Dominion Energy, Inc. (NYSE:D) Q2 2024 Earnings Conference Call August 1, 2024 10:00 AM ET Company Participants David McFarland - Vice President of Investor Relations and Treasurer Robert Blue - Chair, President and Chief Executive Officer Steven Ridge - Executive Vice President and Chief Financial Officer Diane Leopold - Executive Vice President and Chief Operating Officer Conference Call Participants Constantine Lednev - Guggenheim Partners Nicholas Campanella - Barclays Jeremy Tonet - JPMorgan Operator W ...

Dominion Energy is exploring the possibility of connecting a data center directly to a nuclear plant in Connecticut, as the tech sector hunts for carbon-free electricity to power artificial intelligence applications. The Millstone Power Station in Waterford, Connecticut provides more than 90% of the Nutmeg State's carbonfree power and generates enough electricity for nearly 2 million homes annually, according to Dominion. "We're certainly open to the idea of a co-located data center," Dominion CEO Robert Bl ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark one) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | --- | --- | --- | --- | --- | |---------------------------|-----------------------------------|--------------------------------------------------------------------------------------------- ...

Hand holding magnet. Attraction money. Businessman. Flat style. Earn money. Vector illustration. ... [+] Isolated on background getty Here's one thing most folks get wrong about dividend cuts: They can (and often do) set up terrific buying opportunities! I know, I know. Before our customer-service inbox lights up here at Contrarian Outlook, let me be clear that we dividend investors hate payout cuts. No one wants to see their income stream and their investment take a hit, as scorned investors toss the stock ...

Dominion Energy (D) came out with quarterly earnings of $0.55 per share, missing the Zacks Consensus Estimate of $0.58 per share. This compares to earnings of $0.53 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of -5.17%. A quarter ago, it was expected that this energy company would post earnings of $0.51 per share when it actually produced earnings of $0.55, delivering a surprise of 7.84%. Over the last four quarters, the com ...

[Earnings and Guidance Summary](index=1&type=section&id=Earnings%20and%20Guidance%20Summary) Dominion Energy reported Q2 2024 operating earnings of **$0.65 per share**, a significant increase, and reaffirmed all financial guidance Q2 2024 Earnings Per Share (EPS) Highlights | Metric | Q2 2024 | Q2 2023 | Change | | :--- | :--- | :--- | :--- | | **Operating EPS (Non-GAAP)** | **$0.65** | **$0.35** | **+$0.30** | | GAAP Net Income EPS | $0.65 | $0.67 | -$0.02 | - The company reaffirmed its full-year 2024 operating earnings guidance range of **$2.62 to $2.87 per share** and its 2025 range of **$3.25 to $3.54 per share**[3](index=3&type=chunk) - Operating earnings are used as the primary performance measure for communications with investors and for internal purposes like budgeting and incentive compensation[6](index=6&type=chunk) [Consolidated Financial Results (GAAP)](index=2&type=section&id=Consolidated%20Financial%20Results%20%28GAAP%29) Dominion Energy's Q2 2024 GAAP operating revenue increased to **$3.49 billion**, while net income slightly decreased Consolidated Statements of Income (GAAP, in millions) | Metric | Three Months Ended June 30, 2024 | Three Months Ended June 30, 2023 | Six Months Ended June 30, 2024 | Six Months Ended June 30, 2023 | | :--- | :--- | :--- | :--- | :--- | | **Operating Revenue** | **$3,486** | **$3,166** | **$7,118** | **$7,049** | | Income from operations | $805 | $594 | $1,638 | $1,673 | | Net Income from continuing operations | $491 | $415 | $1,051 | $1,115 | | **Net Income attributable to Dominion Energy** | **$572** | **$583** | **$1,246** | **$1,564** | | **Reported EPS - diluted** | **$0.65** | **$0.67** | **$1.43** | **$1.82** | [Reconciliation of GAAP to Operating Earnings](index=4&type=section&id=Reconciliation%20of%20GAAP%20to%20Operating%20Earnings) Q2 2024 operating earnings of **$563 million** were adjusted from GAAP, reflecting significant NDT benefits and impairment charges Q2 2024 Reconciliation of Reported to Operating Earnings (in millions, except EPS) | Metric | Q2 2024 | Q2 2023 | | :--- | :--- | :--- | | **Reported Earnings (GAAP)** | **$572** | **$583** | | Adjustments (after-tax) | ($9) | ($273) | | **Operating Earnings (Non-GAAP)** | **$563** | **$310** | | **Reported EPS (GAAP)** | **$0.65** | **$0.67** | | Adjustments to EPS | $0.00 | ($0.32) | | **Operating EPS (Non-GAAP)** | **$0.65** | **$0.35** | - Key pre-tax adjustments for the first six months of 2024 included: - A net market benefit of **$138 million** (primarily from NDT funds) - A **$227 million** net benefit from discontinued gas distribution operations - **$80 million** in charges for nonregulated asset impairments[11](index=11&type=chunk) [Segment Performance and Variance Analysis](index=4&type=section&id=Segment%20Performance%20and%20Variance%20Analysis) Q2 operating earnings increased significantly, driven by strong performance in Dominion Energy Virginia and Contracted Energy segments Operating Earnings by Segment (in millions) | Segment | Q2 2024 | Q2 2023 | Change | | :--- | :--- | :--- | :--- | | Dominion Energy Virginia | $485 | $394 | +$91 | | Dominion Energy South Carolina | $69 | $68 | +$1 | | Contracted Energy | $100 | ($45) | +$145 | | Corporate and Other | ($91) | ($107) | +$16 | | **Total Operating Earnings** | **$563** | **$310** | **+$253** | [Dominion Energy Virginia](index=7&type=section&id=Dominion%20Energy%20Virginia) Dominion Energy Virginia's operating earnings increased by **$91 million**, primarily due to favorable weather and higher rider returns Key Drivers of Change in Operating Earnings (Q2 2024 vs Q2 2023, in millions) | Driver | Impact | | :--- | :--- | | Weather | +$67 | | Rider equity return | +$83 | | Impact of 2023 Virginia legislation | -$65 | | Nuclear production tax credit | +$17 | | **Total Change** | **+$91** | [Dominion Energy South Carolina](index=7&type=section&id=Dominion%20Energy%20South%20Carolina) Dominion Energy South Carolina's operating earnings were nearly flat, increasing by just **$1 million**, as weather benefits were offset by higher costs Key Drivers of Change in Operating Earnings (Q2 2024 vs Q2 2023, in millions) | Driver | Impact | | :--- | :--- | | Weather | +$29 | | Other (O&M, D&A, Interest, etc.) | -$28 | | **Total Change** | **+$1** | [Contracted Energy](index=7&type=section&id=Contracted%20Energy) Contracted Energy's operating earnings increased substantially by **$145 million**, primarily due to the timing of planned Millstone outages Key Drivers of Change in Operating Earnings (Q2 2024 vs Q2 2023, in millions) | Driver | Impact | | :--- | :--- | | Planned Millstone outages | +$83 | | Margin | +$35 | | Unplanned Millstone outages | +$25 | | **Total Change** | **+$145** |

Second-quarter 2024 GAAP net income of $0.65 per share; operating earnings (non-GAAP) of $0.65 per share Company reaffirms all financial guidance provided at its March 1, 2024, investor meeting, including guidance related to earnings, credit, and dividend RICHMOND, Va., Aug. 1, 2024 /PRNewswire/ -- Dominion Energy, Inc. (NYSE: D), today announced unaudited net income determined in accordance with Generally Accepted Accounting Principles (GAAP, or reported earnings) for the three months ended June 30, 2024, ...

Core Points - Dominion Energy's board of directors has declared a quarterly dividend of 66.75 cents per share of common stock [1] - The dividends are scheduled to be payable on September 20, 2024, to shareholders of record as of the close of business on August 30, 2024 [1] - This marks the 386th consecutive dividend payment made by Dominion Energy or its predecessor company [1] - The last quarterly dividend was declared on May 7, 2024 [1]

Core Insights - The power sector is expected to benefit from ongoing investments aimed at enhancing electric infrastructure resilience against extreme weather and transitioning to more affordable renewable energy sources [1] Group 1: Earnings Predictions and Performance - The Zacks model indicates that a positive Earnings ESP and a Zacks Rank of 3 or better are essential for increasing the likelihood of an earnings beat [2] - Xcel Energy is predicted to achieve an earnings beat with an Earnings ESP of +3.48% and a Zacks Rank of 2 [7] - Entergy Corporation's service areas experienced above-normal temperatures, likely boosting electricity demand and revenues, despite some adverse weather impacts [18] Group 2: Weather Impact on Utilities - The second quarter saw warmer-than-normal weather across utility service territories, which is expected to positively influence top-line performance [6] - Severe weather events, including rain and hailstorms, are anticipated to have caused outages for Entergy's customers, negatively affecting its overall performance [3] Group 3: Sector Trends and Investments - The Zacks Utilities sector's second-quarter earnings are projected to increase by 9.1% year-over-year, driven by revenue growth of 1.1% and infrastructure enhancements for reliable service under extreme weather [10] - Utilities are committing to 100% clean energy and reducing coal usage, while investing in large battery storage units to ensure electricity supply during non-productive hours [9] - Continuous capital expenditures by utilities are aimed at reducing operating costs and improving efficiency through digital technology and energy efficiency programs [16] Group 4: Company-Specific Insights - Dominion Energy's second-quarter earnings are likely to benefit from regulated investments and higher sales volumes due to economic growth in Virginia and South Carolina [8] - Consolidated Edison is expected to see a positive impact on its second-quarter performance from warmer temperatures and strong rate-based growth [8] - Pinnacle West Capital's new Energy Management System is expected to enhance the integration of renewable energy and storage assets, although higher depreciation and taxes may offset some benefits [3]

The Zacks Consensus Estimate for earnings is pegged at 58 cents, indicating an increase of 9.4% from the yearago reported figure. The Zacks Consensus Estimate for second-quarter earnings per share has moved up 17.9% in the past 60 days. The Zacks Consensus Estimate for sales is pegged at $3.2 billion, which implies a year-over-year increase of 4.7%. Factors to Note However, higher DD&A expenses and O&M expenses are likely to negatively impact the company's secondquarter results. Quantitative Model Predicts ...