Dominion Energy (D) Q3 Earnings & Revenues Miss Estimates
Dominion Energy Inc. D delivered third-quarter 2023 operating earnings of 77 cents per share, which lagged the Zacks Consensus Estimate of 78 cents by a penny. Quarterly earnings were within the company’s guidance of 72-87 cents per share. Operating earnings were $1.11 in the year-ago quarter.
The GAAP earnings for the third quarter were 17 cents per share compared with 91 cents in the year-ago quarter.
The difference between GAAP and operating earnings for the period includes a net gain from discontinued operations associated with the sale of remaining noncontrolling interest in Cove Point and gas distribution operations, deferred taxes related to the sale of gas distribution operations, 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 $3,810 million, which lagged the Zacks Consensus Estimate of $4,275 million by 10.9%. Revenues decreased 3.9% from $3,963 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 6.5% year over year to $2,775 million due to lower electric fuel and other energy-related purchases.
Interest and related charges for the reported quarter were $192 million compared with $360 million in the year-ago period.
Dominion Energy’s fully regulated offshore wind project is on time and budget and is expected to save customers more than $3 billion in fuel costs over the first 10 years of operation.
Segmental Details
Dominion Energy Virginia: Net income from the segment was $532 million, down 13.9% year over year.
Dominion Energy South Carolina: Net income from the segment was $143 million, down 18.3% year over year.
Contracted Energy: Net income from the segment was $54 million, down 16.9% year over year.
Corporate and Other: The net loss was $62 million compared with a loss of $11 million in the year-ago quarter.
Financial Highlights
Cash & Cash equivalents as of Sep 30, 2023, were $137 million compared with $120 million as of Dec 31, 2022.
The total long-term debt as of Sep 30, 2023, was $33,057 million, down from $34,584 million as of Dec 31, 2022.
In the first nine months of 2023, cash from operating activities was $5,186 million compared with $2,671 million in the year-ago period.
Guidance
Dominion provided fourth-quarter 2023 operating earnings guidance of 35 cents per share, taking into consideration normal weather in its service territories. The guided range is lower than the Zacks Consensus Estimate of 62 cents for the same period.
Zacks Rank
Currently, Dominion has a Zacks Rank #5 (Strong Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Other Releases
NextEra Energy, Inc. NEE released third-quarter 2023 adjusted earnings of 94 cents per share, which beat the Zacks Consensus Estimate of 86 cents by 9.3%.
The Zacks Consensus Estimate for NEE’s 2023 earnings is pinned at $3.12 per share, implying a year-over-year improvement of 7.6%. Long-term (three- to five-year) earnings growth of NEE is pegged at 8.18%.
CMS Energy Corp. CMS reported third-quarter 2023 adjusted earnings of 61 cents per share, which missed the Zacks Consensus Estimate of 63 cents by 3.2%.
The Zacks Consensus Estimate for CMS’ 2023 earnings is pinned at $3.10 per share, implying a year-over-year improvement of 7.3%. The long-term earnings growth of CMS is pegged at 7.5%.
FirstEnergy Corporation (FE) reported third-quarter 2023 operating earnings per share of 88 cents, which surpassed the Zacks Consensus Estimate of 85 cents by 3.5%.
The Zacks Consensus Estimate for FE’s 2023 earnings is pinned at $2.54 per share, implying a year-over-year improvement of 5.4%.
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