Dominion Energy announces fourth-quarter results

Dominion Energy (NYSE: D) recorded $0.09 EPS in the fourth quarter, missing the $0.92 analyst estimate by two cents. The company’s $3.88 billion in revenue it recorded in the fourth quarter was also below the $4.15 billion consensus estimate. It reported a $1.63 per share GAAP net income in the fourth quarter and $0.9 per share net earnings.

Dominion misses Q4 consensus estimates

Dominion Energyannounced $1.3 billion in unaudited GAAP net income, representing $1.63 per share. Operating earnings in the fourth quarter came to $752, representing $0.9 per share. This result was way more than the $672 operating earnings it recorded in the same quarter of the previous fiscal year. Full-year operating earnings came to around $3.2 billion, representing $3.86 per share.

Business operations

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Dominion Energy has agreed to sell Hope Gas, Inc, the company’s West Virginia-based natural gas utility firm, to Ullico’s infrastructure fund. According to the agreement, Dominion Energy will be receiving $690 million for the company.

The deal is expected to conclude by the end of this year.

Uliico intends to integrate Hearthstone Utilities Inc with DEWV. According to the agreement, the company will also move its HQ to West Virginia.

Dominion is also broadening its efforts to reduce greenhouse gas emissions. The company plans to have Net Zero methane and carbon emissions from natural gas and power generation operations by the time 2050 comes rolling in. Dominion Energy’s Chief Executive Officer, Chairman and President, Robert Blue, said:

These commitments are a natural next step, building upon our industry-leading programs to drive down carbon and methane emissions within our own operations. We are now formalizing our efforts to help customers and suppliers decarbonize, as part of our work to build a clean and sustainable company. Setting goals helps drive the innovation and focus we need to succeed.

The CEO continued:

We’re already making progress on these vital goals and will continue to do so in the months and years to come. As we do, we will never lose sight of our fundamental responsibility to customers — to provide safe, reliable and affordable energy around the clock.