- Third-quarter 2024 GAAP net income of $1.12 per share; operating earnings (non-GAAP) of
$0.98 per share
- Company narrows its full-year 2024 operating earnings
guidance range to $2.68 to
$2.83 per share, preserves original
midpoint of $2.75 per share
RICHMOND, Va., Nov. 1, 2024
/PRNewswire/ -- Dominion Energy, Inc. (NYSE: D), today announced
unaudited net income determined in accordance with Generally
Accepted Accounting Principles (GAAP or reported earnings) for the
three months ended Sept. 30, 2024, of
$954 million ($1.12 per share) compared with net income of
$157 million ($0.16 per share) for the same period in 2023.
Operating earnings (non-GAAP) for the three months ended
Sept. 30, 2024, were $835 million ($0.98
per share), compared to operating earnings of $651 million ($0.75
per share) for the same period in 2023.
Differences between GAAP and operating earnings for the period
include gains and losses on nuclear decommissioning trust funds,
mark-to-market impact of economic hedging activities, a net benefit
from discontinued operations primarily associated with the sale of
gas distribution operations, and other adjustments. 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
The company narrowed its full-year 2024
operating earnings guidance range to $2.68 to $2.83 per
share, preserving the original midpoint of $2.75 per share. The company also reaffirmed its
full-year 2025 operating earnings guidance range of $3.25 to $3.54 per
share and the other financial guidance provided at the March 1, 2024 investor meeting including guidance
related to earnings, credit, and dividend.
Webcast today
The company will host its third-quarter
2024 earnings call at 10 a.m. ET on Friday,
Nov. 1, 2024. 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 1-800-267-6316 and international callers should
dial 1-785-424-1789. The conference ID for the telephonic earnings
call is DOMINION. 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 Nov.
1. A telephonic replay of the earnings call will be
available beginning at about 1 p.m.
ET on Nov. 1. Domestic callers
may access the recording by dialing 1-800-839-6737.
International callers should dial 1-402-220-6052. The passcode for
the replay is 17292.
Important note to investors regarding operating, reported
earnings
Dominion Energy uses operating earnings (non-GAAP)
as the primary performance measurement of its results for public
communications with analysts and investors. Operating earnings are
defined as reported earnings adjusted for certain items. 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.
About Dominion Energy
Dominion Energy (NYSE: D),
headquartered in Richmond, Va.,
provides regulated electricity service to 3.6 million homes and
businesses in Virginia,
North Carolina, and South Carolina, and regulated natural gas
service to 500,000 customers in South
Carolina. The company is one of the nation's leading
developers and operators of regulated offshore wind and solar power
and the largest producer of carbon-free electricity in New England.
The company's mission is to provide the reliable, affordable, and
increasingly clean energy that powers its customers every
day. Please visit DominionEnergy.com to learn more.
This release contains certain forward-looking
statements within the meaning of the Private Securities
Litigation Reform Act of 1995 that are subject to various risks and
uncertainties. Factors that could cause actual results to differ
include, but are not limited to: the direct and indirect impacts of
implementing recommendations resulting from the business review
concluded in March 2024; 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
pandemic health event resulting from COVID-19; federal, state and
local legislative and regulatory developments; changes to regulated
rates collected by Dominion Energy; risks associated with entities
in which Dominion Energy shares ownership with third parties, such
as a 50% noncontrolling interest in the Coastal Virginia Offshore
Wind (CVOW) Commercial Project, including risks that result from
lack of sole decision making authority, disputes that may arise
between Dominion Energy and third party participants and
difficulties in exiting these arrangements; 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 construct
the 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; risks and
uncertainties associated with the timely receipt of future capital
contributions, including optional capital contributions, if any,
from the noncontrolling financing partner associated with the
construction of the CVOW Commercial Project; 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; the availability of nuclear fuel, natural gas, purchased
power or other materials utilized by Dominion Energy to provide
electric generation, transmission and distribution and/or gas
distribution services; additional competition in Dominion Energy's
industries; changes in demand for Dominion Energy's services; risks
and uncertainties associated with increased energy demand or
significant accelerated growth in demand due to new data centers,
including the concentration of data centers primarily in
Loudoun County, Virginia and the
ability to obtain regulatory approvals, environmental and other
permits to construct new facilities in a timely manner; the
technological and economic feasibility of large-scale battery
storage, carbon capture and storage, small modular reactors,
hydrogen and/or other clean energy technologies; 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; adverse outcomes in
litigation matters or regulatory proceedings; fluctuations in
interest rates; the effectiveness to which existing economic
hedging instruments mitigate fluctuations in currency exchange
rates of the Euro and Danish Krone associated with certain fixed
price contracts for the major offshore construction and equipment
components of 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 U.S. Securities and
Exchange Commission.
|
Consolidated
Statements of Income (GAAP)
|
|
|
Dominion Energy,
Inc.
|
|
|
Consolidated
Statements of Income *
|
|
|
Unaudited (GAAP
Based)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
Nine Months
Ended
|
|
|
September 30,
|
|
|
September 30,
|
|
|
(millions, except
per share amounts)
|
2024
|
|
|
2023
|
|
|
2024
|
|
|
2023
|
|
|
Operating
Revenue
|
$
|
3,941
|
|
|
$
|
3,810
|
|
|
$
|
11,059
|
|
|
$
|
10,859
|
|
|
Operating
Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
Electric fuel and other
energy-related purchases
|
|
910
|
|
|
|
1,049
|
|
|
|
2,787
|
|
|
|
3,010
|
|
|
Purchased electric
capacity
|
|
24
|
|
|
|
20
|
|
|
|
57
|
|
|
|
43
|
|
|
Purchased
gas
|
|
34
|
|
|
|
40
|
|
|
|
198
|
|
|
|
212
|
|
|
Other operations and
maintenance(1)
|
|
1,022
|
|
|
|
843
|
|
|
|
2,814
|
|
|
|
2,479
|
|
|
Depreciation and
amortization
|
|
549
|
|
|
|
667
|
|
|
|
1,791
|
|
|
|
1,896
|
|
|
Other taxes
|
|
184
|
|
|
|
162
|
|
|
|
556
|
|
|
|
517
|
|
|
Total operating
expenses
|
|
2,723
|
|
|
|
2,781
|
|
|
|
8,203
|
|
|
|
8,157
|
|
|
Income (loss) from
operations
|
|
1,218
|
|
|
|
1,029
|
|
|
|
2,856
|
|
|
|
2,702
|
|
|
Other income
(expense)
|
|
335
|
|
|
|
56
|
|
|
|
1,020
|
|
|
|
646
|
|
|
Interest and related
charges
|
|
403
|
|
|
|
192
|
|
|
|
1,446
|
|
|
|
1,066
|
|
|
Income (loss) from
continuing operations including
noncontrolling interests before income tax
expense (benefit)
|
|
1,150
|
|
|
|
893
|
|
|
|
2,430
|
|
|
|
2,282
|
|
|
Income tax expense
(benefit)
|
|
183
|
|
|
|
195
|
|
|
|
412
|
|
|
|
469
|
|
|
Net Income (loss)
from continuing operations
|
|
967
|
|
|
|
698
|
|
|
|
2,018
|
|
|
|
1,813
|
|
|
Net Income (loss) from
discontinued operations
|
|
(13)
|
|
|
|
(541)
|
|
|
|
182
|
|
|
|
(92)
|
|
|
Net Income (loss)
attributable to Dominion Energy
|
$
|
954
|
|
|
$
|
157
|
|
|
$
|
2,200
|
|
|
$
|
1,721
|
|
|
Reported Income (loss)
per common share from continuing
operations - diluted
|
$
|
1.14
|
|
|
$
|
0.81
|
|
|
$
|
2.33
|
|
|
$
|
2.10
|
|
|
Reported Income (loss)
per common share from discontinued
operations - diluted
|
|
(0.02)
|
|
|
|
(0.65)
|
|
|
|
0.22
|
|
|
|
(0.11)
|
|
|
Reported Income
(loss) per common share - diluted
|
$
|
1.12
|
|
|
$
|
0.16
|
|
|
$
|
2.55
|
|
|
$
|
1.99
|
|
|
Average shares
outstanding, diluted
|
|
839.3
|
|
|
|
836.8
|
|
|
|
838.4
|
|
|
|
836.2
|
|
|
|
|
(1)
|
Includes impairment of
assets and other charges (benefits) and losses (gains) on sales of
assets.
|
|
|
|
*The notes contained in
Dominion Energy's most recent quarterly report on Form 10-Q or
annual report on Form 10-K are an integral part of the Consolidated
Financial Statements.
|
|
Schedule 1 - Segment
Reported and Operating Earnings
Unaudited
|
|
|
Three Months Ended
September 30,
|
|
Nine Months Ended
September 30,
|
|
(millions, except per
share amounts)
|
2024
|
|
2023
|
|
Change
|
|
2024
|
|
2023
|
|
Change
|
|
REPORTED
EARNINGS(1)
|
$954
|
|
$157
|
|
$797
|
|
$2,200
|
|
$1,721
|
|
$479
|
|
Pre-tax loss
(income)(2)
|
(146)
|
|
(778)
|
|
632
|
|
(371)
|
|
(1,714)
|
|
1,343
|
|
Income
tax(2)
|
27
|
|
1,272
|
|
(1,245)
|
|
52
|
|
1,469
|
|
(1,417)
|
|
Adjustments to reported
earnings
|
(119)
|
|
494
|
|
(613)
|
|
(319)
|
|
(245)
|
|
(74)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING EARNINGS
(non-GAAP)
|
$835
|
|
$651
|
|
$184
|
|
$1,881
|
|
$1,476
|
|
$405
|
|
By
segment:
|
|
|
|
|
|
|
|
|
|
|
|
|
Dominion Energy
Virginia
|
662
|
|
535
|
|
127
|
|
1,571
|
|
1,315
|
|
256
|
|
Dominion Energy South
Carolina
|
147
|
|
143
|
|
4
|
|
296
|
|
302
|
|
(6)
|
|
Contracted
Energy
|
83
|
|
52
|
|
31
|
|
305
|
|
118
|
|
187
|
|
Corporate and
Other
|
(57)
|
|
(79)
|
|
22
|
|
(291)
|
|
(259)
|
|
(32)
|
|
$835
|
|
$651
|
|
$184
|
|
$1,881
|
|
$1,476
|
|
$405
|
|
Earnings Per Share
(EPS)(3):
|
|
|
|
|
|
|
|
|
|
|
|
|
REPORTED
EARNINGS(1)
|
$1.12
|
|
$0.16
|
|
$0.96
|
|
$2.55
|
|
$1.99
|
|
$0.56
|
|
Adjustments to reported
earnings (after-tax)
|
(0.14)
|
|
0.59
|
|
(0.73)
|
|
(0.37)
|
|
(0.30)
|
|
(0.07)
|
|
OPERATING EARNINGS
(non-GAAP)
|
$0.98
|
|
$0.75
|
|
$0.23
|
|
$2.18
|
|
$1.69
|
|
$0.49
|
|
By
segment:
|
|
|
|
|
|
|
|
|
|
|
|
|
Dominion Energy
Virginia
|
0.79
|
|
0.64
|
|
0.15
|
|
1.88
|
|
1.57
|
|
0.31
|
|
Dominion Energy South
Carolina
|
0.18
|
|
0.17
|
|
0.01
|
|
0.35
|
|
0.36
|
|
(0.01)
|
|
Contracted
Energy
|
0.10
|
|
0.06
|
|
0.04
|
|
0.36
|
|
0.14
|
|
0.22
|
|
Corporate and
Other
|
(0.09)
|
|
(0.12)
|
|
0.03
|
|
(0.41)
|
|
(0.38)
|
|
(0.03)
|
|
$0.98
|
|
$0.75
|
|
$0.23
|
|
$2.18
|
|
$1.69
|
|
$0.49
|
|
Common Shares
Outstanding (average, diluted)
|
839.3
|
|
836.8
|
|
|
|
838.4
|
|
836.2
|
|
|
|
|
|
(1)
|
Determined in
accordance with Generally Accepted Accounting Principles
(GAAP).
|
|
(2)
|
Adjustments to reported
earnings are included in Corporate and Other segment reported GAAP
earnings. Refer to Schedules 2 and 3 for details or find
"GAAP Reconciliation" in the Earnings Release Kit on Dominion
Energy's website at investors.dominionenergy.com.
|
|
(3)
|
The calculation of
reported and operating earnings per share on a consolidated basis
utilizes shares outstanding on a diluted basis with all dilutive
impacts, primarily consisting of potential shares which had not yet
been issued, reflected in the Corporate and Other segment. The
calculation of operating earnings per share for the nine months
ended September 30, 2024 excludes a deemed dividend of $9 million
associated with the Company's repurchase of certain Series B
preferred stock in June 2024. During each quarter of 2024 and 2023,
the calculation of reported and operating earnings per share
includes the impact of preferred dividends associated with Series C
preferred stock of $11 million. Reported and operating earnings per
share for the three and nine months ended September 30, 2024 also
includes the impact of preferred dividends associated with Series B
preferred stock of $4 million and $21 million, respectively. During
each quarter of 2023, the calculation of reported and operating
earnings per share includes the impact of preferred dividends
associated with Series B preferred stock of $9 million. See Forms
10-Q and 10-K for additional information.
|
Schedule 2 - Reconciliation of 2024 Reported Earnings to
Operating Earnings
2024 Earnings (Nine Months Ended
September 30, 2024)
The $371 million pre-tax net
income of the adjustments included in 2024 reported earnings, but
excluded from operating earnings, is primarily related to the
following items:
- $443 million net market benefit
primarily associated with $518
million from nuclear decommissioning trusts (NDT) offset by
$75 million in economic hedging
activities.
- $204 million of net benefit from
discontinued operations primarily related to a $213 million benefit associated with gas
distribution operations (inclusive of a $165
million net loss on sales related to the East Ohio, Questar Gas and PSNC
Transactions).
- $107 million of nonregulated
asset impairments and other charges related to a $47 million charge in connection with the
settlement of an agreement and $60
million of impairment charges associated with certain
nonregulated renewable natural gas facilities.
- $100 million of regulated asset
retirements and other charges primarily associated with a
$58 million charge from the
South Carolina electric rate case
and a $30 million write off of
certain early stage development costs for potential electric
generation projects in Virginia no
longer under consideration.
|
(millions, except
per share amounts)
|
1Q24
|
|
2Q24
|
|
3Q24
|
|
4Q24
|
YTD 2024(5)
|
|
|
Reported
earnings
|
$
|
674
|
|
$
|
572
|
|
$
|
954
|
|
|
$
|
2,200
|
|
|
Adjustments to reported
earnings(1):
|
|
|
|
|
|
|
|
|
|
|
Pre-tax loss
(income)
|
|
(264)
|
|
|
39
|
|
|
(146)
|
|
|
|
(371)
|
|
|
Income tax
(benefit)
|
|
73
|
|
|
(48)
|
|
|
27
|
|
|
|
52
|
|
|
|
(191)
|
|
|
(9)
|
|
|
(119)
|
|
|
|
(319)
|
|
|
Operating earnings
(non-GAAP)
|
$
|
483
|
|
$
|
563
|
|
$
|
835
|
|
|
$
|
1,881
|
|
|
Common shares
outstanding (average, diluted)
|
|
837.6
|
|
|
838.3
|
|
|
839.3
|
|
|
|
838.4
|
|
|
Reported earnings
per share(2)
|
$
|
0.78
|
|
$
|
0.65
|
|
$
|
1.12
|
|
|
$
|
2.55
|
|
|
Adjustments to reported
earnings per share(2)
|
|
(0.23)
|
|
|
-
|
|
|
(0.14)
|
|
|
|
(0.37)
|
|
|
Operating earnings
(non-GAAP) per share(2)
|
$
|
0.55
|
|
$
|
0.65
|
|
$
|
0.98
|
|
|
$
|
2.18
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Adjustments to
reported earnings are reflected in the following
table:
|
|
|
|
|
|
|
|
|
|
1Q24
|
|
2Q24
|
|
3Q24
|
|
4Q24
|
YTD
2024
|
|
|
Pre-tax loss
(income):
|
|
|
|
|
|
|
|
|
|
|
Net loss (gain) on NDT
funds
|
$
|
(266)
|
|
$
|
(84)
|
|
$
|
(168)
|
|
|
$
|
(518)
|
|
|
Mark-to-market impact
of economic hedging activities
|
|
108
|
|
|
104
|
|
|
(137)
|
|
|
|
75
|
|
|
Discontinued
operations
|
|
(165)
|
|
|
(62)
|
|
|
23
|
|
|
|
(204)
|
|
|
Business review
costs
|
|
29
|
|
|
15
|
|
|
7
|
|
|
|
51
|
|
|
Nonregulated asset
impairments and other charges
|
|
47
|
|
|
33
|
|
|
27
|
|
|
|
107
|
|
|
Regulated asset
retirements and other charges
|
|
(17)
|
|
|
16
|
|
|
101
|
|
|
|
100
|
|
|
Net loss (gain) on real
estate dispositions
|
|
-
|
|
|
17
|
|
|
1
|
|
|
|
18
|
|
|
$
|
(264)
|
|
$
|
39
|
|
$
|
(146)
|
|
|
$
|
(371)
|
|
|
Income tax expense
(benefit):
|
|
|
|
|
|
|
|
|
|
|
Tax effect of above
adjustments to reported earnings(3)
|
|
584
|
|
|
(84)
|
|
|
377
|
|
|
|
877
|
|
|
Deferred taxes
associated with sale of gas distribution
operations(4)
|
|
(511)
|
|
|
36
|
|
|
(350)
|
|
|
|
(825)
|
|
|
$
|
73
|
|
$
|
(48)
|
|
$
|
27
|
|
|
$
|
52
|
|
|
|
|
(2)
|
The calculation of
reported and operating earnings per share on a consolidated basis
utilizes shares outstanding on a diluted basis with all dilutive
impacts, primarily consisting of potential shares which had not yet
been issued, reflected in the Corporate and Other segment. The
calculation of operating earnings per share for the three months
ended June 30, 2024, and nine months ended September 30, 2024,
excludes a deemed dividend of $9 million associated with the
Company's repurchase of certain Series B preferred stock in June
2024. During the first, second and third quarter of 2024, the
calculation of reported and operating earnings per share includes
the impact of preferred dividends associated with Series B
preferred stock of $9 million, $8 million and $4 million,
respectively. During each quarter of 2024, the calculation of
reported and operating earnings per share includes the impact of
preferred dividends associated with Series C preferred stock of $11
million. See Forms 10-Q and 10-K for additional
information.
|
|
(3)
|
Excludes a $568 million
tax benefit on non-deductible goodwill associated with the sale of
gas distribution operations. Income taxes for individual pre-tax
items include current and deferred taxes using a transactional
effective tax rate. For interim reporting purposes, calculation of
such amounts may be adjusted in connection with the calculation of
the Company's year-to-date income tax provision based on its
estimated annual effective tax rate.
|
|
(4)
|
Represents the reversal
of previously established deferred taxes related to the basis in
the stock of the gas distribution operations.
|
|
(5)
|
YTD EPS may not equal
sum of quarters due to share count differences.
|
Schedule 3 - Reconciliation of 2023 Reported Earnings to
Operating Earnings
2023 Earnings (Twelve months ended
December 31, 2023)
The $1.7 billion pre-tax net
income of the adjustments included in 2023 reported earnings, but
excluded from operating earnings, is primarily related to the
following items:
- $1.1 billion of net benefit from
discontinued operations, primarily related to a $722 million benefit associated with the sale of
the remaining non-controlling interest in Cove Point (including
$626 million net gain on sale) and a
$496 million benefit associated with
the gas distribution operations expected to be sold to Enbridge
Inc. (inclusive of a $334 million
impairment charge associated with the East Ohio and Questar Gas Transactions).
- $1.2 billion net market benefit
primarily associated with $411
million from nuclear decommissioning trusts (NDT) and
$758 million in economic hedging
activities.
- $370 million of regulated asset
retirements and other charges primarily associated with the
settlement of Virginia Power's 2021
triennial review.
- $118 million of nonregulated
asset impairments and other charges primarily related to an ARO
revision at Millstone nuclear power station in connection with the
expected approval of an operating license extension.
|
(millions, except
per share amounts)
|
1Q23
|
|
2Q23
|
|
3Q23
|
|
4Q23
|
|
YTD 2023(5)
|
|
|
Reported
earnings
|
$
|
981
|
|
$
|
583
|
|
$
|
157
|
|
$
|
273
|
|
$
|
1,994
|
|
|
Adjustments to reported
earnings(1):
|
|
|
|
|
|
|
|
|
|
|
|
Pre-tax loss
(income)
|
|
(590)
|
|
|
(346)
|
|
|
(778)
|
|
|
1
|
|
|
(1,713)
|
|
|
Income tax
(benefit)
|
|
124
|
|
|
73
|
|
|
1,272
|
|
|
(7)
|
|
|
1,462
|
|
|
|
(466)
|
|
|
(273)
|
|
|
494
|
|
|
(6)
|
|
|
(251)
|
|
|
Operating earnings
(non-GAAP)
|
$
|
515
|
|
$
|
310
|
|
$
|
651
|
|
$
|
267
|
|
$
|
1,743
|
|
|
Common shares
outstanding (average, diluted)
|
|
835.5
|
|
|
836.2
|
|
|
836.8
|
|
|
837.3
|
|
|
836.5
|
|
|
Reported earnings
per share(2)
|
$
|
1.15
|
|
$
|
0.67
|
|
$
|
0.16
|
|
$
|
0.30
|
|
$
|
2.29
|
|
|
Adjustments to reported
earnings per share(2)
|
|
(0.56)
|
|
|
(0.32)
|
|
|
0.59
|
|
|
(0.01)
|
|
|
(0.30)
|
|
|
Operating earnings
(non-GAAP) per share(2)
|
$
|
0.59
|
|
$
|
0.35
|
|
$
|
0.75
|
|
$
|
0.29
|
|
$
|
1.99
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Adjustments to
reported earnings are reflected in the following
table:
|
|
|
|
|
|
|
|
|
|
|
1Q23
|
|
2Q23
|
|
3Q23
|
|
4Q23
|
|
YTD
2023
|
|
|
Pre-tax loss
(income):
|
|
|
|
|
|
|
|
|
|
|
|
Discontinued
operations
|
$
|
(337)
|
|
$
|
(206)
|
|
$
|
(683)
|
|
$
|
96
|
|
$
|
(1,130)
|
|
|
Net loss (gain) on NDT
funds
|
|
(123)
|
|
|
(158)
|
|
|
98
|
|
|
(228)
|
|
|
(411)
|
|
|
Mark-to-market impact
of economic hedging activities
|
|
(272)
|
|
|
(58)
|
|
|
(287)
|
|
|
(141)
|
|
|
(758)
|
|
|
Regulated asset
retirements and other charges
|
|
61
|
|
|
97
|
|
|
61
|
|
|
151
|
|
|
370
|
|
|
Nonregulated asset
impairments and other charges
|
|
-
|
|
|
-
|
|
|
-
|
|
|
118
|
|
|
118
|
|
|
Net loss (gain) on real
estate dispositions
|
|
81
|
|
|
(21)
|
|
|
16
|
|
|
(5)
|
|
|
71
|
|
|
Storm damage and
restoration costs (income)
|
|
-
|
|
|
-
|
|
|
12
|
|
|
(2)
|
|
|
10
|
|
|
Business review
costs
|
|
-
|
|
|
-
|
|
|
5
|
|
|
12
|
|
|
17
|
|
|
$
|
(590)
|
|
$
|
(346)
|
|
$
|
(778)
|
|
$
|
1
|
|
$
|
(1,713)
|
|
|
Income tax expense
(benefit):
|
|
|
|
|
|
|
|
|
|
|
|
Tax effect of above
adjustments to reported earnings(3)
|
|
124
|
|
|
73
|
|
|
333
|
|
|
107
|
|
|
637
|
|
|
Deferred taxes
associated with sale of gas distribution
operations(4)
|
|
-
|
|
|
-
|
|
|
939
|
|
|
(114)
|
|
|
825
|
|
|
$
|
124
|
|
$
|
73
|
|
$
|
1,272
|
|
$
|
(7)
|
|
$
|
1,462
|
|
|
|
|
(2)
|
The calculation of
reported and operating earnings per share on a consolidated basis
utilizes shares outstanding on a diluted basis with all dilutive
impacts, primarily consisting of potential shares which had not yet
been issued, reflected in the Corporate and Other segment. During
each quarter of 2023, the calculation of reported and operating
earnings per share includes the impact of preferred dividends
associated with preferred stock of $9 million (Series B) and $11
million (Series C). See Forms 10-Q and 10-K for additional
information.
|
|
(3)
|
Income taxes for
individual pre-tax items include current and deferred taxes using a
transactional effective tax rate. For interim reporting purposes,
calculation of such amounts may be adjusted in connection with the
calculation of the Company's year-to-date income tax provision
based on its estimated annual effective tax rate.
|
|
(4)
|
Represents deferred
taxes related to the basis in the stock of the gas distribution
operations expected to be sold to Enbridge that will reverse upon
the completion of each sale.
|
|
(5)
|
YTD EPS may not equal
sum of quarters due to share count difference.
|
|
Schedule 4 -
Reconciliation of 3Q24 Earnings to 3Q23
Preliminary,
Unaudited
|
|
|
Three Months
Ended
|
|
|
Nine Months
Ended
|
|
|
September 30,
|
|
|
September 30,
|
|
|
2024 vs.
2023
|
|
|
2024 vs.
2023
|
|
|
(millions, except
per share amounts)
|
Increase /
(Decrease)
|
|
|
Increase /
(Decrease)
|
|
|
Reconciling
Items
|
Amount
|
|
|
EPS
|
|
|
Amount
|
|
|
EPS
|
|
|
Change in reported
earnings (GAAP)
|
$
|
797
|
|
|
$
|
0.96
|
|
|
$
|
479
|
|
|
$
|
0.56
|
|
|
Change in Pre-tax
loss (income)(1)
|
|
632
|
|
|
|
0.76
|
|
|
|
1,343
|
|
|
|
1.62
|
|
|
Change in Income
tax(1)
|
|
(1,245)
|
|
|
|
(1.49)
|
|
|
|
(1,417)
|
|
|
|
(1.69)
|
|
|
Adjustments to
reported earnings
|
$
|
(613)
|
|
|
$
|
(0.73)
|
|
|
$
|
(74)
|
|
|
$
|
(0.07)
|
|
|
Change in
consolidated operating earnings (non-GAAP)
|
$
|
184
|
|
|
$
|
0.23
|
|
|
$
|
405
|
|
|
$
|
0.49
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dominion Energy
Virginia
|
|
|
|
|
|
|
|
|
|
|
|
|
Weather
|
$
|
(8)
|
|
|
$
|
(0.01)
|
|
|
$
|
81
|
|
|
$
|
0.10
|
|
|
Customer usage
and other factors
|
|
1
|
|
|
|
-
|
|
|
|
13
|
|
|
|
0.02
|
|
|
Customer-elected
rate impacts
|
|
5
|
|
|
|
0.01
|
|
|
|
45
|
|
|
|
0.05
|
|
|
Rider equity
return
|
|
101
|
|
|
|
0.12
|
|
|
|
237
|
|
|
|
0.28
|
|
|
Impact of 2023
Virginia legislation
|
|
2
|
|
|
|
-
|
|
|
|
(142)
|
|
|
|
(0.17)
|
|
|
Storm damage and
service restoration
|
|
5
|
|
|
|
0.01
|
|
|
|
(8)
|
|
|
|
(0.01)
|
|
|
Planned outage
costs
|
|
-
|
|
|
|
-
|
|
|
|
(10)
|
|
|
|
(0.01)
|
|
|
Nuclear
production tax credit
|
|
36
|
|
|
|
0.04
|
|
|
|
53
|
|
|
|
0.06
|
|
|
Depreciation and
amortization
|
|
4
|
|
|
|
-
|
|
|
|
(1)
|
|
|
|
-
|
|
|
Electric
capacity
|
|
(6)
|
|
|
|
(0.01)
|
|
|
|
(17)
|
|
|
|
(0.02)
|
|
|
Interest expense,
net
|
|
17
|
|
|
|
0.02
|
|
|
|
40
|
|
|
|
0.05
|
|
|
Other
|
|
(30)
|
|
|
|
(0.03)
|
|
|
|
(35)
|
|
|
|
(0.03)
|
|
|
Share
dilution
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(0.01)
|
|
|
Change in
contribution to operating earnings
|
$
|
127
|
|
|
$
|
0.15
|
|
|
$
|
256
|
|
|
$
|
0.31
|
|
|
Dominion Energy
South Carolina
|
|
|
|
|
|
|
|
|
|
|
|
|
Weather
|
$
|
(7)
|
|
|
$
|
(0.01)
|
|
|
$
|
32
|
|
|
$
|
0.04
|
|
|
Customer usage
and other factors
|
|
3
|
|
|
|
-
|
|
|
|
14
|
|
|
|
0.02
|
|
|
Customer-elected
rate impacts
|
|
1
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
Base & RSA
rate case impacts
|
|
8
|
|
|
|
0.01
|
|
|
|
6
|
|
|
|
0.01
|
|
|
Depreciation and
amortization
|
|
(1)
|
|
|
|
-
|
|
|
|
(10)
|
|
|
|
(0.01)
|
|
|
Interest expense,
net
|
|
(4)
|
|
|
|
-
|
|
|
|
(14)
|
|
|
|
(0.02)
|
|
|
Other
|
|
4
|
|
|
|
0.01
|
|
|
|
(34)
|
|
|
|
(0.05)
|
|
|
Share
dilution
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
Change in
contribution to operating earnings
|
$
|
4
|
|
|
$
|
0.01
|
|
|
$
|
(6)
|
|
|
$
|
(0.01)
|
|
|
Contracted
Energy
|
|
|
|
|
|
|
|
|
|
|
|
|
Margin
|
$
|
33
|
|
|
$
|
0.04
|
|
|
$
|
69
|
|
|
$
|
0.08
|
|
|
Planned Millstone
outages(2)(3)
|
|
(2)
|
|
|
|
-
|
|
|
|
83
|
|
|
|
0.10
|
|
|
Unplanned
Millstone outages(2)
|
|
(11)
|
|
|
|
(0.01)
|
|
|
|
8
|
|
|
|
0.01
|
|
|
Depreciation and
amortization
|
|
6
|
|
|
|
0.01
|
|
|
|
18
|
|
|
|
0.02
|
|
|
Interest expense,
net
|
|
5
|
|
|
|
0.01
|
|
|
|
10
|
|
|
|
0.01
|
|
|
Other
|
|
-
|
|
|
|
(0.01)
|
|
|
|
(1)
|
|
|
|
-
|
|
|
Share
dilution
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
Change in
contribution to operating earnings
|
$
|
31
|
|
|
$
|
0.04
|
|
|
$
|
187
|
|
|
$
|
0.22
|
|
|
Corporate and
Other
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense,
net
|
$
|
22
|
|
|
$
|
0.03
|
|
|
$
|
(42)
|
|
|
$
|
(0.05)
|
|
|
Equity method
investments
|
|
(4)
|
|
|
|
-
|
|
|
|
(7)
|
|
|
|
(0.01)
|
|
|
Pension and other
postretirement benefit plans
|
|
2
|
|
|
|
-
|
|
|
|
1
|
|
|
|
-
|
|
|
Corporate service
company costs
|
|
15
|
|
|
|
0.02
|
|
|
|
24
|
|
|
|
0.03
|
|
|
Other
|
|
(13)
|
|
|
|
(0.02)
|
|
|
|
(8)
|
|
|
|
-
|
|
|
Share
dilution
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
Change in
contribution to operating earnings
|
$
|
22
|
|
|
$
|
0.03
|
|
|
$
|
(32)
|
|
|
$
|
(0.03)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change in
consolidated operating earnings (non-GAAP)
|
$
|
184
|
|
|
$
|
0.23
|
|
|
$
|
405
|
|
|
$
|
0.49
|
|
|
Change in
adjustments included in reported earnings(1)
|
$
|
613
|
|
|
$
|
0.73
|
|
|
$
|
74
|
|
|
$
|
0.07
|
|
|
Change in
consolidated reported earnings
|
$
|
797
|
|
|
$
|
0.96
|
|
|
$
|
479
|
|
|
$
|
0.56
|
|
|
|
|
(1)
|
Adjustments to reported
earnings are included in Corporate and Other segment reported GAAP
earnings. Refer to Schedules 2 and 3 for details, or find "GAAP
Reconciliation" in the Earnings Release Kit on Dominion Energy's
website at investors.dominionenergy.com.
|
|
(2)
|
Includes earnings
impact from outage costs and lower energy margins.
|
|
(3)
|
Includes the effect of
a planned refueling outage in the second quarter of 2023 with no
such outage in the second quarter of 2024.
|
|
NOTE: Figures may not
sum due to rounding.
|
View original
content:https://www.prnewswire.com/news-releases/dominion-energy-announces-third-quarter-2024-earnings-302293353.html
SOURCE Dominion Energy
