We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Dominion Energy (D) Q1 Earnings & Revenues Beat Estimates
Read MoreHide Full Article
Dominion Energy Inc. (D - Free Report) 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
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.
NextEra Energy, Inc. (NEE - Free Report) 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 - Free Report) 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 - Free Report) 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.
Unique Zacks Analysis of Your Chosen Ticker
Pick one free report - opportunity may be withdrawn at any time
Image: Bigstock
Dominion Energy (D) Q1 Earnings & Revenues Beat Estimates
Dominion Energy Inc. (D - Free Report) 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 - Free Report) 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 - Free Report) 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 - Free Report) 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.