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Dominion Energy(D) - 2024 Q4 - Annual Results
DDominion Energy(D)2025-02-12 12:36

Financial Performance - Dominion Energy reported a GAAP net income of 145million(145 million (0.15 per share) for Q4 2024, down from 331million(331 million (0.37 per share) in Q4 2023[2]. - For the full year 2024, Dominion Energy's GAAP net income was 2.1billion(2.1 billion (2.44 per share), compared to 2.0billion(2.0 billion (2.33 per share) in 2023, reflecting a 5% increase[2]. - Operating earnings (non-GAAP) for Q4 2024 were 504million(504 million (0.58 per share), significantly up from 260million(260 million (0.29 per share) in Q4 2023, marking a 93% increase[4]. - The full year 2024 operating earnings reached 2.4billion(2.4 billion (2.77 per share), compared to 1.7billion(1.7 billion (1.95 per share) in 2023, representing a 41% increase[4]. - Reported earnings for Q4 2024 were 145million,downfrom145 million, down from 331 million in Q4 2023, a decrease of 56.0%[20]. - Earnings per share (EPS) for Q4 2024 was 0.15,adeclineof59.50.15, a decline of 59.5% compared to 0.37 in Q4 2023[20]. - Operating earnings (non-GAAP) for the full year 2024 increased to 2,392million,up39.42,392 million, up 39.4% from 1,715 million in 2023[20]. Guidance and Projections - Dominion Energy narrowed its 2025 operating earnings guidance range to 3.28to3.28 to 3.52 per share, maintaining the original midpoint of 3.40pershare[6].−Thecompanyreaffirmeditslong−termoperatingearningspersharegrowthguidanceof53.40 per share[6]. - The company reaffirmed its long-term operating earnings per share growth guidance of 5% to 7% through 2029, based on the 2025 operating earnings per share midpoint of 3.30[6]. Revenue and Expenses - Dominion Energy's operating revenue for Q4 2024 was 3.4billion,slightlydownfrom3.4 billion, slightly down from 3.534 billion in Q4 2023[18]. - Total operating expenses for Q4 2024 were 3.009billion,comparedto3.009 billion, compared to 2.822 billion in Q4 2023, indicating an increase of 6.6%[18]. Segment Performance - The Dominion Energy Virginia segment reported operating earnings of 440millioninQ42024,anincreaseof19.2440 million in Q4 2024, an increase of 19.2% from 369 million in Q4 2023[20]. Adjustments and Impacts - The company experienced a pre-tax loss of 478millioninQ42024,comparedtoapre−taxincomeof478 million in Q4 2024, compared to a pre-tax income of 83 million in Q4 2023, representing a change of 561million[20].−Adjustmentstoreportedearningsfor2024totaled561 million[20]. - Adjustments to reported earnings for 2024 totaled 359 million, significantly impacting the overall earnings[20]. - The average diluted common shares outstanding increased to 842.2 million in Q4 2024 from 837.3 million in Q4 2023[20]. Discontinued Operations and Charges - The company reported a net benefit of 228millionfromdiscontinuedoperations,primarilyrelatedtogasdistributionoperations[27].−Regulatedassetretirementsandotherchargesamountedto228 million from discontinued operations, primarily related to gas distribution operations[27]. - Regulated asset retirements and other charges amounted to 276 million, including significant costs related to the Coastal Virginia Offshore Wind project[27]. - Nonregulated asset impairments and other charges totaled 229million,reflectingvariousimpairmentchargesacrossdifferentfacilities[27].−229 million, reflecting various impairment charges across different facilities[27]. - 1.2 billion net benefit from discontinued operations, including a 722millionbenefitfromthesaleofnon−controllinginterestinCovePoint[32].−722 million benefit from the sale of non-controlling interest in Cove Point[32]. - 1.2 billion net market benefit primarily from 411millioninnucleardecommissioningtrustsand411 million in nuclear decommissioning trusts and 758 million in economic hedging activities[32]. - 370millionofregulatedassetretirementsandotherchargesrelatedtoVirginiaPower′s2021triennialreviewsettlement[32].ChangesinEarningsandEPS−Changeinreportedearnings(GAAP)decreasedby370 million of regulated asset retirements and other charges related to Virginia Power's 2021 triennial review settlement[32]. Changes in Earnings and EPS - Change in reported earnings (GAAP) decreased by 186 million, resulting in a 0.22decreaseinEPS[33].−Changeinpre−taxincomeincreasedby0.22 decrease in EPS[33]. - Change in pre-tax income increased by 561 million, contributing to a 0.67increaseinEPS[33].−Adjustmentstoreportedearningsamountedto0.67 increase in EPS[33]. - Adjustments to reported earnings amounted to 430 million, leading to a 0.51increaseinEPS[33].−Changeinconsolidatedoperatingearnings(non−GAAP)increasedby0.51 increase in EPS[33]. - Change in consolidated operating earnings (non-GAAP) increased by 244 million, resulting in a 0.29increaseinEPS[33].−Weatherimpactscontributedanincreaseof0.29 increase in EPS[33]. - Weather impacts contributed an increase of 11 million in earnings, translating to a 0.01increaseinEPS[33].−Customer−electedrateimpactsadded0.01 increase in EPS[33]. - Customer-elected rate impacts added 18 million, resulting in a 0.02increaseinEPS[33].−Changeincontributiontooperatingearningsincreasedby0.02 increase in EPS[33]. - Change in contribution to operating earnings increased by 71 million, leading to a $0.08 increase in EPS[33].