Dominion Energy posts rise in Q3 EPS, starts business review
Dominion Energy Virginia's Scott Solar facility in Powhatan County, Virginia. Image by: Dominion Energy.
US utility Dominion Energy Inc (NYSE:D) on Friday reported operating earnings per share (EPS) above the midpoint of its prior third-quarter (Q3) guidance and announced the launch of a “top-to-bottom” business review of the company.
"We have been delivering industry-leading safety and reliability performance, executing on our sizeable investment programs, achieving regulatory outcomes that are constructive, and delivering results that have met our financial guidance, yet our relative share performance has not met our expectations, including over the past several years as we've been successfully executing our plan,” said Bob Blue, chair, president and CEO.
Blue further stated that the business review will cover value-maximising strategic business actions, alternatives to the company’s current business mix and capital allocation, and regulatory options.
Richmond, Virginia-based Dominion Energy provides electricity and natural gas to about 7 million customers in 15 states. The company’s unit Dominion Energy Virginia is the developer of the 2.6-GW Coastal Virginia Offshore Wind (CVOW) project valued at USD 9.8 billion (EUR 9.93bn). The same subsidiary recently filed a plan with the Virginia State Corporation Commission (SCC) to add more than 800 MW of solar and energy storage capacity to serve its customers in the state, including nearly 500 MW across 10 company-owned projects and more than 300 MW sourced through power purchase agreements (PPAs).
For July-September 2022, Dominion Energy posted unaudited GAAP net profit USD 778 million, or USD 0.91 per share, compared with USD 654 million, or USD 0.79 apiece a year earlier. Operating earnings were flat at USD 1.11 apiece.
The company initiated a fourth-quarter (Q4) guidance for operating earnings in the range of USD 0.98-1.13 per share and narrowed its full-year 2022 forecast range to USD 4.03-4.18 per share, retaining the same midpoint of its original projection.