Dominion Energy Q3 Revenue Misses Consensus, Profits Decline Across Segments

Dominion Energy Inc D reported Q3 FY23 revenue of $3.81 billion, missing the consensus of $4.38 billion.

Operating expenses declined to $2.78 billion from $2.97 billion a year ago.

Operating earnings fell to $667 million from $847 million, declining across all segments. Adjusted EPS was $0.77 compared to $0.99 in Q3 FY22, beating the consensus of $0.76.

The company said priorities & commitments of ongoing business review are unchanged, including the commitment to its current dividend.

Dividend: The board of directors declared a quarterly dividend per share of 66.75 cents, payable on December 20, 2023, to shareholders of record as of December. 1, 2023.

In September, Dominion Energy announced agreements to sell its gas distribution companies to Enbridge Inc ENB.  

Q4 FY23 Outlook: Dominion Energy expects operating earnings per share of $0.35 versus the $0.93 consensus.

The company says that its fully regulated offshore wind project is on track and budget and expected to save customers fuel costs over $3 billion in the first ten years of operation.

Dominion Energy plans to conclude the business review upon completion of Coastal Virginia Offshore Wind (CVOW) partnership decision, which is expected by the end of 2023 or early 2024.

Price Action: Dominion Energy shares are trading higher by 0.64% at $33.73 on last check Friday.