Dominion Energy(US:D)2025-02-12 12:36Financial Performance - Dominion Energy reported a GAAP net income of $145 million ($0.15 per share) for Q4 2024, down from $331 million ($0.37 per share) in Q4 2023[2]. - For the full year 2024, Dominion Energy's GAAP net income was $2.1 billion ($2.44 per share), compared to $2.0 billion ($2.33 per share) in 2023, reflecting a 5% increase[2]. - Operating earnings (non-GAAP) for Q4 2024 were $504 million ($0.58 per share), significantly up from $260 million ($0.29 per share) in Q4 2023, marking a 93% increase[4]. - The full year 2024 operating earnings reached $2.4 billion ($2.77 per share), compared to $1.7 billion ($1.95 per share) in 2023, representing a 41% increase[4]. - Reported earnings for Q4 2024 were $145 million, down from $331 million in Q4 2023, a decrease of 56.0%[20]. - Earnings per share (EPS) for Q4 2024 was $0.15, a decline of 59.5% compared to $0.37 in Q4 2023[20]. - Operating earnings (non-GAAP) for the full year 2024 increased to $2,392 million, up 39.4% from $1,715 million in 2023[20]. Guidance and Projections - Dominion Energy narrowed its 2025 operating earnings guidance range to $3.28 to $3.52 per share, maintaining the original midpoint of $3.40 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 $3.4 billion, slightly down from $3.534 billion in Q4 2023[18]. - Total operating expenses for Q4 2024 were $3.009 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 $440 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 $478 million in Q4 2024, compared to a pre-tax income of $83 million in Q4 2023, representing a change of $561 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 $228 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 $229 million, reflecting various impairment charges across different facilities[27]. - $1.2 billion net benefit from discontinued operations, including a $722 million benefit from the sale of non-controlling interest in Cove Point[32]. - $1.2 billion net market benefit primarily from $411 million in nuclear decommissioning trusts and $758 million in economic hedging activities[32]. - $370 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 $0.22 decrease in EPS[33]. - Change in pre-tax income increased by $561 million, contributing to a $0.67 increase in EPS[33]. - Adjustments to reported earnings amounted to $430 million, leading to a $0.51 increase in EPS[33]. - Change in consolidated operating earnings (non-GAAP) increased by $244 million, resulting in a $0.29 increase in EPS[33]. - Weather impacts contributed an increase of $11 million in earnings, translating to a $0.01 increase in EPS[33]. - Customer-elected rate impacts added $18 million, resulting in a $0.02 increase in EPS[33]. - Change in contribution to operating earnings increased by $71 million, leading to a $0.08 increase in EPS[33].