Summary
Dominion Energy, Inc. (D) reported its first-quarter 2022 financial results, showing a decrease in net income and diluted EPS compared to the same period in 2021. The decline was primarily attributed to lower investment earnings from nuclear decommissioning trust funds and a charge related to deferred taxes on the sale of a subsidiary. Operating revenue saw an increase, driven by higher fuel cost components in utility rates and positive impacts from various riders, though partially offset by market price fluctuations affecting certain generation facilities and economic hedging activities. The company continues to invest heavily in capital expenditures, particularly in plant construction and property additions. Financing activities provided net cash, primarily from long-term debt issuances, though this was lower than the previous year. Dominion Energy's liquidity remains supported by its revolving credit facility, and the company anticipates significant long-term debt issuances in 2022. Several significant legal and regulatory matters are ongoing, with some having potential material impacts, though the company's existing regulatory frameworks may mitigate some of these effects for its regulated utilities.
Financial Highlights
45 data points| Revenue | $3.11B |
| Operating Expenses | $3.30B |
| Operating Income | $643.00M |
| Net Income | $689.00M |
| EPS (Basic) | $0.82 |
| EPS (Diluted) | $0.81 |
| Shares Outstanding (Basic) | 810.60M |
| Shares Outstanding (Diluted) | 832.00M |
Key Highlights
- 1Net income attributable to Dominion Energy decreased by 29% to $711 million for the first quarter of 2022 compared to $1,008 million in the first quarter of 2021.
- 2Diluted EPS decreased to $0.83 from $1.23 for the same periods.
- 3Operating revenue increased by 11% to $4,279 million, driven by higher fuel cost components and positive rider impacts, but offset by market price fluctuations and hedging costs.
- 4Net cash provided by operating activities decreased by $327 million, largely due to customer refunds related to a regulatory settlement and lower deferred fuel cost recoveries.
- 5Net cash used in investing activities decreased by $734 million, primarily due to lower contributions to equity method affiliates.
- 6Dominion Energy is actively engaged in significant capital expenditures, with $1.62 billion invested in plant construction and property additions during the quarter.
- 7The company has upcoming debt maturities and anticipates issuing between $3.2 billion and $4.4 billion of long-term debt in 2022.