Summary
Dominion Energy, Inc. (D) reported its financial results for the quarter and nine months ended September 30, 2022. The company demonstrated a notable increase in operating revenue, driven primarily by higher fuel-related revenue and the absence of certain refunds provided to customers in the prior year's comparable periods. This revenue growth was partially offset by increased operating expenses, particularly in electric fuel and other energy-related purchases due to higher commodity costs. Despite the rise in revenue, net income attributable to Dominion Energy saw a significant decrease year-to-date compared to the previous year. This was largely due to specific items impacting the results, including a substantial loss from the sale of Kewaunee, decreased net investment earnings on nuclear decommissioning trust funds, and charges related to RGGI compliance and Virginia fuel expenses. However, on a quarterly basis, net income attributable to Dominion Energy increased, driven by higher unrealized gains on economic hedging activities. Investors should note the significant impact of specific, non-recurring items on the year-to-date performance, while the quarterly results show a more positive trend.
Financial Highlights
45 data points| Revenue | $3.96B |
| Operating Expenses | $2.97B |
| Operating Income | $998.00M |
| Net Income | $735.00M |
| EPS (Basic) | $0.86 |
| EPS (Diluted) | $0.86 |
| Shares Outstanding (Basic) | 832.60M |
| Shares Outstanding (Diluted) | 833.20M |
Key Highlights
- 1Operating revenue increased by 38% for the third quarter and 22% year-to-date, primarily driven by higher fuel costs being passed through to customers.
- 2Net income attributable to Dominion Energy decreased by 47% year-to-date, significantly impacted by the loss on the sale of Kewaunee, lower investment earnings on nuclear decommissioning trust funds, and charges related to Virginia fuel expenses and RGGI compliance.
- 3Diluted EPS for the third quarter increased to $0.91 from $0.79 in the prior year's quarter.
- 4Despite the year-to-date net income decline, Dominion Energy's financing activities provided net cash provided by financing activities of $1.78 billion for the nine months ended September 30, 2022.
- 5Capital expenditures for plant construction and other property additions increased year-to-date to $5.25 billion from $4.14 billion in the prior year.
- 6Dominion Energy's long-term debt increased to $38.16 billion at September 30, 2022, from $37.43 billion at December 31, 2021.