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    Home > News > Power News > News Article

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    Dominion Energy Announces Second-Quarter 2022 Earnings


    August 9, 2022 - ENP Newswire

     

      RICHMOND, Va. - Dominion Energy (NYSE: D) announced an unaudited net loss determined in accordance with Generally Accepted Accounting Principles (reported earnings) for the three months ended June 30, 2022, of $453 million ($0.58 per share) compared with net income of $285 million ($0.33 per share) for the same period in 2021.

      Operating earnings for the three months ended June 30, 2022, were $658 million ($0.77 per share), compared to operating earnings of $628 million ($0.76 per share) for the same period in 2021.

      The difference between GAAP and operating earnings for the three months ended June 30, 2022, reflect the mark-to-market impact of economic hedging activities, gains and losses on nuclear decommissioning trust funds, charges associated with the sale of Kewaunee nuclear power station, regulated asset retirements and other adjustments.

      Operating earnings are defined as reported earnings adjusted for certain items. Details of operating earnings as compared to prior periods, business segment results and detailed descriptions of items included in reported earnings but excluded from operating earnings can be found on Schedules 1, 2, 3 and 4 of this release.

      Guidance

      Dominion Energy expects third-quarter operating earnings in the range of $0.98 to $1.13 per share.

      The company affirms its full-year 2022 operating earnings guidance range of $3.95 to $4.25 per share. The company also affirms its long-term earnings and dividend growth guidance.

      Webcast today

      The company will host its second-quarter 2022 earnings call at 10 a.m. ET on Monday, Aug. 8, 2022. Management will discuss matters of interest to financial and other stakeholders including recent financial results.

      A live webcast of the conference call, including accompanying slides and other financial information, will be available on the investor information pages at investors.dominionenergy.com.

      For individuals who prefer to join via telephone, domestic callers should dial 1-800-420-1271 and international callers should dial 1-785-424-1205. The passcode for the telephonic earnings call is 98021. Participants should dial in 10 to 15 minutes prior to the scheduled start time.

      A replay of the webcast will be available on the investor information pages by the end of the day Aug. 8. A telephonic replay of the earnings call will be available beginning at about 1 p.m. ET on Aug. 8. Domestic callers may access the recording by dialing 1-800-839-9307. International callers should dial 1-402-220-6085. The PIN for the replay is 98021.

      Important note to investors regarding operating, reported earnings

      Dominion Energy uses operating earnings as the primary performance measurement of its earnings guidance and results for public communications with analysts and investors. Dominion Energy also uses operating earnings internally for budgeting, for reporting to the Board of Directors, for the company's incentive compensation plans and for its targeted dividend payouts and other purposes. Dominion Energy management believes operating earnings provide a more meaningful representation of the company's fundamental earnings power.

      In providing its operating earnings guidance, the company notes that there could be differences between expected reported earnings and estimated operating earnings for matters such as, but not limited to, acquisitions, divestitures or extreme weather events and other natural disasters. Dominion Energy management is not able to estimate the aggregate impact of these items on future period reported earnings.

      About Dominion Energy

      About 7 million customers in 15 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to safely providing reliable, affordable and sustainable energy and to achieving Net Zero emissions by 2050. Please visit DominionEnergy.com to learn more.

      This release contains certain forward-looking statements, including forecasted operating earnings third-quarter and full-year 2022 and beyond that are subject to various risks and uncertainties. Factors that could cause actual results to differ include, but are not limited to: unusual weather conditions and their effect on energy sales to customers and energy commodity prices; extreme weather events and other natural disasters; extraordinary external events, such as the current pandemic health event resulting from COVID-19; federal, state and local legislative and regulatory developments; changes to regulated rates collected by Dominion Energy; timing and receipt of regulatory approvals necessary for planned construction or expansion projects and compliance with conditions associated with such regulatory approvals; the inability to complete planned construction projects within time frames initially anticipated; risks and uncertainties that may impact the ability to develop and construct the Coastal Virginia Offshore Wind (CVOW) Commercial Project within the currently proposed timeline, or at all, and consistent with current cost estimates along with the ability to recover such costs from customers; changes to federal, state and local environmental laws and regulations, including those related to climate change; cost of environmental strategy and compliance, including cost related to climate change; changes in implementation and enforcement practices of regulators relating to environmental standards and litigation exposure for remedial activities; changes in operating, maintenance and construction costs; additional competition in Dominion Energy's industries; changes in demand for Dominion Energy's services; receipt of approvals for, and timing of, closing dates for acquisitions and divestitures; impacts of acquisitions, divestitures, transfers of assets by Dominion Energy to joint ventures, and retirements of assets based on asset portfolio reviews; the expected timing and likelihood of the completion of the proposed sale of Hope, including the ability to obtain the requisite regulatory approvals and the terms and conditions of such regulatory approvals; adverse outcomes in litigation matters or regulatory proceedings; fluctuations in interest rates; fluctuations in currency exchange rates of the Euro or Danish Krone associated with the CVOW Commercial Project; changes in rating agency requirements or credit ratings and their effect on availability and cost of capital; and capital market conditions, including the availability of credit and the ability to obtain financing on reasonable terms. Other risk factors are detailed from time to time in Dominion Energy's quarterly reports on Form 10-Q and most recent annual report on Form 10-K filed with the Securities and Exchange Commission.

      Contact:

      Media

      Ryan Frazier

      T: (804) 836-2083

      E: C.Ryan.Frazier@dominionenergy.com

      Investor

      David McFarland

      T: (804) 819-2438

      E: David.M.McFarland@dominionenergy.com

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