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Dominion (D) Q3 Earnings Beats Estimates, Revises Guidance

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Have you been eager to see how Dominion Energy Inc. (D - Free Report) performed in the third quarter in comparison with the market expectations? Let’s quickly scan through the key facts from this company’s earnings release this morning. Richmond, VA-based Dominion produces and transports energy in the United States

An Earnings Beat

Dominion reported adjusted earnings per share of $1.15 per share, beating the Zacks Consensus Estimate of $1.11. Earnings improved 10.6% year over year.

Operating earnings came in at the top end of guided range of 95 cents to $1.15 per share.

Improvement was attributable to contribution from the Cove Point Liquefaction project, and positive impact of tax reforms.

Dominion Energy Inc. Price and EPS Surprise

Total Revenues Beat

Dominion’s total revenues came in at $3,451 million, beating the Zacks Consensus Estimate of $3,326 million by 3.8% and improving 8.6% year over year from $3,179 million.

How Was the Estimate Revision Trend?

You should note that the Zacks Consensus Estimate for the third quarter remain unchanged in the last seven days for Dominion prior to the earnings release. The company has a stellar earnings surprise history beating estimates in the last four quarters.

Key Takeaways

Total operating expenses increased 13.5% year over year to $2,301 million.

Power Delivery’s electric customer base increased by 26,307 from the prior-year quarter.

Guidance

For fourth-quarter 2018, Dominion expects operating earnings within 80 cents to 95 cents per share compared with 91 cents in fourth-quarter 2017.

For the full year, Dominion narrows its earnings per share guidance in the range of $3.95-$4.10 from earlier guidance $3.80-$4.25.

What Zacks Rank Says

The estimate revisions that we discussed earlier have driven a Zacks Rank #2 (Buy) for Dominion. However, since the latest earnings performance is yet to be reflected in the estimate revisions, the rank is subject to change. Now it all depends on what sense the just-released report makes to the analysts.

You can see the complete list of today’s Zacks #1 (Strong Buy) Rank  stocks here..   

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