Dominion Energy Inc (D) Reports Q3 2023 Earnings, GAAP Net Income of $0.17 Per Share
GAAP net income for Q3 2023 stands at $0.17 per share, down from $0.91 per share in Q3 2022.
Operating earnings (non-GAAP) for Q3 2023 were $0.77 per share, compared to $0.99 per share for the same period in 2022.
The company's fully regulated Coastal Virginia Offshore Wind (CVOW) project is on time and on budget.
Dominion Energy initiates Q4 2023 operating earnings (non-GAAP) guidance of $0.35 per share.
On November 3, 2023, Dominion Energy Inc (NYSE:D) released its third-quarter 2023 earnings report. The company reported a GAAP net income of $0.17 per share and operating earnings (non-GAAP) of $0.77 per share. This represents a decrease from the same period in 2022, where GAAP net income was $0.91 per share and operating earnings were $0.99 per share.
Financial Performance and Business Review
According to the company's Chair, President, and Chief Executive Officer, Robert M. Blue, Dominion Energy has made significant progress in its business review. The review aims to reposition the company to create maximum long-term value for shareholders, employees, customers, and other stakeholders. The company's fully regulated offshore wind project is on time and on budget and is expected to save customers more than $3 billion in fuel costs over the first 10 years of operation.
Financial Results
Dominion Energy reported unaudited net income of $163 million for the three months ended Sept. 30, 2023, compared with net income of $778 million for the same period in 2022. Operating earnings for the three months ended Sept. 30, 2023, were $667 million, compared to operating earnings of $847 million for the same period in 2022.
Future Outlook
The company expects fourth-quarter operating earnings of approximately $0.35 per share based on normal weather in its utility service areas. Dominion Energy also plans to host an investor event upon conclusion of the companys business review to discuss the Companys repositioned strategic and financial outlook.
Consolidated Statements of Income
Operating revenue for the third quarter of 2023 was $3.81 billion, compared to $3.96 billion for the same period in 2022. Total operating expenses for the third quarter of 2023 were $2.78 billion, compared to $2.97 billion for the same period in 2022. Income from operations for the third quarter of 2023 was $1.04 billion, compared to $995 million for the same period in 2022.
Segment Reported and Operating Earnings
Operating earnings for Dominion Energy Virginia were $532 million, down from $618 million in Q3 2022. Dominion Energy South Carolina reported operating earnings of $143 million, down from $175 million in the same period last year. Contracted Energy reported operating earnings of $54 million, down from $65 million in Q3 2022. Corporate and Other reported a loss of $62 million, compared to a loss of $11 million in Q3 2022.
Explore the complete 8-K earnings release (here) from Dominion Energy Inc for further details.
This article first appeared on GuruFocus.
