D - Dominion Energy to launch 'top-to-bottom' business review to boost stock
Dominion Energy ( NYSE: D ) -1.7% in Friday's trading after reporting better than expected Q3 adjusted earnings and revenues , with plans to launch a "top-to-bottom" business review, as the utility seeks to boost its lagging stock price .
CEO Bob Blue said the company will review alternatives to its current business mix and capital allocation, and assess regulatory options to assist its customers with managing costs.
Dominion ( D ) also hopes to "provide greater predictability to our long-term, state-regulated utility value proposition," Blue said.
In its Q3 results, Dominion ( D ) said net earnings rose to $778M, or $0.91/share, from $654M, or $0.79/share, a year ago, while declaring a $0.6675/share quarterly dividend .
Q3 operating revenue gains outpaced higher costs, rising to $4.39B from $3.18B a year earlier, while operating expenses jumped to $3.31B from $2.34B in the prior-year period, which the company said was driven largely by energy related purchases.
The company initiated Q4 guidance for operating earnings of $0.98-$1.13/share, in line with $1.07 analyst consensus estimate, while narrowing its outlook for FY 2022 operating earnings to $4.03-$4.18/share.
Separately, Dominion ( D ) said Friday that CFO James Chapman is leaving the company to take a senior finance role outside the utility industry, to be succeeded by Steven Ridge, who currently leads its western gas operations.
Dominion Energy's ( D ) stock price return shows a 13% YTD loss and an 10% decline during the past year .
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Dominion Energy to launch 'top-to-bottom' business review to boost stock