Dominion Energy announces first-quarter earnings

Dominion Energy today announced an unaudited net loss determined in accordance with Generally Accepted Accounting Principles (reported earnings) for the three months ended March 31, 2019 of $680 million ($0.86 per share) compared with net income of $503 million ($0.77 per share) for the same period in 2018.

Operating earnings for the three months ended March 31, 2019, were $873 million ($1.10 per share), compared with operating earnings of $741 million ($1.14 per share) for the same period in 2018.  The difference between GAAP and operating earnings was primarily attributable to charges related to the SCANA merger commitments and the early retirement of certain cold-reserve Virginia utility generating units.

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.

Thomas F. Farrell, II, chairman, president and chief executive officer, said:

“Otherwise strong performance across our businesses was impacted by unusually mild weather in Virginia and South Carolina during the first quarter which reduced utility earnings by about six cents per share.  Adjusted for normal weather, our quarterly results were above the midpoint of our quarterly guidance range.

“Utility fundamentals across our premier electric and gas operations continue to be strong in terms of sales volume and customer growth.

“In recent weeks we celebrated the one year commercial in-service anniversary of the Cove Point Liquefaction facility as well as the agreement in Connecticut that will allow our Millstone power station to continue to deliver critical, zero-carbon energy for many years to come.

“We are also taking important steps to realize our goal of having 3,000 megawatts of solar or wind generation in operation or under development in the state of Virginia by 2022.  We recently announced a 350 megawatt solar agreement with Facebook, we received approval from the Virginia State Corporation Commission for our 240 megawatt US-3 cost-of-service solar projects, and in coming weeks we will begin construction on the Coastal Virginia Offshore Wind project.

“Finally, we are affirming our annual operating earnings guidance range of $4.05 to $4.40 per share for 2019.”