Summary
Dominion Energy (D) reported a net loss attributable to the company of $453 million for the second quarter of 2022, translating to a diluted EPS of -$0.58, a significant decline from the $285 million net income and $0.33 EPS reported in the same period of 2021. This downturn was primarily driven by a substantial loss of $649 million related to the sale of Kewaunee, alongside other charges and reduced investment earnings. For the first six months of 2022, the company reported a net income of $258 million, or $0.25 diluted EPS, a sharp decrease from $1,293 million and $1.56 diluted EPS in the first half of 2021. The company's operating revenue saw a notable increase of 18% year-over-year for the quarter, driven by higher fuel costs and rider adjustments, particularly at Virginia Power. Despite the revenue growth, significant one-time charges and the sale of assets negatively impacted profitability. The company's financial position remains substantial, with total assets of $103.7 billion at June 30, 2022. However, total liabilities also increased to $75.4 billion, leading to shareholders' equity of $28.3 billion. Cash flows from operations were lower year-over-year, while investing activities saw a significant increase in outflows, largely due to a large short-term deposit. Financing activities provided substantial cash inflows, primarily from long-term debt issuances and equity-related transactions. Investors should closely monitor the impact of asset sales, regulatory matters, and the company's ability to manage its substantial debt and capital expenditures in the upcoming periods.
Financial Highlights
45 data points| Revenue | $3.06B |
| Operating Expenses | $3.91B |
| Operating Income | -$461.00M |
| Net Income | -$447.00M |
| EPS (Basic) | $-0.58 |
| EPS (Diluted) | $-0.58 |
| Shares Outstanding (Basic) | 818.40M |
| Shares Outstanding (Diluted) | 818.40M |
Key Highlights
- 1Dominion Energy reported a significant net loss of $453 million in Q2 2022 (EPS: -$0.58), a sharp decline from a net income of $285 million (EPS: $0.33) in Q2 2021.
- 2For the first six months of 2022, net income was $258 million (EPS: $0.25), down from $1,293 million (EPS: $1.56) in the same period of 2021.
- 3Operating revenue increased by 18% to $3,596 million in Q2 2022 compared to $3,038 million in Q2 2021, driven by higher fuel costs and riders.
- 4The sale of Kewaunee resulted in a significant loss of $649 million impacting the current period's earnings.
- 5Total assets increased to $103.7 billion as of June 30, 2022, while total liabilities rose to $75.4 billion.
- 6Net cash provided by operating activities decreased by $879 million for the first six months of 2022 compared to the same period in 2021.
- 7Financing activities provided significant cash inflows, driven by higher net issuances of long-term debt and equity-related transactions.