D Dominion Energy Inc

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): November 01, 2024

 

 

DOMINION ENERGY, INC

(Exact name of Registrant as Specified in Its Charter)

 

 

Virginia			001-08489	54-1229715
(State or Other Jurisdiction of Incorporation)			(Commission File Number)	(IRS Employer Identification No.)
120 Tredegar Street
Richmond, Virginia				23219
(Address of Principal Executive Offices)				(Zip Code)

 

Registrant’s Telephone Number, Including Area Code: (804) 819-2284

 

(Former Name or Former Address, if Changed Since Last Report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock, no par value		D		The New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

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Item 2.02 Results of Operations and Financial Condition.

On November 1, 2024, Dominion Energy, Inc. issued a press release announcing preliminary unaudited earnings for the three months ended September 30, 2024. The press release and related preliminary earnings tables are furnished with this Form 8-K as Exhibit 99.

Item 9.01 Financial Statements and Exhibits.

Exhibits
99		Dominion Energy, Inc. press release dated November 1, 2024
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

			DOMINION ENERGY, INC. Registrant
Date:	November 1, 2024	By:	/s/ Steven D. Ridge
			Steven D. Ridge Executive Vice President and Chief Financial Officer

 

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NEWS RELEASE

 

November 1, 2024

 

Dominion Energy Announces Third-Quarter 2024 Earnings

 

RICHMOND, Va. – 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.

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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.

 

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For further information: Media: Ryan Frazier, (804) 836-2083 or C.Ryan.Frazier@dominionenergy.com;

Investor Relations: David McFarland, (804) 819-2438 or David.M.McFarland@dominionenergy.com

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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

 

*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.

 

 

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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

 

 

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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:

 

(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

 

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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:

 

(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

 

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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

NOTE: Figures may not sum due to rounding.

 

 

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v3.24.3

Document And Entity Information	Nov. 01, 2024
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Nov. 01, 2024
Entity Registrant Name	DOMINION ENERGY, INC
Entity Central Index Key	0000715957
Entity Emerging Growth Company	false
Entity File Number	001-08489
Entity Incorporation, State or Country Code	VA
Entity Tax Identification Number	54-1229715
Entity Address, Address Line One	120 Tredegar Street
Entity Address, City or Town	Richmond
Entity Address, State or Province	VA
Entity Address, Postal Zip Code	23219
City Area Code	(804)
Local Phone Number	819-2284
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock, no par value
Trading Symbol	D
Security Exchange Name	NYSE

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