A month has gone by since the last earnings report for Dominion Energy (D). Shares have lost about 4.3% in that time frame, underperforming the S&P 500.
Will the recent negative trend continue leading up to its next earnings release, or is Dominion Energy due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important catalysts.
Dominion Energy Q2 Earnings Beat Estimates, Sales Miss
Dominion Energy Inc. reported second-quarter 2020 operating earnings of 82 cents per share, which beat the Zacks Consensus Estimate by a penny. Operating earnings were 6.5% higher than the year-ago figure of 77 cents. The quarterly earnings were near the upper end of the guidance range of 75-85 cents per share.
GAAP loss was $1.41 per share versus earnings of 5 cents in the year-ago quarter. The difference between GAAP and operating earnings was primarily attributable to impairment-related charges associated with the Atlantic Coast Pipeline and Supply Header projects, along with net gains on its nuclear decommissioning trust funds.
Total Revenues
Dominion Energy’s total revenues came in at $3,585 million, which lagged the Zacks Consensus Estimate of $3,995 million by 10.3% and declined 9.7% from $3,970 million in the year-ago quarter.
Highlights of the Release
Total operating expenses decreased 13.2% year over year to $3,045 million due to lower electric fuel and energy-related purchases, as well as decrease in operating and maintenance costs.
Interest and related charges for the reported quarter were $449 million, down 0.7% from the year-ago period.
Segment Details
Dominion Energy Virginia: Net income from this segment was $437 million, up 11.2% year over year.
Gas Transmission & Storage: The segment’s net income was $184 million, increasing 4% year over year.
Gas Distribution: Net income from this segment was $87 million, down 31.2% on a year-over-year basis.
Dominion Energy South Carolina: Net income from this segment was $75 million, down 21% year over year.
Contracted Generation: The segment’s net income was $21 million, up 61.5% year over year.
Corporate and Other: The segment’s net loss was $98 million, narrower than a loss of $125 million in the year-ago quarter.
Financial Highlights
As of Jun 30, 2020, Dominion Energy had cash and cash equivalents of $675 million, up from $166 million on Dec 31, 2019.
Total long-term debt as of Jun 30, 2020 was $33,848 million, up from $30,313 million on Dec 31, 2019.
In first-half 2020, cash provided from operating activities was $3,136 million, up 35.6% from $2,313 million in the comparable year-ago period.