter.
Dominion Energy Inc. Price, Consensus and EPS Surprise
Total operating expenses decreased 21.5% year over year to $3,072 million due to lower operation and maintenance expenses.
Interest and related charges for the reported quarter were $430 million compared with $47 million in 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 $391 million, down 11.1% year over year.
Gas Distribution: Net income from the segment was $103 million, down 17.6% from $125 million recorded in the year-ago period.
Dominion Energy South Carolina: Net income from the segment was $68 million, down 45.2% year over year.
Contracted Assets: Net income from the segment was $11 million, down 45% year over year.
Corporate and Other: The net loss was $105 million compared with a loss of $51 million in the year-ago quarter.
Financial Highlights
Current assets as of Jun 30, 2023, were $7,977 million compared with $9,850 million as of Dec 31, 2022.
The total long-term debt as of Jun 30, 2023 was $37,596 million, down from $38,914 million as of Dec 31, 2022.
In the first six months of 2023, cash from operating activities was $3,194 million compared with $1,361 million in the year-ago period.
Guidance
Dominion provided third-quarter 2023 operating earnings guidance between 72 cents and 87 cents per share. The company reported earnings of $1.11 per share in the year-ago period. The guided range is lower than the Zacks Consensus Estimate of $1.11 for the same period.
NextEra Energy, Inc. (NEE - Free Report) released second-quarter 2023 adjusted earnings of 88 cents per share, which beat the Zacks Consensus Estimate of 83 cents by 6%.
The Zacks Consensus Estimate for NEE’s 2023 earnings is pegged at $3.11 per share, implying a year-over-year improvement of 7.2%.
FirstEnergy Corporation (FE - Free Report) reported second-quarter 2023 operating earnings per share of 47 cents, which surpassed the Zacks Consensus Estimate of 46 cents by 2.17%.
The Zacks Consensus Estimate for FE’s 2023 earnings per share is pinned at $6.69, implying year-over-year growth of 4.9%.
Xcel Energy Inc. (XEL - Free Report) reported second-quarter 2023 operating earnings of 52 cents per share, which missed the Zacks Consensus Estimate of 55 cents by 5.5%.
The Zacks Consensus Estimate for XEL’s 2023 earnings is pegged at $3.34 per share, implying a year-over-year improvement of 5.4%.
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Dominion Energy (D) Q2 Earnings & Revenues Surpass Estimates
Dominion Energy Inc. (D - Free Report) delivered second-quarter 2023 operating earnings of 53 cents per share, which surpassed the Zacks Consensus Estimate of 48 cents by 10.4%. Quarterly earnings exceeded the company’s guided range of 44-50 cents per share. Operating earnings were 77 cents in the year-ago quarter.
The GAAP earnings for the second quarter were 69 cents per share against a loss of 58 cents in the year-ago quarter. The difference between GAAP and operating earnings for the period includes the gains and losses on nuclear decommissioning trust funds, the mark-to-market impact of economic hedging activities and other adjustments.
Revenues
Dominion Energy’s total revenues were $3,794 million, which surpassed the Zacks Consensus Estimate of $3,674 million by 3.3%. Revenues improved 5.5% from $3,596 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 decreased 21.5% year over year to $3,072 million due to lower operation and maintenance expenses.
Interest and related charges for the reported quarter were $430 million compared with $47 million in 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 $391 million, down 11.1% year over year.
Gas Distribution: Net income from the segment was $103 million, down 17.6% from $125 million recorded in the year-ago period.
Dominion Energy South Carolina: Net income from the segment was $68 million, down 45.2% year over year.
Contracted Assets: Net income from the segment was $11 million, down 45% year over year.
Corporate and Other: The net loss was $105 million compared with a loss of $51 million in the year-ago quarter.
Financial Highlights
Current assets as of Jun 30, 2023, were $7,977 million compared with $9,850 million as of Dec 31, 2022.
The total long-term debt as of Jun 30, 2023 was $37,596 million, down from $38,914 million as of Dec 31, 2022.
In the first six months of 2023, cash from operating activities was $3,194 million compared with $1,361 million in the year-ago period.
Guidance
Dominion provided third-quarter 2023 operating earnings guidance between 72 cents and 87 cents per share. The company reported earnings of $1.11 per share in the year-ago period. The guided range is lower than the Zacks Consensus Estimate of $1.11 for the same period.
Zacks Rank
Currently, Dominion has a Zacks Rank #4 (Sell).
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 second-quarter 2023 adjusted earnings of 88 cents per share, which beat the Zacks Consensus Estimate of 83 cents by 6%.
The Zacks Consensus Estimate for NEE’s 2023 earnings is pegged at $3.11 per share, implying a year-over-year improvement of 7.2%.
FirstEnergy Corporation (FE - Free Report) reported second-quarter 2023 operating earnings per share of 47 cents, which surpassed the Zacks Consensus Estimate of 46 cents by 2.17%.
The Zacks Consensus Estimate for FE’s 2023 earnings per share is pinned at $6.69, implying year-over-year growth of 4.9%.
Xcel Energy Inc. (XEL - Free Report) reported second-quarter 2023 operating earnings of 52 cents per share, which missed the Zacks Consensus Estimate of 55 cents by 5.5%.
The Zacks Consensus Estimate for XEL’s 2023 earnings is pegged at $3.34 per share, implying a year-over-year improvement of 5.4%.