Dominion Energy Inc (D) delivered a solid performance in the third quarter, exceeding analysts’ expectations and providing investors with a positive outlook. The company reported revenue of $3.941 billion, slightly missing the consensus of $4.179 billion. However, Dominion Energy showcased strong operational efficiency with operating expenses declining to $2.72 billion from $2.78 billion a year ago.
This efficiency translated into a significant boost in adjusted operating earnings, which rose to $835 million from $651 million in the same period last year. Adjusted EPS reached $0.98, exceeding the consensus estimate of $0.93 and marking a notable increase from $0.75 a year ago.
Demonstrating its commitment to shareholders, Dominion Energy declared a quarterly dividend of 66.75 cents per share, payable on December 20, to shareholders of record as of November 29. This dividend increase underscores the company’s confidence in its future prospects and its dedication to shareholder value.
Looking ahead, Dominion Energy narrowed its FY24 operating EPS guidance to a range of $2.68 to $2.83, compared to its previous estimate of $2.62 to $2.87. This revised outlook, while still exceeding the current consensus of $2.77, reflects the company’s cautious approach to future market conditions. For FY25, Dominion Energy maintained its operating EPS guidance of $3.25 to $3.54, against a consensus estimate of $3.39.
Investors seeking exposure to Dominion Energy can consider ETFs like the BNY Mellon Global Infrastructure Income ETF (BKGI) and the WBI Power Factor High Dividend ETF (WBIY).
The positive earnings announcement and dividend increase sent Dominion Energy shares up 0.76% in pre-market trading on Friday, reaching $59.98. This early price action suggests that investors are reacting favorably to the company’s strong performance and optimistic outlook.
