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Dominion's Q3 Earnings Beat Estimates on Lower Operating Expenses
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Dominion Energy Inc. (D - Free Report) delivered third-quarter 2024 operating earnings of 98 cents per share, which surpassed the Zacks Consensus Estimate of 92 cents by 6.5%. The metric increased 27.3% from the year-ago quarter.
Stay up-to-date with all quarterly releases: See Zacks Earnings Calendar.
GAAP earnings were $1.12 per share compared with 16 cents in the year-ago quarter.
The difference between GAAP and operating earnings for the period includes gains and losses on nuclear decommissioning trust funds, mark-to-market impact of economic hedging activities, a net benefit from discontinued operations primarily associated with the sale of gas distribution operations and other adjustments.
Revenues of Dominion Energy
Revenues of $3.94 billion lagged the Zacks Consensus Estimate of $4.08 billion by 3.6%. The top line was 3.4% higher than $3.81 billion in the year-ago quarter.
Dominion Energy Inc. Price, Consensus and EPS Surprise
Total operating expenses decreased 2.1% year over year to $2.72 billion due to a decline in electric fuel and other energy-related purchases expenses.
Rising demand from data centers is likely to boost the performance of the company in the long term. Dominion Energy Virginia has connected 14 new data centers in the year-to-date period and expects to connect a total of 16 data centers in 2024. The company enjoyed the benefits of robust commercial load growth driven by data centers.
Dominion Energy registered attractive customer growth across its Virginia and South Carolina service areas.
Segmental Details of Dominion Energy
Dominion Energy Virginia: Net income was $662 million, up 23.7% year over year.
Dominion Energy South Carolina: Net income of $69 million increased 2.8% on a year-over-year basis.
Contracted Energy: Net income was $83 million, which increased 59.6% on a year-over-year basis.
Corporate and Other: Net loss was $57 million compared with the loss of $79 million in the prior-year quarter.
Dominion Energy’s Financial Highlights
Cash and Cash equivalents as of Sept. 30, 2024, were $1.77 billion compared with $184 million as of Dec. 31, 2023.
Total long-term debt as of Sept. 30, 2024, was $33.8 billion, up from $32.3 billion as of Dec. 31, 2023.
In the first nine months of 2024, cash from operating activities was $4.37 billion compared with $5.18 billion in the year-ago period.
Guidance of Dominion Energy
The company narrowed its 2024 operating earnings guidance of $2.68-$2.83 from the earlier range of $2.62-$2.87 per share. The Zacks Consensus Estimate is pinned at $2.76 per share, which is on par with the midpoint of the guided range.
Dominion Energy also confirms its 2025 operating earnings guidance of $3.25-$3.54 per share. The Zacks Consensus Estimate is pegged at $3.37 per share, which is lower than the midpoint of the guided range.
D reiterated its annual operating earnings guidance of 5-7% through 2029. The company expects to invest $43 billion in the 2025-2029 time period.
NextEra Energy, Inc. (NEE - Free Report) reported third-quarter 2024 adjusted earnings of $1.03 per share, which beat the Zacks Consensus Estimate of 98 cents by 5.1%.
NEE’s long-term (three-to-five years) earnings growth rate is 8.12%. It delivered an average earnings surprise of 7.05% in the last four quarters.
DTE Energy Company (DTE - Free Report) reported third-quarter 2024 operating earnings per share of $2.22, which beat the Zacks Consensus Estimate of $1.87 by 18.7%.
DTE’s long-term earnings growth rate is 8.2%. The company delivered an average earnings surprise of 8.89% in the last four quarters.
CenterPoint Energy (CNP - Free Report) reported third-quarter 2024 adjusted earnings per share of 31 cents, which lagged the Zacks Consensus Estimate of 36 cents by 13.9%.
CNP’s long-term earnings growth rate is 7.12%. It delivered an average earnings surprise of 0.76% in the last reported quarter.
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Dominion's Q3 Earnings Beat Estimates on Lower Operating Expenses
Dominion Energy Inc. (D - Free Report) delivered third-quarter 2024 operating earnings of 98 cents per share, which surpassed the Zacks Consensus Estimate of 92 cents by 6.5%. The metric increased 27.3% from the year-ago quarter.
Stay up-to-date with all quarterly releases: See Zacks Earnings Calendar.
GAAP earnings were $1.12 per share compared with 16 cents in the year-ago quarter.
The difference between GAAP and operating earnings for the period includes gains and losses on nuclear decommissioning trust funds, mark-to-market impact of economic hedging activities, a net benefit from discontinued operations primarily associated with the sale of gas distribution operations and other adjustments.
Revenues of Dominion Energy
Revenues of $3.94 billion lagged the Zacks Consensus Estimate of $4.08 billion by 3.6%. The top line was 3.4% higher than $3.81 billion 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 D’s Q3 Release
Total operating expenses decreased 2.1% year over year to $2.72 billion due to a decline in electric fuel and other energy-related purchases expenses.
Rising demand from data centers is likely to boost the performance of the company in the long term. Dominion Energy Virginia has connected 14 new data centers in the year-to-date period and expects to connect a total of 16 data centers in 2024. The company enjoyed the benefits of robust commercial load growth driven by data centers.
Dominion Energy registered attractive customer growth across its Virginia and South Carolina service areas.
Segmental Details of Dominion Energy
Dominion Energy Virginia: Net income was $662 million, up 23.7% year over year.
Dominion Energy South Carolina: Net income of $69 million increased 2.8% on a year-over-year basis.
Contracted Energy: Net income was $83 million, which increased 59.6% on a year-over-year basis.
Corporate and Other: Net loss was $57 million compared with the loss of $79 million in the prior-year quarter.
Dominion Energy’s Financial Highlights
Cash and Cash equivalents as of Sept. 30, 2024, were $1.77 billion compared with $184 million as of Dec. 31, 2023.
Total long-term debt as of Sept. 30, 2024, was $33.8 billion, up from $32.3 billion as of Dec. 31, 2023.
In the first nine months of 2024, cash from operating activities was $4.37 billion compared with $5.18 billion in the year-ago period.
Guidance of Dominion Energy
The company narrowed its 2024 operating earnings guidance of $2.68-$2.83 from the earlier range of $2.62-$2.87 per share. The Zacks Consensus Estimate is pinned at $2.76 per share, which is on par with the midpoint of the guided range.
Dominion Energy also confirms its 2025 operating earnings guidance of $3.25-$3.54 per share. The Zacks Consensus Estimate is pegged at $3.37 per share, which is lower than the midpoint of the guided range.
D reiterated its annual operating earnings guidance of 5-7% through 2029. The company expects to invest $43 billion in the 2025-2029 time period.
Dominion Energy’s 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, Inc. (NEE - Free Report) reported third-quarter 2024 adjusted earnings of $1.03 per share, which beat the Zacks Consensus Estimate of 98 cents by 5.1%.
NEE’s long-term (three-to-five years) earnings growth rate is 8.12%. It delivered an average earnings surprise of 7.05% in the last four quarters.
DTE Energy Company (DTE - Free Report) reported third-quarter 2024 operating earnings per share of $2.22, which beat the Zacks Consensus Estimate of $1.87 by 18.7%.
DTE’s long-term earnings growth rate is 8.2%. The company delivered an average earnings surprise of 8.89% in the last four quarters.
CenterPoint Energy (CNP - Free Report) reported third-quarter 2024 adjusted earnings per share of 31 cents, which lagged the Zacks Consensus Estimate of 36 cents by 13.9%.
CNP’s long-term earnings growth rate is 7.12%. It delivered an average earnings surprise of 0.76% in the last reported quarter.