Summary
Dominion Energy, Inc. (D) reported financial results for the second quarter and the first six months of 2021. For the second quarter, the company reported a net income attributable to Dominion Energy of $285 million, or $0.33 per diluted share, a significant improvement compared to a net loss of $1,169 million, or ($1.52) per diluted share, in the same period of 2020. This turnaround was largely driven by the absence of substantial charges related to discontinued operations, specifically the cancellation of the Atlantic Coast Pipeline Project, which had negatively impacted the prior year's results. Year-to-date, net income attributable to Dominion Energy was $1,293 million, or $1.56 per diluted share, compared to a net loss of $1,439 million, or ($1.83) per diluted share, in the corresponding period of 2020. The year-to-date improvement also reflects the absence of significant charges from discontinued operations and the planned early retirement of certain electric generation facilities. While operating revenue saw a slight decrease year-over-year due to various factors including unfavorable pricing and lower sales to electric utility customers, the company's management of operating expenses, particularly the absence of certain large charges from the prior year, led to the improved net income. Investors should note the ongoing management of capital expenditures and the company's continued focus on its regulatory asset recovery mechanisms and strategic asset dispositions.
Financial Highlights
46 data points| Revenue | $3.04B |
| Operating Expenses | $2.67B |
| Operating Income | $363.00M |
| Net Income | $285.00M |
| EPS (Basic) | $0.33 |
| EPS (Diluted) | $0.33 |
| Shares Outstanding (Basic) | 806.60M |
| Shares Outstanding (Diluted) | 806.60M |
Key Highlights
- 1Net income attributable to Dominion Energy improved significantly year-over-year, turning a loss into a profit for both the second quarter and year-to-date periods.
- 2Diluted EPS for the second quarter was $0.33, up from ($1.52) in the prior year's quarter, and year-to-date EPS was $1.56, compared to ($1.83) in the prior year.
- 3Operating revenue decreased slightly for both the second quarter and year-to-date periods, primarily due to unfavorable pricing and lower sales to electric utility customers, partially offset by increases from gas utility capital cost riders and other factors.
- 4Impairment of assets and other charges decreased significantly year-to-date, largely due to the absence of charges related to the planned early retirement of certain electric generation facilities, though offset by charges related to the South Carolina electric base rate case settlement.
- 5Earnings from equity method investees increased substantially, primarily reflecting improved earnings from Cove Point following the GT&S Transaction.
- 6The company has $3.3 billion of unused capacity under its joint revolving credit facility, indicating strong liquidity.
- 7Dominion Energy continues to manage its operations and regulatory matters, with several key regulatory filings and approvals pending in various jurisdictions.