Dominion Energy Reports Mixed Bag Of Q1 Earnings, Sticks To Annual Guidance

Dominion Energy Inc D reported first-quarter FY24 revenue of $3.632 billion, missing the consensus of $4.380 billion. 

Operating expenses were broadly flat Y/Y at $2.80 billion. Adjusted operating earnings fell to $483 million from $515 million, with a decline in Dominion Energy South Carolina segment.

Adjusted EPS was $0.55, down from $0.59 a year ago, which was in line with the consensus.

As of March-end, the company had cash and cash equivalents of $265 million.

Outlook: The company reaffirmed FY24 operating EPS of $2.62 – $2.87 vs. consensus of $2.86.

The company also maintained FY25 operating EPS of $3.25 – $3.54 vs. consensus of $3.41. 

The company also reaffirmed all financial guidance provided at its March 1 investor meeting, including guidance related to earnings, credit, and dividend.

In a statement yesterday, the company stated that any reports that the Coastal Virginia Offshore Wind (CVOW) project has been delayed are false and grossly misrepresent the facts.

Investors can gain exposure to the stock via BNY Mellon ETF Trust BNY Mellon Global Infrastructure Income ETF BKGI and WBI Power Factor High Dividend ETF WBIY.

Also Read: April Showers On Wall Street: Miners, Utilities Emerge As Bright Spots In Gloomy Market

Price Action: Dominion Energy shares are up 0.08% at $51.20 at the last check Thursday.