Dominion Energy (D) reported $3.49 billion in revenue for the quarter ended June 2024, representing a yearover-year decline of 8.1%. EPS of $0.55 for the same period compares to $0.53 a year ago. The reported revenue represents a surprise of -6.11% over the Zacks Consensus Estimate of $3.71 billion. With the consensus EPS estimate being $0.58, the EPS surprise was -5.17%. While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine th ...

Dominion Energy Inc. (D) delivered second-quarter 2024 operating earnings of 55 cents per share, which lagged the Zacks Consensus Estimate of 58 cents by 5.2%. However, the second-quarter earnings increased 3.8% from 53 cents in the year-ago quarter. GAAP earnings were 65 cents compared with 67 cents in the year-ago quarter. The difference between GAAP and operating earnings includes a net benefit of 10 cents from discontinued operations. Revenues Revenues of $3.48 billion lagged the Zacks Consensus Estimat ...

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 ...

Financial Performance - Dominion Energy reported a net income of $572 million for the three months ended June 30, 2024, compared to $583 million for the same period in 2023, reflecting a decrease of 1.9%[11]. - Comprehensive income attributable to Dominion Energy was $629 million for the three months ended June 30, 2024, up from $582 million in the same period last year, representing an increase of 8.1%[12]. - Net income for the six months ended June 30, 2024, was $1,246 million, a decrease of 20.3% from $1,564 million in the same period of 2023[24]. - The company reported a net income attributable to the company from continuing operations of $491 million for Q2 2024, compared to $415 million in Q2 2023, representing a 18.3% increase[61]. - Year-to-date net income attributable to Dominion Energy from continuing operations was $1,051 million in 2024, slightly down from $1,115 million in 2023[61]. - Net income for Virginia Power for the three months ended June 30, 2024, was $485 million, up from $394 million in the same period of 2023, reflecting a 23.1% increase[204]. - Net income for the six months ended June 30, 2024, was $909 million, compared to $780 million in the same period of 2023, marking a 16.5% increase[204]. Assets and Liabilities - Total assets decreased to $100.417 billion as of June 30, 2024, down from $109.032 billion at the end of 2023, indicating a decline of 7.4%[14]. - Total current liabilities decreased from $24,476 million as of December 31, 2023, to $11,506 million as of June 30, 2024, a reduction of approximately 53%[17]. - Long-term debt increased from $33,248 million as of December 31, 2023, to $36,617 million as of June 30, 2024, an increase of about 7.1%[17]. - Total liabilities decreased from $81,503 million as of December 31, 2023, to $73,344 million as of June 30, 2024, a reduction of about 10%[17]. - The company’s total assets as of June 30, 2024, were $63,199 million, an increase from $58,618 million as of December 31, 2023[29]. - Total liabilities related to fair value measurements were $25 million, with specific liabilities for natural gas and electricity forwards reported at $3 million and $20 million, respectively[73]. Cash Flow and Investments - Net cash provided by operating activities for the six months ended June 30, 2024, was $2,838 million, down from $3,194 million in 2023, a decrease of 11.2%[24]. - The company reported a net cash provided by investing activities of $1,328 million for the six months ended June 30, 2024, compared to a net cash used of $5,014 million in the same period of 2023[24]. - The company reported a net cash used in investing activities of $4,635 million for the six months ended June 30, 2024, compared to $3,398 million in 2023, reflecting an increase of 36.5%[36]. - The company acquired solar development projects for $187 million during the six months ended June 30, 2024, compared to $12 million in the same period of 2023[24]. - Dominion Energy's total cash and equivalents at the end of June 30, 2024, included $67 million in restricted cash, compared to $178 million in June 30, 2023[40]. Regulatory and Compliance - Dominion Energy is in the process of selling its membership interests in Fall North Carolina Holdco LLC to Enbridge, which is expected to enhance its market position[8]. - The company continues to focus on regulatory adjustments through various riders to recover costs associated with renewable energy and grid transformation projects[8]. - Virginia Power's combined return on equity (ROE) for the test period was 9.04%, which is within 70 basis points of the authorized ROE of 9.35% established in the 2021 Triennial Review[115]. - The comprehensive settlement agreement approved in February 2024 requires Virginia Power to recover previously unrecovered severe weather event costs of $45 million through base rates during the 2023-2024 biennial period, along with carrying costs[115]. - Dominion Energy's regulatory liabilities totaled $9.831 billion as of June 30, 2024, compared to $9.196 billion on December 31, 2023[111]. Capital Expenditures and Financing - The company issued 1 million shares of common stock during the quarter ended June 30, 2024, raising $36 million[20]. - Dominion Energy raised $66 million from the issuance of 1 million shares of common stock for the six months ended June 30, 2024[152]. - The company has $0.9 billion remaining for stock repurchase authorization as of June 30, 2024[155]. - Dominion Energy entered forward sale agreements for approximately 7.7 million shares of common stock at a weighted average initial forward price of $52.39 per share[154]. - Dominion Energy has a $6.0 billion joint revolving credit facility, with $2.682 billion in outstanding commercial paper and $23 million in letters of credit as of June 30, 2024[140]. Environmental and Legal Matters - The Companies are involved in various legal proceedings and governmental examinations, with an estimated potential loss of approximately $410 million related to a sales and use tax assessment[173]. - The Companies are subject to costs from federal, state, and local environmental regulations, which may increase capital and operating costs due to compliance obligations[157]. - The Companies are evaluating the need for impingement control technologies at certain facilities under the final regulations of Section 316(b) of the CWA, which could materially impact financial results[164]. - Dominion Energy has proposed remediation plans for one site at Virginia Power, expecting to commence activities in 2024 or 2025[169]. - The Companies maintain various insurance programs, including general liability insurance, to cover potential losses from legal proceedings[17]. Pension and Employee Benefits - The service cost component of net periodic benefit cost for the quarter ended June 30, 2024, was $22 million, down from $24 million in the same quarter of 2023[191]. - Dominion Energy's net periodic benefit cost for the year-to-date period ended June 30, 2024, was $(111) million, compared to $(163) million for the same period in 2023[191]. - Dominion Energy expects to make $46 million in minimum required contributions to its qualified defined benefit pension plans in 2024, having already contributed $7 million in the first half of the year[194]. Other Comprehensive Income - The accumulated other comprehensive income (AOCI) balance at the end of Q2 2024 was $(1,687) million, compared to $(1,566) million at the end of Q2 2023[63]. - The total net of tax for other comprehensive income for Q2 2024 was $64 million, compared to $(6) million in Q2 2023, showing a significant improvement[65]. - For the first half of 2024, the net current period other comprehensive income was $57 million, while it was $(1) million in the same period of 2023[65].

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]