Summary
Dominion Energy, Inc. (D) reported solid financial performance for the second quarter and first half of 2016, with net income attributable to Dominion increasing by 9% and 3% respectively, compared to the prior year periods. This growth was driven by a combination of factors including reduced operating expenses, improved regulatory asset recovery, and gains from shale development rights. For the second quarter, net income was $452 million, or $0.73 per diluted share, up from $413 million, or $0.70 per diluted share, in the same period of 2015. Year-to-date, net income was $976 million, or $1.61 per diluted share, compared to $949 million, or $1.60 per diluted share, in the first half of 2015. The company continues to execute its strategic capital expenditure plan, with significant investments in property, plant, and equipment, particularly in regulated electric and gas infrastructure. While operating revenue saw a slight decrease year-over-year, primarily due to weather impacts and lower commodity prices affecting certain segments, the company effectively managed its expenses. Looking ahead, Dominion is progressing with its proposed acquisition of Questar Corporation, targeting closure by the end of 2016, which is expected to enhance its natural gas footprint.
Financial Highlights
49 data points| Revenue | $2.60B |
| Operating Expenses | $1.82B |
| Operating Income | $781.00M |
| Net Income | $452.00M |
| EPS (Basic) | $0.73 |
| EPS (Diluted) | $0.73 |
| Shares Outstanding (Basic) | 615.60M |
| Shares Outstanding (Diluted) | 617.00M |
Key Highlights
- 1Net income attributable to Dominion increased by 9% to $452 million ($0.73/share) in Q2 2016, and by 3% to $976 million ($1.61/share) year-to-date.
- 2Operating revenue for Q2 2016 decreased by $149 million to $2,598 million, while year-to-date revenue decreased by $637 million to $5,519 million, attributed to lower energy sales and commodity prices.
- 3Total assets grew to $61.37 billion as of June 30, 2016, up from $58.65 billion at December 31, 2015, driven by increases in property, plant, and equipment.
- 4Total liabilities increased to $45.92 billion as of June 30, 2016, from $45.05 billion at December 31, 2015, with long-term debt seeing a notable increase.
- 5Net cash provided by operating activities for the first six months of 2016 was $2.018 billion, a decrease from $2.160 billion in the prior year period.
- 6The company continues to invest heavily in capital expenditures, with $3.16 billion spent on plant construction and property additions in the first six months of 2016.
- 7Dominion is progressing with the proposed acquisition of Questar Corporation, targeting closure by the end of 2016, with a pending transaction value of approximately $4.4 billion in cash.