Dominion Energy (D) Q3 2024 earnings summary

Executive summary

• Q3 2024 operating earnings per share were $0.98, with GAAP net income of $954 million ($1.12 per share), up sharply year-over-year, and full-year 2024 guidance midpoint at $2.75, reaffirming all financial guidance from March 2024.

• Offshore wind project (CVOW) remains on schedule and within budget, with significant construction milestones achieved, a current LCOE of $56/MWh, and all federal permits received.

• Completed ~$21 billion in debt reduction initiatives across multiple transactions, using proceeds to reduce parent-level debt.

• Strong safety performance, with a recordable incident rate ~74% safer than industry average and rapid storm recovery efforts following Hurricane Helene.

• Data center demand in Virginia continues to surge, with over 21 GW contracted as of July 2024 and 14 new data centers connected YTD, driving robust commercial load growth.

Financial highlights

• Q3 2024 operating EPS was $0.98; GAAP EPS was $1.12; operating revenue was $3.94 billion, up 3% year-over-year.

• Full-year 2024 operating EPS guidance narrowed to $2.68–$2.83, midpoint unchanged at $2.75; 2025 operating EPS guidance reaffirmed at $3.25–$3.54.

• Annual operating earnings growth rate forecasted at 5%–7% through 2029, off a 2025 midpoint of $3.30 (excluding RNG 45Z credits post-2027).

• 2025–2029 capital investment plan totals $43 billion.

• Operating cash flow for the nine months was $4.38 billion, down from $5.19 billion, mainly due to lower deferred fuel recoveries and higher interest payments.

Outlook and guidance

• All financial guidance from March 2024 reaffirmed; 2024 operating EPS guidance range narrowed; 2025–2029 guidance unchanged.

• Offshore wind project expected to complete construction by end of 2026, with all major equipment deliveries on track.

• Expect annual earnings growth variability due to Millstone refueling schedule and anticipate incremental regulated capital investment opportunities toward the back end of the plan.

• Will opportunistically de-risk 2025 financings as market conditions warrant.

• Sale of 50% interest in CVOW Commercial Project to Stonepeak expected to reduce net income in Q4.