Dominion Energy’s Profit Fell in Q1



Revenues rose 11%

Dominion Energy (D) reported its first-quarter earnings on May 3. The company reported an EPS of $1.10, which missed the consensus estimates for the quarter ending March 31. In the first quarter of 2018, Dominion Energy reported an EPS of $1.14. The lower earnings compared to last year were mainly driven by milder weather in the first quarter. Dominion Energy missed the consensus EPS estimates for the second consecutive quarter.

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Dominion Energy stock was trading 1% lower during the early trading hours on May 3. The stock has risen more than 8% in 2019. Dominion Energy stock has underperformed utilities (XLU) at large.

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Earnings highlights

For the first quarter, Dominion Energy reported total revenues of $3.86 billion—an increase of ~11% YoY (year-over-year). The higher revenues in the first quarter were mainly driven by the contribution from SCANA. Dominion Energy completed the SCANA acquisition early this year.

For fiscal 2018, Dominion Energy reported an EPS of $4.05, which was ~13% higher compared to 2017.

Dominion Energy’s management has maintained an EPS guidance range of $4.05–$4.40 for 2019. The company maintained its earnings growth rate of 6%–8% through 2020, which is relatively higher than utilities at large.

Southern Company (SO) reported its first-quarter earnings on May 1. The company reported an adjusted EPS of $0.70, which missed the consensus estimates for the quarter.


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