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Dominion Energy (D) Q2 Earnings Miss Estimates, Sales Down Y/Y
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Dominion Energy Inc. (D - Free Report) 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 Estimate of $3.71 billion by 6.1%. Revenues were 8.1% lower than $3.79 billion in the year-ago quarter.
Dominion Energy Inc. Price, Consensus and EPS Surprise
Total operating expenses increased 4.2% year over year to $2.68 billion due to an increase in other operation and maintenance expenses.
Interest and related charges were $469 million, up 18.7% from $395 million in the year-ago period.
Rising demand from data centers is likely to boost the performance of the company in the long term. Dominion Energy Virginia has connected nine new data centers in the year-to-date period and expects to connect total 15 data centers in 2024.
Dominion Energy registered attractive customer growth across its Virginia and South Carolina service areas.
Segmental Details
Dominion Energy Virginia: Net income was $485 million, up 23.1% year over year.
Dominion Energy South Carolina: Net income of $69 million increased 1.5% on a year-over-year basis.
Contracted Energy: Net income was $100 million against a loss of $45 million in the year-ago quarter.
Corporate and Other: Net loss was $91 million compared with the loss of $107 million in the prior-year quarter.
Financial Highlights
Cash and Cash equivalents as of Jun 30, 2024, were $139 million compared with $184 million as of Dec 31, 2023.
Total long-term debt as of Jun 30, 2024, was $32.6 billion, up from $32.3 billion as of Dec 31, 2023.
In the first six months of 2024, cash from operating activities was $2.83 billion compared with $3.19 billion in the year-ago period.
Guidance
The company affirms its full-year 2024 operating earnings guidance 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 of $3.25-$3.54 per share. The Zacks Consensus Estimate is pegged at $3.37, which is lower than the midpoint of the guided range.
D reiterated its annual operating earnings guidance of 5-7% through 2029.
NextEra Energy, Inc. (NEE - Free Report) reported second-quarter 2024 adjusted earnings of 96 cents per share, which beat the Zacks Consensus Estimate of 93 cents by 3.2%.
NEE’s long-term (three-to-five years) earnings growth rate is 8.12%. It delivered an average earnings surprise of 8.1% in each of the last four quarters.
Xcel Energy Inc. (XEL - Free Report) reported second-quarter 2024 operating earnings of 54 cents per share, which lagged the Zacks Consensus Estimate of 55 cents by 1%.
The Zacks Consensus Estimate for XEL’s 2024 earnings is pinned at $3.55 per share, implying an increase of 5.9% from the prior-year level. The long-term earnings growth rate of XEL is pegged at 6.39%.
FirstEnergy (FE - Free Report) reported second-quarter 2024 operating earnings of 56 cents per share, in line with the Zacks Consensus Estimate.
FE’s long-term earnings growth rate is pegged at 5.87%. The company reported an average earnings surprise of 2.66% in each of the last four quarters.
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Dominion Energy (D) Q2 Earnings Miss Estimates, Sales Down Y/Y
Dominion Energy Inc. (D - Free Report) 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 Estimate of $3.71 billion by 6.1%. Revenues were 8.1% lower than $3.79 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 increased 4.2% year over year to $2.68 billion due to an increase in other operation and maintenance expenses.
Interest and related charges were $469 million, up 18.7% from $395 million in the year-ago period.
Rising demand from data centers is likely to boost the performance of the company in the long term. Dominion Energy Virginia has connected nine new data centers in the year-to-date period and expects to connect total 15 data centers in 2024.
Dominion Energy registered attractive customer growth across its Virginia and South Carolina service areas.
Segmental Details
Dominion Energy Virginia: Net income was $485 million, up 23.1% year over year.
Dominion Energy South Carolina: Net income of $69 million increased 1.5% on a year-over-year basis.
Contracted Energy: Net income was $100 million against a loss of $45 million in the year-ago quarter.
Corporate and Other: Net loss was $91 million compared with the loss of $107 million in the prior-year quarter.
Financial Highlights
Cash and Cash equivalents as of Jun 30, 2024, were $139 million compared with $184 million as of Dec 31, 2023.
Total long-term debt as of Jun 30, 2024, was $32.6 billion, up from $32.3 billion as of Dec 31, 2023.
In the first six months of 2024, cash from operating activities was $2.83 billion compared with $3.19 billion in the year-ago period.
Guidance
The company affirms its full-year 2024 operating earnings guidance 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 of $3.25-$3.54 per share. The Zacks Consensus Estimate is pegged at $3.37, which is lower than the midpoint of the guided range.
D reiterated its annual operating earnings guidance of 5-7% through 2029.
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 second-quarter 2024 adjusted earnings of 96 cents per share, which beat the Zacks Consensus Estimate of 93 cents by 3.2%.
NEE’s long-term (three-to-five years) earnings growth rate is 8.12%. It delivered an average earnings surprise of 8.1% in each of the last four quarters.
Xcel Energy Inc. (XEL - Free Report) reported second-quarter 2024 operating earnings of 54 cents per share, which lagged the Zacks Consensus Estimate of 55 cents by 1%.
The Zacks Consensus Estimate for XEL’s 2024 earnings is pinned at $3.55 per share, implying an increase of 5.9% from the prior-year level. The long-term earnings growth rate of XEL is pegged at 6.39%.
FirstEnergy (FE - Free Report) reported second-quarter 2024 operating earnings of 56 cents per share, in line with the Zacks Consensus Estimate.
FE’s long-term earnings growth rate is pegged at 5.87%. The company reported an average earnings surprise of 2.66% in each of the last four quarters.