Dominion Energy Inc. D reported fourth-quarter 2017 operating earnings of 91 cents per share, beating the Zacks Consensus Estimate of 88 cents by 3.4%. Earnings were within management’s guidance of 80 cents to $1.00 per share.
However, operating earnings decreased 8.1% from 99 cents reported a year ago. The decline was primarily due to lower contribution from its Power Generation segment.
GAAP earnings were $2.25 per share compared with 73 cents in the year-ago quarter. The difference between GAAP and operating earnings was due to a one-time tax benefit associated with the Tax Cuts and Jobs Act.
Total Revenues
Dominion’s total revenues came in at $3,209 million, marginally beating the Zacks Consensus Estimate of $3,208 million. However, quarterly revenues were up 3.4% year over year.
Dominion Energy Inc. Price, Consensus and EPS Surprise
Dominion Energy Inc. Price, Consensus and EPS Surprise | Dominion Energy Inc. Quote
Highlights of the Release
Total operating expenses increased 5.7% year over year to $2,152 million primarily due higher purchased gas prices.
Interest and related charges in the reported quarter were $300 million, up 2.7% from the year-ago quarter.
In the reported quarter, Power Delivery’s electric customer base increased by 25,422 from the prior-year quarter. Electricity consumption volumes also improved 3.8% year over year to 20,278 GWh in the fourth quarter.
Financial Update
Total long-term debt as of Dec 31, 2017 was $30.91 billion compared with $30.23 billion at the end of 2016.
Cash from operating activities in 2017 was $4.56 billion, up 10.6% from $4.12 billion in 2016.
Outlook
In first-quarter 2018, Dominion expects operating earnings of 95 cents to $1.15 per share.
For the full year, Dominion expects earnings in the range of $3.80-$4.25 per share compared with $3.60 in 2017.
Zacks Rank
Dominion has a Zacks Rank #3 (Hold). You can seethe complete list of today’s Zacks #1 Rank (Strong Buy) stocks here..
Peer Releases
American Electric Power Co., Inc. AEP reported fourth-quarter 2017 operating earnings of 85 cents per share, beating the Zacks Consensus Estimate of 81 cents by 4.9%.
NextEra Energy, Inc. NEE reported fourth-quarter 2017 adjusted earnings of $1.25 per share, lagging the Zacks Consensus Estimate of $1.31 by 4.6%.
Upcoming Release
WEC Energy Group WEC is scheduled to report its fourth-quarter 2017 on Jan 31. The Zacks Consensus Estimate for the quarter is pegged at 67 cents.
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