RICHMOND, Va. - Dominion Energy, Inc. (NYSE: NYSE:D) reported first-quarter earnings that slightly missed analyst expectations, with adjusted earnings per share (EPS) of $0.55, just $0.01 shy of the consensus estimate of $0.56.
The company's revenue for the quarter was $3.63 billion, which did not meet the analyst projection of $4.26 billion. Despite the shortfall in both EPS and revenue, the company's stock saw a modest increase of +1.5%.
The reported revenue marks a decrease from the $3.88 billion recorded in the same quarter last year. The company's GAAP net income for the first quarter was $674 million ($0.78 per share), down from $981 million ($1.15 per share) in the first quarter of 2023. The difference between GAAP and adjusted earnings included a net benefit from discontinued operations, primarily associated with the sale of gas distribution operations, and other adjustments.
Dominion Energy's management has reaffirmed its full-year 2024 operating earnings guidance, projecting a range of $2.62 to $2.87 per share, with the midpoint of $2.745 falling slightly below the analyst consensus of $2.82. Additionally, the company maintains its full-year 2025 guidance, anticipating operating earnings to be between $3.25 and $3.54 per share. The guidance affirmation extends to other financial aspects discussed at the investor meeting on March 1, 2024, including earnings, credit, and dividend.
The company's CEO stated, "Our first-quarter results reflect the strength and resilience of our regulated growth strategy and our commitment to providing reliable and sustainable energy." This comment underscores the company's focus on maintaining stability and growth within its regulated operations, despite the challenges faced in the first quarter.
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