Dominion Energy Reports Mixed Bag Of Q1 Earnings, Sticks To Annual Guidance
- Financial Performance: Dominion Energy Inc reported lower-than-expected revenue for the first quarter of FY24, with operating expenses remaining flat year-over-year.
- Earnings and Outlook: Adjusted operating earnings and EPS declined compared to the previous year, but were in line with consensus. The company reaffirmed its operating EPS guidance for FY24 and FY25.
- Cash Position: As of March-end, Dominion Energy had cash and cash equivalents totaling $265 million.
- Project Update: The company refuted claims of delays in the Coastal Virginia Offshore Wind project, stating that such reports are false.
- Investor Information: Investors can access Dominion Energy stock through specific ETFs. The company also reiterated all financial guidance provided at its investor meeting in March.
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Dominion Dominates Q1: Earnings Soar 70% Year-Over-Year, Revenue Also Impresses
Financial Performance: Dominion Energy Inc reported first-quarter revenue of $4.076 billion, surpassing expectations, with adjusted operating earnings increasing to $803 million from $485 million year-over-year. Adjusted EPS also rose to $0.93, exceeding the consensus estimate of $0.75.
Stock Movement and Outlook: Shares of Dominion Energy increased by 2.54% to $55.76, as the company reaffirmed its 2025 operating earnings guidance range of $3.28 – $3.52 per share.
Dominion Energy Q4 Earnings: Revenue Miss, Higher Costs, Weather Challenges And More
Fourth Quarter Financial Performance: Dominion Energy reported fourth-quarter revenue of $3.4 billion, falling short of the expected $3.941 billion, while adjusted operating earnings increased to $504 million and adjusted EPS rose to $0.58, surpassing the consensus of $0.56.
Future Outlook and Dividends: The company revised its 2025 operating earnings guidance to a range of $3.28 – $3.52 per share and reaffirmed its long-term growth target of 5%–7% through 2029, alongside declaring a quarterly dividend of 66.75 cents per share.
Dominion Energy Q3 Results: Revenue Miss, Earnings Beat, And Updated FY24 Guidance
Financial Performance: Dominion Energy reported third-quarter revenue of $3.941 billion, below the expected $4.179 billion, but adjusted operating earnings increased to $835 million, surpassing the consensus estimate of $0.93 EPS.
Dividend and Outlook: The company declared a quarterly dividend of 66.75 cents per share and narrowed its FY24 operating EPS guidance to $2.68 – $2.83, while maintaining FY25 guidance at $3.25 – $3.54.
VOO Vs. VTI: Vanguard's S&P 500, Total Stock Market ETFs Hit New Highs As S&P 500 Reaches Record Level
Stock Market Highlights: Two major U.S. ETFs, the Vanguard S&P 500 ETF (VOO) and the Vanguard Total Stock Market Index Fund ETF (VTI), reached all-time highs as the S&P 500 Index peaked at 5,471.03 before slightly declining.
Top Gainers: Vistra Corp and Hewlett Packard Enterprise Co. were the leading gainers in the S&P 500, with respective increases of 6.59% and 4.63%, while other indices like the Nasdaq Composite and Dow Jones experienced minor fluctuations.
Dominion Energy's Q2 Earnings Surprise Offsets Revenue Miss: Details
Financial Performance: Dominion Energy reported second-quarter FY24 revenue of $3.486 billion, which was below the expected $3.729 billion, but adjusted operating earnings increased significantly to $563 million from $310 million a year ago, surpassing the consensus EPS estimate.
Outlook and Stock Movement: The company reaffirmed its FY24 and FY25 operating EPS guidance, maintaining all previously provided financial guidance, while shares rose 2.21% to $54.64 following the earnings report.
Powering Up the Future: Dominion Energy Acquires Lease for 800 MW Offshore Wind Project
- Acquisition of Offshore Wind Lease: Dominion Energy's subsidiary, Virginia Electric and Power Company, is acquiring the Kitty Hawk North Wind offshore wind lease (CVOW-South) from Avangrid for $160 million.
- Transaction Details: The acquisition includes $117 million for the lease acquisition and $43 million for development cost reimbursement to Avangrid.
- Offshore Wind Generation: CVOW-South is expected to generate 800 MW of offshore wind capacity by the 2030s, providing electricity for 200,000 homes and businesses.
- Project Progress: The CVOW project, located 25 miles north of CVOW-South, is on track for completion by late 2026 with 25 monopiles installed as of May 22, 2024.
- Future Plans: Dominion Energy aims to pursue a regulated offshore wind development model in Virginia for future projects, with the transaction expected to close in the fourth quarter of 2024 pending approvals.
Dominion Dominates Q1: Earnings Soar 70% Year-Over-Year, Revenue Also Impresses
Financial Performance: Dominion Energy Inc reported first-quarter revenue of $4.076 billion, surpassing expectations, with adjusted operating earnings increasing to $803 million from $485 million year-over-year. Adjusted EPS also rose to $0.93, exceeding the consensus estimate of $0.75.
Stock Movement and Outlook: Shares of Dominion Energy increased by 2.54% to $55.76, as the company reaffirmed its 2025 operating earnings guidance range of $3.28 – $3.52 per share.
Dominion Energy Q4 Earnings: Revenue Miss, Higher Costs, Weather Challenges And More
Fourth Quarter Financial Performance: Dominion Energy reported fourth-quarter revenue of $3.4 billion, falling short of the expected $3.941 billion, while adjusted operating earnings increased to $504 million and adjusted EPS rose to $0.58, surpassing the consensus of $0.56.
Future Outlook and Dividends: The company revised its 2025 operating earnings guidance to a range of $3.28 – $3.52 per share and reaffirmed its long-term growth target of 5%–7% through 2029, alongside declaring a quarterly dividend of 66.75 cents per share.
Dominion Energy Q3 Results: Revenue Miss, Earnings Beat, And Updated FY24 Guidance
Financial Performance: Dominion Energy reported third-quarter revenue of $3.941 billion, below the expected $4.179 billion, but adjusted operating earnings increased to $835 million, surpassing the consensus estimate of $0.93 EPS.
Dividend and Outlook: The company declared a quarterly dividend of 66.75 cents per share and narrowed its FY24 operating EPS guidance to $2.68 – $2.83, while maintaining FY25 guidance at $3.25 – $3.54.
VOO Vs. VTI: Vanguard's S&P 500, Total Stock Market ETFs Hit New Highs As S&P 500 Reaches Record Level
Stock Market Highlights: Two major U.S. ETFs, the Vanguard S&P 500 ETF (VOO) and the Vanguard Total Stock Market Index Fund ETF (VTI), reached all-time highs as the S&P 500 Index peaked at 5,471.03 before slightly declining.
Top Gainers: Vistra Corp and Hewlett Packard Enterprise Co. were the leading gainers in the S&P 500, with respective increases of 6.59% and 4.63%, while other indices like the Nasdaq Composite and Dow Jones experienced minor fluctuations.
Dominion Energy's Q2 Earnings Surprise Offsets Revenue Miss: Details
Financial Performance: Dominion Energy reported second-quarter FY24 revenue of $3.486 billion, which was below the expected $3.729 billion, but adjusted operating earnings increased significantly to $563 million from $310 million a year ago, surpassing the consensus EPS estimate.
Outlook and Stock Movement: The company reaffirmed its FY24 and FY25 operating EPS guidance, maintaining all previously provided financial guidance, while shares rose 2.21% to $54.64 following the earnings report.
Powering Up the Future: Dominion Energy Acquires Lease for 800 MW Offshore Wind Project
- Acquisition of Offshore Wind Lease: Dominion Energy's subsidiary, Virginia Electric and Power Company, is acquiring the Kitty Hawk North Wind offshore wind lease (CVOW-South) from Avangrid for $160 million.
- Transaction Details: The acquisition includes $117 million for the lease acquisition and $43 million for development cost reimbursement to Avangrid.
- Offshore Wind Generation: CVOW-South is expected to generate 800 MW of offshore wind capacity by the 2030s, providing electricity for 200,000 homes and businesses.
- Project Progress: The CVOW project, located 25 miles north of CVOW-South, is on track for completion by late 2026 with 25 monopiles installed as of May 22, 2024.
- Future Plans: Dominion Energy aims to pursue a regulated offshore wind development model in Virginia for future projects, with the transaction expected to close in the fourth quarter of 2024 pending approvals.
