8-KRegulation FD

DOMINION ENERGY, INC 8-K Report, Regulation FD Disclosure (Sep 23, 2013)

Filed September 23, 2013For Securities:D

Summary

Dominion Energy, Inc. (D) affirmed its financial guidance for the third quarter and full year 2013 in an 8-K filing on September 23, 2013. The company reiterated its projected operating earnings per share for Q3 2013 to be between $0.85 and $0.95, and for the full year 2013 to be between $3.20 and $3.50. This affirmation comes as management prepares to meet with investors and analysts at two upcoming conferences in New York City. Investors should note that Dominion primarily uses "operating earnings" as its key performance metric for guidance and public communications, believing it better represents the company's fundamental earning power. While the company does not provide a GAAP equivalent for its operating earnings guidance, it acknowledges potential differences due to items such as divestitures or accounting changes, the impact of which cannot currently be estimated.

Key Highlights

  • 1Dominion Energy affirmed Q3 2013 operating earnings guidance of $0.85 - $0.95 per share.
  • 2Full-year 2013 operating earnings guidance remains at $3.20 - $3.50 per share.
  • 3Management will participate in investor meetings at the Wolfe Research Conference and Bank of America/Merrill Lynch Conference.
  • 4The company emphasizes 'operating earnings' as its primary performance measurement for guidance and public communications.
  • 5Dominion believes operating earnings provide a more meaningful representation of fundamental earnings power.
  • 6A GAAP equivalent for the operating earnings guidance is not provided due to the inability to estimate the impact of potential items like divestitures or accounting changes.

Frequently Asked Questions

Dominion Energy affirmed its existing financial guidance for the third quarter and full year of 2013. They expect operating earnings per share to be between $0.85 and $0.95 for Q3 2013 and between $3.20 and $3.50 for the full year 2013.

Dominion Energy uses 'operating earnings' as its primary performance measurement because management believes it provides a more meaningful representation of the company's fundamental earnings power. It is used for public communications, internal budgeting, board reporting, incentive compensation, and dividend payouts.

Dominion Energy is not providing a corresponding GAAP equivalent for its operating earnings guidance. This is because they are currently unable to estimate the aggregate impact of potential items such as divestitures or changes in accounting principles on reported GAAP earnings.

Management is attending the Wolfe Research Conference and the Bank of America/Merrill Lynch Conference to meet with investors and analysts, likely to discuss the company's performance and outlook.