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DOMINION ENERGY, INC 8-K Report, Financial Results (Aug 1, 2024)

Reports
Earnings & Results·Exhibits & Filings
Filing Date
Filed August 1, 2024
Period End
August 1, 2024
Security
D
In the record · 2016–202610-K1110-Q328-K223

D filed 11 annual reports (10-K), 32 quarterly reports (10-Q) and 223 current reports (8-K) between 2016 and 2026.

  1. Deal closed8-K · Jan ’19Jan ’19
  2. Leadership change8-K · Jul ’20Jul ’20
  3. Leadership change8-K · Jul ’22Jul ’22
  4. Material agreement8-K · May ’26May ’26

01—Abstract

Summary

Summary of the 8-K filed August 1, 2024. Cited figures are marked; the original filing is the authoritative source.

Dominion Energy reported preliminary unaudited second-quarter 2024 results on August 1, 2024.

GAAP net income attributable to the company was $572 milliona, or $0.65 per diluted share, versus $583 million ($0.67) a year earlier. Operating earnings (non-GAAP), the company's primary performance measure, were $563 million ($0.65 per share), up from $310 million ($0.35) in 2Q23. The GAAP figure was held back by a smaller net benefit from discontinued operations, which was $81 million in 2Q24 versus $168 million in 2Q23, so the year-over-year GAAP decline is modest even though operating earnings improved sharply.

The improvement in operating earnings was driven mainly by Dominion Energy Virginia, which contributed $485 millionb versus $394 million, or $0.58 per share versus $0.47. Weather was a major tailwind, adding about $0.08 per share in the quarter, and rider equity returns contributed about $0.10. These gains were partly offset by a roughly $0.08 per share drag from the impact of 2023 Virginia legislation.

Contracted Energy also improved to $100 millionc from a loss of $45 million, helped by lower planned Millstone outage impacts. Corporate and Other remained a drag at $(91) million. Management reaffirmed full-year 2024 operating EPS guidance of $2.62 to $2.87 and 2025 guidance of $3.25 to $3.54, along with the other financial guidance from the March 1, 2024 investor meeting covering earnings, credit, and dividends.

Six-month operating EPS of $1.20d is up from $0.94 a year earlier, while the first half of 2024 included a $450 million tax benefit excluded from operating earnings. Investors should note that the quarter's results are preliminary and unaudited, and that the company's reported figures include several large non-operating items such as nuclear decommissioning trust gains and economic hedging mark-to-market effects.

02—Key points

Key Highlights

  1. Q2 2024 GAAP EPS of $0.65 (net income $572M) versus $0.67 in Q2 2023, a slight decline driven by lower discontinued operations benefit.
  2. Operating earnings (non-GAAP) of $563M, or $0.65 per share, up from $310M ($0.35) in Q2 2023, an increase of roughly 86% in dollar terms.
  3. Dominion Energy Virginia operating earnings rose to $485M ($0.58/share) from $394M ($0.47/share), led by favorable weather (+$0.08) and rider equity returns (+$0.10).
  4. Contracted Energy swung to $100M in operating earnings from a $45M loss a year earlier, largely due to lower planned Millstone outage impacts.
  5. Full-year 2024 operating EPS guidance of $2.62 to $2.87 and 2025 guidance of $3.25 to $3.54 were reaffirmed, along with credit and dividend guidance.
  6. Six-month 2024 operating EPS of $1.20 versus $0.94 in 1H 2023; the 1H 2024 GAAP results include a $225M pre-tax net adjustment, mainly NDT gains and discontinued operations benefits.
  7. Ongoing transactions referenced include the proposed sale of Public Service Company of North Carolina and a 50% noncontrolling interest in the CVOW Commercial Project.

03—Questions

Frequently Asked Questions

  1. Why did GAAP earnings decline slightly while operating earnings rose sharply?

    GAAP net income was $572M versus $583M a year earlier because the discontinued operations benefit fell to $81M from $168M and the company recorded adjustments such as mark-to-market hedging losses of $104M and business review costs of $15M. Operating earnings exclude these items and rose to $563M from $310M, mainly on stronger Dominion Energy Virginia results, weather, and a swing to profit at Contracted Energy.

  2. What drove the improvement in Dominion Energy Virginia's contribution?

    Virginia's operating earnings increased by $91M in the quarter. Key drivers were weather (+$67M), rider equity return (+$83M), and nuclear production tax credit (+$17M), partly offset by the impact of 2023 Virginia legislation (-$65M) and other factors (-$32M).

  3. Did Dominion change its financial guidance?

    No. The company reaffirmed its 2024 operating EPS guidance of $2.62 to $2.87, its 2025 operating EPS guidance of $3.25 to $3.54, and all other financial guidance from the March 1, 2024 investor meeting, including earnings, credit, and dividend targets.

  4. Are these results final and audited?

    No. The earnings figures are described as preliminary and unaudited. Investors should review the company's Form 10-Q for the quarter for final reported results, and the release notes that figures may not sum due to rounding.

04—Continue

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