Dominion Energy announces second-quarter earnings
Dominion Energy announced unaudited reported earnings determined in accordance with Generally Accepted Accounting Principles (reported earnings) for the three months ended June 30, 2019 of $54 million ($0.05 per share) compared with net income of $449 million ($0.69 per share) for the same period in 2018.
Operating earnings for the three months ended June 30, 2019, were $619 million ($0.77 per share), compared with operating earnings of $560 million ($0.86 per share) for the same period in 2018. The difference between GAAP and operating earnings was primarily attributable to charges related to SCANA merger integration and a voluntary retirement program.
Operating earnings are defined as reported earnings adjusted for certain items. 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.
Statement from Thomas F. Farrell, II, chairman, president and chief executive officer:
“Strong performance across our business units combined with favorable weather resulted in operating earnings per share above the midpoint of our quarterly guidance range. Adjusted for normal weather, quarterly results were at the midpoint of our guidance representing solid execution for the quarter.
“Year-to-date results and our second half outlook are supportive of our existing 2019 operating earnings guidance range of $4.05 to $4.40 per share.
“During the quarter we continued to take steps to execute on our five-year growth capital plan of approximately $26 billion including commencing the construction of our $300 million offshore wind pilot project located off the coast of Virginia and narrowing the site-selection process for our proposed pumped storage facility in Southwest Virginia. These, and other similar regulated investment programs, will ensure that our customers enjoy affordable, reliable and increasingly low-carbon sources of energy for decades to come.
“We were also pleased, though not surprised, that many of our state regulated utility service areas were ranked in the top 10 of a prominent national survey of the top states for business, including Virginia, which was ranked No. 1. We continue to believe that our high-quality regulated operations offer investors a differentiated exposure to the very best environments for infrastructure growth.”