Dominion Energy Inc. D delivered first-quarter 2024 operating earnings of 55 cents per share, which surpassed the Zacks Consensus Estimate of 51 cents by 7.8%. The metric was 59 cents in the year-ago quarter.
GAAP earnings were 78 cents compared with $1.15 in the year-ago quarter. The difference between GAAP and operating earnings includes a net benefit from discontinued operations primarily associated with the sale of gas distribution operations, the gains and losses on nuclear decommissioning trust funds, mark-to-market impact of economic hedging activities and other adjustments.
Revenues
Revenues of $3.63 billion beat the Zacks Consensus Estimate of $3.56 billion by 2.1%. Revenues were lower than $3.88 billion in the year-ago quarter.
Dominion Energy Inc. Price, Consensus and EPS Surprise
Dominion Energy Inc. price-consensus-eps-surprise-chart | Dominion Energy Inc. Quote
Highlights of the Release
Total operating expenses decreased 0.2% year over year to $2.79 billion due to lower electric fuel and other energy-related purchases.
Interest and related charges were $574 million, up 19.8% from $479 million in the year-ago period.
Segmental Details
Dominion Energy Virginia: Net income was $424 million, up 9.8% year over year.
Dominion Energy South Carolina: Net income of $80 million declined 12.1% on a year-over-year basis.
Contracted Energy: Net income was $122 million, up 9.9% from $111 million in the year-ago quarter.
Corporate and Other: Net loss was $143 million compared with $73 million in the prior-year quarter.
Financial Highlights
Cash and Cash equivalents as of Mar 31, 2024, were $265 million compared with $184 million as of Dec 31, 2023.
Total long-term debt as of Mar 31, 2024, was $32.9 billion, up from $32.3 billion as of Dec 31, 2023.
In the first quarter of 2024, cash from operating activities was $1.98 billion compared with $2.1 billion in the year-ago period.
Guidance
The company affirms its full-year 2024 operating earnings guidance in the range of $2.62-$2.87 per share. The Zacks Consensus Estimate is pinned at $2.75, which is on par with the midpoint of the guided range.
It also confirms its full-year 2025 operating earnings guidance in the range of $3.25-$3.54 per share. The Zacks Consensus Estimate is pegged at $3.36, which is lower than the midpoint of the guided range.
D reiterated its annual operating earnings guidance in the range of 5-7% from 2025 to 2028 period.
Zacks Rank
Currently, Dominion Energy has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Other Releases
NextEra Energy, Inc. NEE reported first-quarter 2024 adjusted earnings of 91 cents per share, which beat the Zacks Consensus Estimate of 80 cents by 13.8%. The bottom line was also up nearly 8.3% year over year. The uptick was driven by solid performance of Florida Power & Light Company and NextEra Energy Resources.
The Zacks Consensus Estimate for NEE’s 2024 earnings is pinned at $3.40 per share, indicating a rise of 7.3% from a year ago. Long-term (three-to-five year) earnings growth rate of NEE is pegged at 7.99%.
Xcel Energy Inc. XEL reported first-quarter 2024 operating earnings of 88 cents per share, which surpassed the Zacks Consensus Estimate of 80 cents by 10%. The bottom line improved 15.8% from the prior-year quarter’s 76 cents.
The Zacks Consensus Estimate for XEL’s 2024 earnings is pinned at $3.56 per share, implying an improvement of 6.3% from the prior-year levels. The long-term earnings growth rate of XEL is pegged at 6.41%.
FirstEnergy FE reported first-quarter 2024 operating earnings of 55 cents per share, which surpassed the Zacks Consensus Estimate of 53 cents by 3.8%.
The Zacks Consensus Estimate for FE’s 2024 earnings is pinned at $2.67 per share, suggesting an increase of 4.3% from the year-earlier levels. The company reported average earnings surprise of 3.2% in the last four quarters.
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