Dominion Energy announces 2024 financial results
-
Full year 2024 GAAP net income of
per share; operating earnings (non-GAAP) of$2.44 per share$2.77 -
Fourth-quarter 2024 GAAP net income of
per share; operating earnings (non-GAAP) of$0.15 per share$0.58 -
Company narrows 2025 operating EPS range to
to$3.28 per share; preserves original midpoint of$3.52 per share$3.40 - Company reaffirms its existing guidance for long-term operating EPS growth rate, credit & dividend
“We delivered 2024 operating earnings per share in the top half of our guidance range despite worse-than-normal weather in our regulated service areas. In addition, we continued to successfully provide the reliable, affordable, and increasingly clean energy that powers our customers every day while achieving near-record employee safety performance,” said Bob Blue, chair, president and chief executive officer of Dominion Energy.
Operating earnings (non-GAAP) for the three months ended Dec. 31, 2024, were
Differences between GAAP and operating earnings for the period include gains and losses on nuclear decommissioning trust funds, mark-to-market impact of economic hedging activities, a net benefit from discontinued operations primarily associated with the sale of gas distribution operations, and other adjustments. 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.
Guidance
The company narrowed its existing 2025 operating earnings guidance range to
Webcast today
The company will host its fourth-quarter 2024 earnings call at 10 a.m. ET today, Feb. 12, 2025. Management will discuss matters of interest to financial and other stakeholders including recent financial results.
A live webcast of the conference call, including accompanying slides and other financial information, will be available on the investor information pages at investors.dominionenergy.com.
For individuals who prefer to join via telephone, domestic callers should dial 1-800-445-7795 and international callers should dial 1-785-424-1699. The conference ID for the telephonic earnings call is DOMINION. Participants should dial in 10 to 15 minutes prior to the scheduled start time.
A replay of the webcast will be available on the investor information pages by the end of the day Feb. 12. A telephonic replay of the earnings call will be available beginning at about 1 p.m. ET on Feb. 12. Domestic callers may access the recording by dialing 1-800-283-4783. International callers should dial 1-402-220-0859. The passcode for the replay is 17292.
Important note to investors regarding operating, reported earnings
Dominion Energy uses operating earnings (non-GAAP) as the primary performance measurement of its results for public communications with analysts and investors. Operating earnings are defined as reported earnings adjusted for certain items. Dominion Energy also uses operating earnings internally for budgeting, for reporting to the Board of Directors, for the company’s incentive compensation plans, and for its targeted dividend payouts and other purposes. Dominion Energy management believes operating earnings provide a more meaningful representation of the company’s fundamental earnings power. In providing its operating earnings guidance, the company notes that there could be differences between expected reported earnings and estimated operating earnings for matters such as, but not limited to, the mark-to-market impact of economic hedging activities, gains and losses on nuclear decommissioning trust funds, market-related impacts on pension and other postretirement benefit plans, acquisitions, divestitures, or extreme weather events and other natural disasters. At this time, Dominion Energy management is not able to estimate the aggregate impact of these items on future period reported earnings. Accordingly, Dominion Energy is not able to provide a corresponding GAAP equivalent for its operating earnings guidance.
About Dominion Energy
Dominion Energy (NYSE: D), headquartered in
This release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are subject to various risks and uncertainties. Factors that could cause actual results to differ include, but are not limited to: unusual weather conditions and their effect on energy sales to customers and energy commodity prices; extreme weather events and other natural disasters; extraordinary external events, such as the pandemic health event resulting from COVID-19; federal, state and local legislative and regulatory developments; changes in or interpretations of federal and state tax laws and regulations; changes to regulated rates collected by Dominion Energy; risks associated with entities in which Dominion Energy shares ownership with third parties, such as a
Consolidated Statements of Income (GAAP)
Dominion Energy, Inc. |
|
|||||||||||||||
Consolidated Statements of Income * |
|
|||||||||||||||
Unaudited (GAAP Based) |
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Three Months Ended |
|
|
Twelve Months Ended |
|
|||||||||||
|
December 31, |
|
|
December 31, |
|
|||||||||||
(millions, except per share amounts) |
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
|||||
Operating Revenue |
$ |
3,400 |
|
|
$ |
3,534 |
|
|
$ |
14,459 |
|
|
$ |
14,393 |
|
|
Operating Expenses |
|
|
|
|
|
|
|
|
|
|
|
|||||
Electric fuel and other energy-related purchases |
|
827 |
|
|
|
925 |
|
|
|
3,614 |
|
|
|
3,935 |
|
|
Purchased electric capacity |
|
17 |
|
|
|
12 |
|
|
|
74 |
|
|
|
55 |
|
|
Purchased gas |
|
62 |
|
|
|
73 |
|
|
|
260 |
|
|
|
285 |
|
|
Other operations and maintenance(1) |
|
1,374 |
|
|
|
961 |
|
|
|
4,188 |
|
|
|
3,440 |
|
|
Depreciation and amortization |
|
554 |
|
|
|
684 |
|
|
|
2,345 |
|
|
|
2,580 |
|
|
Other taxes |
|
175 |
|
|
|
167 |
|
|
|
731 |
|
|
|
684 |
|
|
Total operating expenses |
|
3,009 |
|
|
|
2,822 |
|
|
|
11,212 |
|
|
|
10,979 |
|
|
Income (loss) from operations |
|
391 |
|
|
|
712 |
|
|
|
3,247 |
|
|
|
3,414 |
|
|
Other income (expense) |
|
122 |
|
|
|
371 |
|
|
|
822 |
|
|
|
984 |
|
|
Interest and related charges |
|
441 |
|
|
|
608 |
|
|
|
1,887 |
|
|
|
1,674 |
|
|
Income (loss) from continuing operations including noncontrolling interests before income tax expense (benefit) |
|
72 |
|
|
|
475 |
|
|
|
2,182 |
|
|
|
2,724 |
|
|
Income tax expense (benefit) |
|
(23 |
) |
|
|
111 |
|
|
|
308 |
|
|
|
568 |
|
|
Net Income (loss) from continuing operations including noncontrolling interests |
|
95 |
|
|
|
364 |
|
|
|
1,874 |
|
|
|
2,156 |
|
|
Net Income (loss) from discontinued operations including noncontrolling interests |
|
(3 |
) |
|
|
(33 |
) |
|
|
197 |
|
|
|
(125 |
) |
|
Net Income (loss) including noncontrolling interests |
|
92 |
|
|
|
331 |
|
|
|
2,071 |
|
|
|
2,031 |
|
|
Noncontrolling interests |
|
(53 |
) |
|
|
- |
|
|
|
(53 |
) |
|
|
- |
|
|
Net Income (loss) attributable to Dominion Energy |
$ |
145 |
|
|
$ |
331 |
|
|
$ |
2,124 |
|
|
$ |
2,031 |
|
|
Reported Income (loss) per common share from continuing operations - diluted |
$ |
0.15 |
|
|
$ |
0.41 |
|
|
$ |
2.20 |
|
|
$ |
2.48 |
|
|
Reported Income (loss) per common share from discontinued operations - diluted |
|
- |
|
|
|
(0.04 |
) |
|
|
0.24 |
|
|
|
(0.15 |
) |
|
Reported Income (loss) per common share - diluted |
$ |
0.15 |
|
|
$ |
0.37 |
|
|
$ |
2.44 |
|
|
$ |
2.33 |
|
|
Average shares outstanding, diluted |
|
842.2 |
|
|
|
837.3 |
|
|
|
839.4 |
|
|
|
836.5 |
|
(1) |
Includes impairment of assets and other charges (benefits) and losses (gains) on sales of assets. |
|
*The notes contained in Dominion Energy's most recent quarterly report on Form 10-Q or annual report on Form 10-K are an integral part of the Consolidated Financial Statements. |
Schedule 1 - Segment Reported and Operating Earnings
Unaudited |
||||||||||||||||||||||||
|
Three Months Ended December 31, |
|
Twelve Months Ended December 31, |
|||||||||||||||||||||
(millions, except per share amounts) |
2024 |
|
2023 |
|
Change |
|
2024 |
|
2023 |
|
Change |
|||||||||||||
REPORTED EARNINGS(1) |
$ |
145 |
|
|
$ |
331 |
|
|
$ |
(186 |
) |
|
$ |
2,124 |
|
|
$ |
2,031 |
|
|
$ |
93 |
|
|
Pre-tax loss (income)(2) |
|
478 |
|
|
|
(83 |
) |
|
|
561 |
|
|
|
410 |
|
|
|
(1,797 |
) |
|
|
2,207 |
|
|
Income tax(2) |
|
(119 |
) |
|
|
12 |
|
|
|
(131 |
) |
|
|
(142 |
) |
|
|
1,481 |
|
|
|
(1,623 |
) |
|
Adjustments to reported earnings |
|
359 |
|
|
|
(71 |
) |
|
|
430 |
|
|
|
268 |
|
|
|
(316 |
) |
|
|
584 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
OPERATING EARNINGS (non-GAAP) |
$ |
504 |
|
|
$ |
260 |
|
|
$ |
244 |
|
|
$ |
2,392 |
|
|
$ |
1,715 |
|
|
$ |
677 |
|
|
By segment: |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Dominion Energy Virginia |
|
440 |
|
|
|
369 |
|
|
|
71 |
|
|
|
2,011 |
|
|
|
1,684 |
|
|
|
327 |
|
|
Dominion Energy South Carolina |
|
102 |
|
|
|
75 |
|
|
|
27 |
|
|
|
398 |
|
|
|
377 |
|
|
|
21 |
|
|
Contracted Energy |
|
54 |
|
|
|
(19 |
) |
|
|
73 |
|
|
|
359 |
|
|
|
99 |
|
|
|
260 |
|
|
Corporate and Other |
|
(92 |
) |
|
|
(165 |
) |
|
|
73 |
|
|
|
(376 |
) |
|
|
(445 |
) |
|
|
69 |
|
|
|
$ |
504 |
|
|
$ |
260 |
|
|
$ |
244 |
|
|
$ |
2,392 |
|
|
$ |
1,715 |
|
|
$ |
677 |
|
|
Earnings Per Share (EPS)(3): |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
REPORTED EARNINGS(1) |
$ |
0.15 |
|
|
$ |
0.37 |
|
|
$ |
(0.22 |
) |
|
$ |
2.44 |
|
|
$ |
2.33 |
|
|
$ |
0.11 |
|
|
Adjustments to reported earnings (after-tax) |
|
0.43 |
|
|
|
(0.08 |
) |
|
|
0.51 |
|
|
|
0.33 |
|
|
|
(0.38 |
) |
|
|
0.71 |
|
|
OPERATING EARNINGS (non-GAAP) |
$ |
0.58 |
|
|
$ |
0.29 |
|
|
$ |
0.29 |
|
|
$ |
2.77 |
|
|
$ |
1.95 |
|
|
$ |
0.82 |
|
|
By segment: |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Dominion Energy Virginia |
|
0.52 |
|
|
|
0.44 |
|
|
|
0.08 |
|
|
|
2.40 |
|
|
|
2.01 |
|
|
|
0.39 |
|
|
Dominion Energy South Carolina |
|
0.12 |
|
|
|
0.09 |
|
|
|
0.03 |
|
|
|
0.47 |
|
|
|
0.45 |
|
|
|
0.02 |
|
|
Contracted Energy |
|
0.07 |
|
|
|
(0.02 |
) |
|
|
0.09 |
|
|
|
0.43 |
|
|
|
0.12 |
|
|
|
0.31 |
|
|
Corporate and Other |
|
(0.13 |
) |
|
|
(0.22 |
) |
|
|
0.09 |
|
|
|
(0.53 |
) |
|
|
(0.63 |
) |
|
|
0.10 |
|
|
|
$ |
0.58 |
|
|
$ |
0.29 |
|
|
$ |
0.29 |
|
|
$ |
2.77 |
|
|
$ |
1.95 |
|
|
$ |
0.82 |
|
|
Common Shares Outstanding (average, diluted) |
|
842.2 |
|
|
|
837.3 |
|
|
|
|
|
839.4 |
|
|
|
836.5 |
|
|
|
(1) |
Determined in accordance with Generally Accepted Accounting Principles (GAAP). |
|
(2) |
Adjustments to reported earnings are included in Corporate and Other segment reported GAAP earnings. Refer to Schedules 2 and 3 for details or find "GAAP Reconciliation" in the Earnings Release Kit on Dominion Energy's website at investors.dominionenergy.com. |
|
(3) |
The calculation of reported and operating earnings per share on a consolidated basis utilizes shares outstanding on a diluted basis with all dilutive impacts, primarily consisting of potential shares which had not yet been issued, reflected in the Corporate and Other segment. The calculation of operating earnings per share for the three and twelve months ended December 31, 2024 excludes a deemed dividend of |
Schedule 2 - Reconciliation of 2024 Reported Earnings to Operating Earnings
2024 Earnings (Twelve Months Ended December 31, 2024)
The
-
net market loss primarily associated with$5 million on pension and other postretirement benefit (OPEB) plans and$372 million in economic hedging activities offset by$198 million from nuclear decommissioning trusts (NDT).$565 million -
of net benefit from discontinued operations primarily related to a$228 million benefit associated with gas distribution operations (inclusive of a$247 million net loss on sales related to the$130 million East Ohio , Questar Gas and PSNC Transactions). -
of regulated asset retirements and other charges primarily associated with a$276 million charge for Virginia Power’s share of costs not expected to be recovered from customers on the Coastal Virginia Offshore Wind (CVOW) Commercial project, a$103 million charge from the$58 million South Carolina electric rate case, in demolition and decommissioning costs at Virginia Power and a$40 million write off of certain early stage development costs for potential electric generation projects in$30 million Virginia no longer under consideration. -
of nonregulated asset impairments and other charges related to a$229 million ARO revision at Millstone nuclear power station,$122 million of impairment charges associated with certain nonregulated renewable natural gas facilities and a$60 million charge in connection with the settlement of an agreement.$47 million
(millions, except per share amounts) |
1Q24 |
|
2Q24 |
|
3Q24 |
|
4Q24 |
|
YTD 2024(5) |
|
||||||||||
Reported earnings |
$ |
441 |
|
$ |
580 |
|
$ |
958 |
|
$ |
145 |
|
$ |
2,124 |
|
|||||
Adjustments to reported earnings(1): |
|
|
|
|
|
|
|
|
|
|
||||||||||
Pre-tax loss (income) |
|
49 |
|
|
34 |
|
|
(151 |
) |
|
478 |
|
|
410 |
|
|||||
Income tax (benefit) |
|
(5 |
) |
|
(47 |
) |
|
29 |
|
|
(119 |
) |
|
(142 |
) |
|||||
|
|
44 |
|
|
(13 |
) |
|
(122 |
) |
|
359 |
|
|
268 |
|
|||||
Operating earnings (non-GAAP) |
$ |
485 |
|
$ |
567 |
|
$ |
836 |
|
$ |
504 |
|
$ |
2,392 |
|
|||||
Common shares outstanding (average, diluted) |
|
837.6 |
|
|
838.3 |
|
|
839.3 |
|
|
842.2 |
|
|
839.4 |
|
|||||
Reported earnings per share(2) |
$ |
0.50 |
|
$ |
0.66 |
|
$ |
1.12 |
|
$ |
0.15 |
|
$ |
2.44 |
|
|||||
Adjustments to reported earnings per share(2) |
|
0.05 |
|
|
(0.01 |
) |
|
(0.14 |
) |
|
0.43 |
|
$ |
0.33 |
|
|||||
Operating earnings (non-GAAP) per share(2) |
$ |
0.55 |
|
$ |
0.65 |
|
$ |
0.98 |
|
$ |
0.58 |
|
$ |
2.77 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
(1) Adjustments to reported earnings are reflected in the following table: |
|
|
|
|
|
|
|
|
|
|||||||||||
|
1Q24 |
|
2Q24 |
|
3Q24 |
|
4Q24 |
|
YTD 2024 |
|
||||||||||
Pre-tax loss (income): |
|
|
|
|
|
|
|
|
|
|
||||||||||
Net loss (gain) on NDT funds |
$ |
(266 |
) |
$ |
(84 |
) |
$ |
(168 |
) |
$ |
(47 |
) |
$ |
(565 |
) |
|||||
Mark-to-market impact of economic hedging activities |
|
108 |
|
|
104 |
|
|
(137 |
) |
|
123 |
|
|
198 |
|
|||||
Mark-to-market of pension and OPEB plans |
|
320 |
|
|
16 |
|
|
(6 |
) |
|
42 |
|
|
372 |
|
|||||
Discontinued operations |
|
(172 |
) |
|
(83 |
) |
|
24 |
|
|
3 |
|
|
(228 |
) |
|||||
Business review costs |
|
29 |
|
|
15 |
|
|
7 |
|
|
54 |
|
|
105 |
|
|||||
Net loss (gain) on real estate dispositions |
|
- |
|
|
17 |
|
|
1 |
|
|
5 |
|
|
23 |
|
|||||
Regulated asset retirements and other charges |
|
(17 |
) |
|
16 |
|
|
101 |
|
|
176 |
|
|
276 |
|
|||||
Nonregulated asset impairments and other charges |
|
47 |
|
|
33 |
|
|
27 |
|
|
122 |
|
|
229 |
|
|||||
|
$ |
49 |
|
$ |
34 |
|
$ |
(151 |
) |
$ |
478 |
|
$ |
410 |
|
|||||
Income tax expense (benefit): |
|
|
|
|
|
|
|
|
|
|
||||||||||
Tax effect of above adjustments to reported earnings(3) |
|
504 |
|
|
(71 |
) |
|
379 |
|
|
(119 |
) |
|
693 |
|
|||||
Deferred taxes associated with sale of gas distribution operations(4) |
|
(509 |
) |
|
24 |
|
|
(350 |
) |
|
- |
|
|
(835 |
) |
|||||
|
$ |
(5 |
) |
$ |
(47 |
) |
$ |
29 |
|
$ |
(119 |
) |
$ |
(142 |
) |
(2) |
The calculation of reported and operating earnings per share on a consolidated basis utilizes shares outstanding on a diluted basis with all dilutive impacts, primarily consisting of potential shares which had not yet been issued, reflected in the Corporate and Other segment. The calculation of operating earnings per share for the three months ended June 30, 2024 and for the three and twelve months ended December 31, 2024 excludes a deemed dividend of |
|
(3) |
Excludes a |
|
(4) |
Represents the reversal of previously established deferred taxes related to the basis in the stock of the gas distribution operations. |
|
(5) |
YTD EPS may not equal sum of quarters due to share count differences. |
Schedule 3 - Reconciliation of 2023 Reported Earnings to Operating Earnings
2023 Earnings (Twelve months ended December 31, 2023)
The
-
of net benefit from discontinued operations, primarily related to a$1.2 billion benefit associated with the sale of the remaining non-controlling interest in Cove Point (including$722 million net gain on sale) and a$626 million benefit associated with the gas distribution operations expected to be sold to Enbridge (inclusive of a$544 million impairment charge associated with the$286 million East Ohio and Questar Gas Transactions). -
net market benefit primarily associated with$1.2 billion from nuclear decommissioning trusts (NDT),$411 million in economic hedging activities and$758 million on pension and other postretirement benefit (OPEB) plans.$36 million -
of regulated asset retirements and other charges primarily associated with the settlement of Virginia Power’s 2021 triennial review.$370 million -
of nonregulated asset impairments and other charges primarily related to an ARO revision at Millstone nuclear power station in connection with the expected approval of an operating license extension.$118 million
(millions, except per share amounts) |
1Q23 |
|
2Q23 |
|
3Q23 |
|
4Q23 |
|
YTD 2023(5) |
|
||||||||||
Reported earnings |
$ |
972 |
|
$ |
575 |
|
$ |
153 |
|
$ |
331 |
|
$ |
2,031 |
|
|||||
Adjustments to reported earnings(1): |
|
|
|
|
|
|
|
|
|
|
||||||||||
Pre-tax loss (income) |
|
(590 |
) |
|
(346 |
) |
|
(778 |
) |
|
(83 |
) |
|
(1,797 |
) |
|||||
Income tax (benefit) |
|
124 |
|
|
73 |
|
|
1,272 |
|
|
12 |
|
|
1,481 |
|
|||||
|
|
(466 |
) |
|
(273 |
) |
|
494 |
|
|
(71 |
) |
|
(316 |
) |
|||||
Operating earnings (non-GAAP) |
$ |
506 |
|
$ |
302 |
|
$ |
647 |
|
$ |
260 |
|
$ |
1,715 |
|
|||||
Common shares outstanding (average, diluted) |
|
835.5 |
|
|
836.2 |
|
|
836.8 |
|
|
837.3 |
|
|
836.5 |
|
|||||
Reported earnings per share(2) |
$ |
1.14 |
|
$ |
0.66 |
|
$ |
0.16 |
|
$ |
0.37 |
|
$ |
2.33 |
|
|||||
Adjustments to reported earnings per share(2) |
|
(0.56 |
) |
|
(0.32 |
) |
|
0.59 |
|
|
(0.08 |
) |
|
(0.38 |
) |
|||||
Operating earnings (non-GAAP) per share(2) |
$ |
0.58 |
|
$ |
0.34 |
|
$ |
0.75 |
|
$ |
0.29 |
|
$ |
1.95 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
(1) Adjustments to reported earnings are reflected in the following table: |
|
|
|
|
|
|
|
|
|
|||||||||||
|
1Q23 |
|
2Q23 |
|
3Q23 |
|
4Q23 |
|
YTD 2023 |
|
||||||||||
Pre-tax loss (income): |
|
|
|
|
|
|
|
|
|
|
||||||||||
Discontinued operations |
$ |
(337 |
) |
$ |
(206 |
) |
$ |
(683 |
) |
$ |
48 |
|
$ |
(1,178 |
) |
|||||
Net loss (gain) on NDT funds |
|
(123 |
) |
|
(158 |
) |
|
98 |
|
|
(228 |
) |
|
(411 |
) |
|||||
Mark-to-market impact of economic hedging activities |
|
(272 |
) |
|
(58 |
) |
|
(287 |
) |
|
(141 |
) |
|
(758 |
) |
|||||
Mark-to-market of pension and OPEB plans |
|
- |
|
|
- |
|
|
- |
|
|
(36 |
) |
|
(36 |
) |
|||||
Regulated asset retirements and other charges |
|
61 |
|
|
97 |
|
|
61 |
|
|
151 |
|
|
370 |
|
|||||
Nonregulated asset impairments and other charges |
|
- |
|
|
- |
|
|
- |
|
|
118 |
|
|
118 |
|
|||||
Net loss (gain) on real estate dispositions |
|
81 |
|
|
(21 |
) |
|
16 |
|
|
(5 |
) |
|
71 |
|
|||||
Storm damage and restoration costs (income) |
|
- |
|
|
- |
|
|
12 |
|
|
(2 |
) |
|
10 |
|
|||||
Business review costs |
|
- |
|
|
- |
|
|
5 |
|
|
12 |
|
|
17 |
|
|||||
|
$ |
(590 |
) |
$ |
(346 |
) |
$ |
(778 |
) |
$ |
(83 |
) |
$ |
(1,797 |
) |
|||||
Income tax expense (benefit): |
|
|
|
|
|
|
|
|
|
|
||||||||||
Tax effect of above adjustments to reported earnings(3) |
|
124 |
|
|
73 |
|
|
333 |
|
|
116 |
|
|
646 |
|
|||||
Deferred taxes associated with sale of gas distribution operations(4) |
|
- |
|
|
- |
|
|
939 |
|
|
(104 |
) |
|
835 |
|
|||||
|
$ |
124 |
|
$ |
73 |
|
$ |
1,272 |
|
$ |
12 |
|
$ |
1,481 |
|
(2) |
The calculation of reported and operating earnings per share on a consolidated basis utilizes shares outstanding on a diluted basis with all dilutive impacts, primarily consisting of potential shares which had not yet been issued, reflected in the Corporate and Other segment. During each quarter of 2023, the calculation of reported and operating earnings per share includes the impact of preferred dividends associated with preferred stock of |
|
(3) |
Income taxes for individual pre-tax items include current and deferred taxes using a transactional effective tax rate. For interim reporting purposes, calculation of such amounts may be adjusted in connection with the calculation of the Company’s year-to-date income tax provision based on its estimated annual effective tax rate. |
|
(4) |
Represents deferred taxes related to the basis in the stock of the gas distribution operations expected to be sold to Enbridge that will reverse upon the completion of each sale. |
|
(5) |
YTD EPS may not equal sum of quarters due to share count difference. |
Schedule 4 - Reconciliation of 4Q24 Earnings to 4Q23
Preliminary, Unaudited
|
Three Months Ended |
|
|
Twelve Months Ended |
|
|||||||||||
|
December 31, |
|
|
December 31, |
|
|||||||||||
|
2024 vs. 2023 |
|
|
2024 vs. 2023 |
|
|||||||||||
(millions, except per share amounts) |
Increase / (Decrease) |
|
|
Increase / (Decrease) |
|
|||||||||||
Reconciling Items |
Amount |
|
|
EPS |
|
|
Amount |
|
|
EPS |
|
|||||
Change in reported earnings (GAAP) |
$ |
(186 |
) |
|
$ |
(0.22 |
) |
|
$ |
93 |
|
|
$ |
0.11 |
|
|
Change in Pre-tax loss (income)(1) |
|
561 |
|
|
|
0.67 |
|
|
|
2,207 |
|
|
|
2.64 |
|
|
Change in Income tax(1) |
|
(131 |
) |
|
|
(0.16 |
) |
|
|
(1,623 |
) |
|
|
(1.93 |
) |
|
Adjustments to reported earnings |
$ |
430 |
|
|
$ |
0.51 |
|
|
$ |
584 |
|
|
$ |
0.71 |
|
|
Change in consolidated operating earnings (non-GAAP) |
$ |
244 |
|
|
$ |
0.29 |
|
|
$ |
677 |
|
|
$ |
0.82 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Dominion Energy Virginia |
|
|
|
|
|
|
|
|
|
|
|
|||||
Weather |
$ |
11 |
|
|
$ |
0.01 |
|
|
$ |
92 |
|
|
$ |
0.11 |
|
|
Customer usage and other factors |
|
(19 |
) |
|
|
(0.02 |
) |
|
|
(6 |
) |
|
|
(0.01 |
) |
|
Customer-elected rate impacts |
|
18 |
|
|
|
0.02 |
|
|
|
63 |
|
|
|
0.08 |
|
|
Rider equity return |
|
112 |
|
|
|
0.13 |
|
|
|
349 |
|
|
|
0.42 |
|
|
Impact of 2023 Virginia legislation |
|
- |
|
|
|
- |
|
|
|
(142 |
) |
|
|
(0.17 |
) |
|
Storm damage and service restoration |
|
(4 |
) |
|
|
- |
|
|
|
(12 |
) |
|
|
(0.01 |
) |
|
Planned outage costs |
|
(14 |
) |
|
|
(0.02 |
) |
|
|
(24 |
) |
|
|
(0.03 |
) |
|
Nuclear production tax credit |
|
36 |
|
|
|
0.04 |
|
|
|
89 |
|
|
|
0.11 |
|
|
Depreciation and amortization |
|
(1 |
) |
|
|
- |
|
|
|
(2 |
) |
|
|
- |
|
|
Electric capacity |
|
(2 |
) |
|
|
- |
|
|
|
(19 |
) |
|
|
(0.02 |
) |
|
Interest expense, net |
|
(1 |
) |
|
|
- |
|
|
|
39 |
|
|
|
0.05 |
|
|
Sale of noncontrolling interest |
|
(50 |
) |
|
|
(0.06 |
) |
|
|
(50 |
) |
|
|
(0.06 |
) |
|
Other |
|
(15 |
) |
|
|
(0.02 |
) |
|
|
(50 |
) |
|
|
(0.07 |
) |
|
Share dilution |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(0.01 |
) |
|
Change in contribution to operating earnings |
$ |
71 |
|
|
$ |
0.08 |
|
|
$ |
327 |
|
|
$ |
0.39 |
|
|
Dominion Energy South Carolina |
|
|
|
|
|
|
|
|
|
|
|
|||||
Weather |
$ |
5 |
|
|
$ |
0.01 |
|
|
$ |
37 |
|
|
$ |
0.04 |
|
|
Customer usage and other factors |
|
13 |
|
|
|
0.02 |
|
|
|
27 |
|
|
|
0.03 |
|
|
Customer-elected rate impacts |
|
4 |
|
|
|
- |
|
|
|
4 |
|
|
|
- |
|
|
Base & RSA rate case impacts |
|
35 |
|
|
|
0.04 |
|
|
|
41 |
|
|
|
0.05 |
|
|
Depreciation and amortization |
|
(2 |
) |
|
|
- |
|
|
|
(12 |
) |
|
|
(0.01 |
) |
|
Interest expense, net |
|
(7 |
) |
|
|
(0.01 |
) |
|
|
(21 |
) |
|
|
(0.03 |
) |
|
Other |
|
(21 |
) |
|
|
(0.03 |
) |
|
|
(55 |
) |
|
|
(0.06 |
) |
|
Share dilution |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
Change in contribution to operating earnings |
$ |
27 |
|
|
$ |
0.03 |
|
|
$ |
21 |
|
|
$ |
0.02 |
|
|
Contracted Energy |
|
|
|
|
|
|
|
|
|
|
|
|||||
Margin |
$ |
34 |
|
|
$ |
0.04 |
|
|
$ |
103 |
|
|
$ |
0.12 |
|
|
Planned Millstone outages(2)(3) |
|
36 |
|
|
|
0.04 |
|
|
|
119 |
|
|
|
0.14 |
|
|
Unplanned Millstone outages(2) |
|
8 |
|
|
|
0.01 |
|
|
|
16 |
|
|
|
0.02 |
|
|
Depreciation and amortization |
|
4 |
|
|
|
0.01 |
|
|
|
22 |
|
|
|
0.03 |
|
|
Interest expense, net |
|
4 |
|
|
|
0.01 |
|
|
|
14 |
|
|
|
0.02 |
|
|
Other |
|
(13 |
) |
|
|
(0.02 |
) |
|
|
(14 |
) |
|
|
(0.02 |
) |
|
Share dilution |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
Change in contribution to operating earnings |
$ |
73 |
|
|
$ |
0.09 |
|
|
$ |
260 |
|
|
$ |
0.31 |
|
|
Corporate and Other |
|
|
|
|
|
|
|
|
|
|
|
|||||
Interest expense, net |
$ |
69 |
|
|
$ |
0.08 |
|
|
$ |
27 |
|
|
$ |
0.03 |
|
|
Equity method investments |
|
(4 |
) |
|
|
- |
|
|
|
(11 |
) |
|
|
(0.01 |
) |
|
Pension and other postretirement benefit plans |
|
12 |
|
|
|
0.01 |
|
|
|
45 |
|
|
|
0.05 |
|
|
Corporate service company costs |
|
23 |
|
|
|
0.03 |
|
|
|
47 |
|
|
|
0.06 |
|
|
Other |
|
(27 |
) |
|
|
(0.03 |
) |
|
|
(39 |
) |
|
|
(0.05 |
) |
|
Share dilution |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
0.02 |
|
|
Change in contribution to operating earnings |
$ |
73 |
|
|
$ |
0.09 |
|
|
$ |
69 |
|
|
$ |
0.10 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Change in consolidated operating earnings (non-GAAP) |
$ |
244 |
|
|
$ |
0.29 |
|
|
$ |
677 |
|
|
$ |
0.82 |
|
|
Change in adjustments included in reported earnings(1) |
$ |
(430 |
) |
|
$ |
(0.51 |
) |
|
$ |
(584 |
) |
|
$ |
(0.71 |
) |
|
Change in consolidated reported earnings |
$ |
(186 |
) |
|
$ |
(0.22 |
) |
|
$ |
93 |
|
|
$ |
0.11 |
|
(1) |
Adjustments to reported earnings are included in Corporate and Other segment reported GAAP earnings. Refer to Schedules 2 and 3 for details, or find "GAAP Reconciliation" in the Earnings Release Kit on Dominion Energy's website at investors.dominionenergy.com. |
|
(2) |
Includes earnings impact from outage costs and lower energy margins. |
|
(3) |
Includes the effect of a planned refueling outage in the second and fourth quarter of 2023 with no such outage in the second quarter of 2024. |
|
NOTE: Figures may not sum due to rounding. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20250211111291/en/
For further information: Media: Ryan Frazier, (804) 836-2083 or C.Ryan.Frazier@dominionenergy.com;
Investor Relations: David McFarland, (804) 819-2438 or David.M.McFarland@dominionenergy.com
Source: Dominion Energy, Inc.