Summary
Dominion Energy, Inc. (D) reported a net income attributable to Dominion of $690 million for the third quarter of 2016, a 16% increase compared to the same period in the previous year, driven by higher renewable energy investment tax credits, increased electric utility sales due to favorable weather, and the positive impact of the new PJM capacity performance market. The company also completed the significant acquisition of Dominion Questar in September 2016, expanding its regulated gas operations. For the nine months ended September 30, 2016, net income attributable to Dominion rose by 8% to $1.67 billion. This growth was supported by similar factors as the quarterly increase, with the absence of a deferred fuel cost write-off also contributing. However, transaction and transition costs related to the Dominion Questar acquisition and lower gains from shale development rights impacted earnings. The company's balance sheet reflects increased property, plant, and equipment, and higher long-term debt, largely due to the Questar acquisition. Liquidity remains adequate, supported by substantial unused capacity under its credit facilities.
Financial Highlights
49 data points| Revenue | $3.13B |
| Operating Expenses | $1.99B |
| Operating Income | $1.15B |
| Net Income | $690.00M |
| EPS (Basic) | $1.10 |
| EPS (Diluted) | $1.10 |
| Shares Outstanding (Basic) | 625.90M |
| Shares Outstanding (Diluted) | 626.00M |
Key Highlights
- 1Third-quarter net income attributable to Dominion increased 16% to $690 million, with diluted EPS at $1.10.
- 2Nine-month net income attributable to Dominion increased 8% to $1.67 billion, with diluted EPS at $2.71.
- 3Completed the Dominion Questar Combination in September 2016, acquiring a Rockies-based integrated natural gas company for $4.4 billion.
- 4Operating revenue increased 5.4% year-over-year for the third quarter, reaching $3.13 billion.
- 5Total assets grew to $69.6 billion as of September 30, 2016, compared to $58.6 billion at December 31, 2015, primarily due to acquisitions.
- 6Long-term debt increased significantly, reaching $28.7 billion as of September 30, 2016, up from $23.5 billion at December 31, 2015, driven by financing for the Dominion Questar acquisition.