Summary
Dominion Energy, Inc. reported a net income attributable to the company of $356 million for the third quarter of 2020, a significant decrease from $975 million in the same period of 2019. This decline was primarily driven by a substantial $1.15 billion "Impairment of assets and other charges" in the current quarter, largely due to charges related to merchant solar facilities, a contract termination for Fowler Ridge, and a customer credit reinvestment offset in Virginia. Year-to-date, the company reported a net loss of $1.083 billion, a stark contrast to a net income of $349 million in the first nine months of 2019. This loss was heavily influenced by significant charges from discontinued operations, particularly related to the cancellation of the Atlantic Coast Pipeline Project, alongside other impairments and charges. Operationally, total operating revenue for the third quarter decreased slightly to $3.61 billion from $3.78 billion in the prior year. For the nine months ended September 30, 2020, operating revenue increased to $10.65 billion from $10.51 billion in the same period of 2019. Despite the overall decline in profitability, Dominion Energy maintained its financial flexibility, with $3.8 billion in unused capacity under its joint revolving credit facility and an additional $675 million available under a 364-Day Revolving Credit Agreement. The company also repurchased approximately $2.4 billion of its common stock during the third quarter.
Financial Highlights
47 data points| Revenue | $3.61B |
| Operating Expenses | $3.58B |
| Operating Income | $27.00M |
| Net Income | $356.00M |
| EPS (Basic) | $0.41 |
| EPS (Diluted) | $0.41 |
| Shares Outstanding (Basic) | 833.80M |
| Shares Outstanding (Diluted) | 833.80M |
Key Highlights
- 1Net income attributable to Dominion Energy decreased significantly to $356 million in Q3 2020 from $975 million in Q3 2019.
- 2Year-to-date net loss attributable to Dominion Energy was $1.083 billion, compared to a net income of $349 million in the first nine months of 2019.
- 3A substantial "Impairment of assets and other charges" of $1.15 billion impacted Q3 2020 results, driven by merchant solar facility impairments, Fowler Ridge contract termination, and Virginia customer credit offsets.
- 4Operating revenue for Q3 2020 slightly decreased to $3.61 billion from $3.78 billion in Q3 2019.
- 5Year-to-date operating revenue increased to $10.65 billion from $10.51 billion in the prior year.
- 6Dominion Energy continued to manage its liquidity, reporting $3.8 billion in unused capacity under its joint revolving credit facility as of September 30, 2020.
- 7The company repurchased approximately $2.4 billion of its common stock in the third quarter of 2020.