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Dominion Energy (D) Q4 Earnings and Revenues Lag Estimates
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Dominion Energy Inc. (D - Free Report) delivered fourth-quarter 2023 operating earnings of 29 cents per share, which lagged the Zacks Consensus Estimate of 40 cents by 27.5%. Quarterly earnings were lower than the company’s guidance of 35 cents for the quarter. Operating earnings were $1.06 in the year-ago quarter.
The GAAP earnings for the fourth quarter were 30 cents compared with 39 cents in the year-ago quarter.
Operating earnings of $1.99 for 2023 were down 34.9% year over year from $3.06 in 2022.
Revenues
Dominion Energy’s fourth-quarter total revenues were $3.5 billion, which lagged the Zacks Consensus Estimate of $3.8 billion by 7.1%. Revenues decreased 7.9% from $3.8 billion in the year-ago quarter.
The company reported total revenues of $14.4 billion, reflecting a year-over-year increase of 3.6%.
Dominion Energy Inc. Price, Consensus and EPS Surprise
Total operating expenses decreased 22.2% year over year to $2.8 billion due to lower electric fuel and other energy-related purchases, and a decline in operations and maintenance expenses.
Interest and related charges for the reported quarter were $608 million, up 84.8% from $329 million in the year-ago period.
Dominion Energy has agreed to sell a 50% noncontrolling interest in the Coastal Virginia Offshore Wind commercial project (CVOW) to Stonepeak. Per the agreement, D will retain full operational control of the construction and operations of CVOW. The transaction is expected to close by the end of 2024, subject to customary approvals.
Segmental Details
Dominion Energy Virginia: Net income from the segment was $369 million, down 6.6% year over year.
Dominion Energy South Carolina: Segmental net income was $75 million, down 22.7% year over year.
Contracted Energy: Net loss from the segment was $19 million against an income of $82 million in the year-ago quarter.
Corporate and Other: Net loss was $158 million against an income of $78 million in the prior-year quarter.
Financial Highlights
Current Assets as of Dec 31, 2023, were $25.4 billion compared with $9.8 billion as of Dec 31, 2022.
The total long-term debt as of Dec 31, 2023, was $33.3 billion, down from $34.6 billion as of Dec 31, 2022.
In 2023, cash from operating activities was $6.6 billion compared with $3.7 billion in the year-ago period.
NextEra Energy (NEE - Free Report) reported fourth-quarter 2023 adjusted earnings of 52 cents per share, which beat the Zacks Consensus Estimate of 49 cents by 6.1%. The bottom line was also up nearly 2% year over year.
The Zacks Consensus Estimate for NEE’s 2024 earnings is pinned at $3.44 per share, implying an improvement of 8.5% from a year ago. Long-term (three-to-five year) earnings growth rate of NEE is pegged at 8.18%.
Duke Energy Corporation (DUK - Free Report) reported fourth-quarter 2023 adjusted earnings of $1.51 per share, which missed the Zacks Consensus Estimate of $1.54 by 1.9%. However, the bottom line increased 36% year over year.
The Zacks Consensus Estimate for DUK’s 2024 earnings is pinned at $5.97 per share, implying an improvement of 7.4% from the prior-year levels. The long-term earnings growth rate of DUK is pegged at 5.26%.
FirstEnergy (FE - Free Report) reported fourth-quarter 2023 operating earnings of 62 cents per share, which surpassed the Zacks Consensus Estimate of 60 cents by 3.3%. The bottom line increased 24% from the year-ago figure of 50 cents.
The Zacks Consensus Estimate for FE’s 2024 earnings is pinned at $2.68 per share, implying an improvement of 4.7% from the year-earlier levels. The company reported average earnings surprise of 1.85% in the last four quarters.
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Dominion Energy (D) Q4 Earnings and Revenues Lag Estimates
Dominion Energy Inc. (D - Free Report) delivered fourth-quarter 2023 operating earnings of 29 cents per share, which lagged the Zacks Consensus Estimate of 40 cents by 27.5%. Quarterly earnings were lower than the company’s guidance of 35 cents for the quarter. Operating earnings were $1.06 in the year-ago quarter.
The GAAP earnings for the fourth quarter were 30 cents compared with 39 cents in the year-ago quarter.
Operating earnings of $1.99 for 2023 were down 34.9% year over year from $3.06 in 2022.
Revenues
Dominion Energy’s fourth-quarter total revenues were $3.5 billion, which lagged the Zacks Consensus Estimate of $3.8 billion by 7.1%. Revenues decreased 7.9% from $3.8 billion in the year-ago quarter.
The company reported total revenues of $14.4 billion, reflecting a year-over-year increase of 3.6%.
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 22.2% year over year to $2.8 billion due to lower electric fuel and other energy-related purchases, and a decline in operations and maintenance expenses.
Interest and related charges for the reported quarter were $608 million, up 84.8% from $329 million in the year-ago period.
Dominion Energy has agreed to sell a 50% noncontrolling interest in the Coastal Virginia Offshore Wind commercial project (CVOW) to Stonepeak. Per the agreement, D will retain full operational control of the construction and operations of CVOW. The transaction is expected to close by the end of 2024, subject to customary approvals.
Segmental Details
Dominion Energy Virginia: Net income from the segment was $369 million, down 6.6% year over year.
Dominion Energy South Carolina: Segmental net income was $75 million, down 22.7% year over year.
Contracted Energy: Net loss from the segment was $19 million against an income of $82 million in the year-ago quarter.
Corporate and Other: Net loss was $158 million against an income of $78 million in the prior-year quarter.
Financial Highlights
Current Assets as of Dec 31, 2023, were $25.4 billion compared with $9.8 billion as of Dec 31, 2022.
The total long-term debt as of Dec 31, 2023, was $33.3 billion, down from $34.6 billion as of Dec 31, 2022.
In 2023, cash from operating activities was $6.6 billion compared with $3.7 billion in the year-ago period.
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 (NEE - Free Report) reported fourth-quarter 2023 adjusted earnings of 52 cents per share, which beat the Zacks Consensus Estimate of 49 cents by 6.1%. The bottom line was also up nearly 2% year over year.
The Zacks Consensus Estimate for NEE’s 2024 earnings is pinned at $3.44 per share, implying an improvement of 8.5% from a year ago. Long-term (three-to-five year) earnings growth rate of NEE is pegged at 8.18%.
Duke Energy Corporation (DUK - Free Report) reported fourth-quarter 2023 adjusted earnings of $1.51 per share, which missed the Zacks Consensus Estimate of $1.54 by 1.9%. However, the bottom line increased 36% year over year.
The Zacks Consensus Estimate for DUK’s 2024 earnings is pinned at $5.97 per share, implying an improvement of 7.4% from the prior-year levels. The long-term earnings growth rate of DUK is pegged at 5.26%.
FirstEnergy (FE - Free Report) reported fourth-quarter 2023 operating earnings of 62 cents per share, which surpassed the Zacks Consensus Estimate of 60 cents by 3.3%. The bottom line increased 24% from the year-ago figure of 50 cents.
The Zacks Consensus Estimate for FE’s 2024 earnings is pinned at $2.68 per share, implying an improvement of 4.7% from the year-earlier levels. The company reported average earnings surprise of 1.85% in the last four quarters.