D - Dominion Energy guides Q3 EPS below consensus says Virginia wind project on track

2023-08-04 13:07:57 ET

Dominion Energy ( NYSE: D ) -1.9% in Friday's trading after reporting better than expected Q2 adjusted earnings but issuing Q3 earnings guidance well below analyst expectations.

Dominion ( D ) swung to a Q2 net profit of $599M, or $0.69/share, from a loss of $453M, or $0.58/share, in the year-earlier quarter, helped by lower maintenance costs as total operating expenses fell 22% Y/Y to $3.07B, while revenues rose 5% Y/Y to $3.79B.

The company forecasts Q/Q growth in adjusted earnings that nevertheless fails to meet analyst estimates, seeing Q3 EPS of $0.72-$0.87, compared with $1.09 FactSet consensus.

Dominion ( D ) said its ~$10B Coastal Virginia Offshore Wind project is on budget and on track for completion in late 2026.

In its Q2 earnings presentation , the company said it expects to obtain a Record of Decision from the U.S. Bureau of Ocean Management - a requirement before construction can begin - in this year's H2.

More on Dominion Energy:

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• Analysis: Warren Buffett's Berkshire Hathaway Snags Another Chunk of Dominion Energy
• Stock price return: Down 19.5% YTD, down 38.5% in the past 12 months

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