Summary
Dominion Energy, Inc.'s (D) first quarter 2018 results show a decrease in net income attributable to the company, primarily driven by a significant charge related to Virginia legislation and lower investment earnings on nuclear decommissioning trust funds. Despite these headwinds, favorable pricing in merchant generation and increased heating degree days provided some offset. The company continues to navigate regulatory changes, including the impact of the 2017 Tax Reform Act, which has led to provisions for customer refunds and rate adjustments. The company's financial position remains robust, with substantial liquidity available through its credit facilities. Dominion Energy is actively managing its capital structure, including debt financings and potential asset divestitures. The proposed acquisition of SCANA is progressing through regulatory approvals, with a targeted closing by the end of 2018, which is expected to be a significant development for the company's future operations and scale.
Financial Highlights
47 data points| Revenue | $3.47B |
| Operating Expenses | $2.59B |
| Operating Income | $875.00M |
| Net Income | $503.00M |
| EPS (Basic) | $0.77 |
| EPS (Diluted) | $0.77 |
| Shares Outstanding (Basic) | 650.50M |
| Shares Outstanding (Diluted) | 650.50M |
Key Highlights
- 1Net income attributable to Dominion Energy decreased by 20% in Q1 2018 compared to Q1 2017, primarily due to a $215 million charge related to Virginia legislation and lower nuclear decommissioning trust fund earnings.
- 2Operating revenue increased slightly by 2.4% to $3.47 billion, driven by favorable merchant generation pricing and increased heating degree days, partially offset by lower net revenue from electric capacity and Cove Point contracts.
- 3The company reported diluted Earnings Per Share (EPS) of $0.77 for Q1 2018, a decrease from $1.01 in Q1 2017.
- 4Dominion Energy's total assets grew to $77.35 billion at March 31, 2018, from $76.59 billion at December 31, 2017, with property, plant, and equipment being the largest asset category.
- 5Long-term debt increased slightly to $31.12 billion from $30.95 billion, while total liabilities remained relatively stable.
- 6The company has a $6.0 billion revolving credit facility, with $3.2 billion in available capacity at the end of Q1 2018, indicating strong liquidity.
- 7The proposed acquisition of SCANA is progressing with regulatory filings and approvals, targeting a year-end 2018 closing.