Dominion Energy, Inc. (NYSE: NYSE:D) today announced unaudited net income of $572 million ($0.65 per share) for the three months ended June 30, 2024, compared with net income of $583 million ($0.67 per share) for the same period in 2023. Shares were up 2% following the report.
This translates to a slight decline in earnings per share of 2.99% for the second quarter of 2024.
The company's operating earnings (non-GAAP) for the three months ended June 30, 2024, were $563 million ($0.65 per share), compared to $310 million ($0.35 per share) for the same period in 2023. This marks a significant 110.61% increase in operating earnings per share.
Dominion Energy reaffirmed its full-year 2024 operating earnings guidance range of $2.62 to $2.87 per share. The company also reaffirmed its full-year 2025 operating earnings guidance range of $3.25 to $3.54 per share and the other financial guidance provided at the March 1, 2024 investor meeting, including guidance related to earnings, credit, and dividend.
Robert M. Blue, Chairman, President, and Chief Executive Officer of Dominion Energy, commented on the results, highlighting the company's commitment to providing reliable, affordable, and increasingly clean energy to its customers. He also emphasized the company's focus on executing its strategic plan, which includes investing in infrastructure, expanding renewable energy generation, and enhancing customer service.
Dominion Energy's strong second-quarter performance was driven by several factors, including increased customer demand for electricity, higher energy prices, and the continued benefits of the company's cost-saving initiatives. The company's regulated utility operations performed well, supported by steady customer growth and ongoing investments in grid infrastructure. The company's non-regulated businesses, including its natural gas distribution and renewable energy operations, also contributed to the improved financial results.
Looking ahead, Dominion Energy remains focused on executing its long-term strategy, which includes achieving net-zero emissions by 2050. The company plans to invest significantly in renewable energy projects, including solar and wind power, while also exploring carbon capture and storage technologies. Dominion Energy is confident in its ability to navigate the evolving energy landscape and continue delivering value to its shareholders.
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