On November 1, 2024, Dominion Energy held its third-quarter earnings call for the period ending September 30, 2024. The call was hosted by David McFarland, Vice President, Investor Relations and Treasurer, who introduced the session. He noted that the earnings materials included forward-looking statements subject to various risks and uncertainties, referencing SEC filings for further information.
Steven D. Ridge, Executive Vice President, and Chief Financial Officer, presented detailed financial results. For Q3, the operating earnings were $0.98 per share, with GAAP results at $1.12 per share. Dominion narrowed its full-year guidance to between $2.68 and $2.83 per share, maintaining a midpoint of $2.75, acknowledging the impact of higher-than-expected financing costs and expenses. Ridge reaffirmed guidance for the 2025-2029 period, projecting an operating earnings growth rate of 5% to 7% annually, based on a 2025 midpoint of $3.30, excluding certain credits set to expire by 2027.
Ridge highlighted the completion of transactions that facilitated a $21 billion debt reduction. This included the sale of the public service company of North Carolina and a partnership with Stonepeak, requiring multiple regulatory approvals completed on time.
Robert M. Blue, Chair, President, and Chief Executive Officer, addressed operational aspects, underscoring Dominion Energy’s safety record and response to Hurricane Helene, highlighting the devastation and subsequent restoration efforts. He noted a $100 million to $200 million preliminary restoration cost estimate and signaled potential securitization of deferred costs.
Blue provided updates on various strategic initiatives, including Dominion’s offshore wind project, Coastal Virginia Offshore Wind (CVOW), which is progressing on schedule and within budget. He detailed advancements in infrastructure and emphasized the importance of delivering the project efficiently. Blue also discussed the growth impact from the Virginia data center market and the transmission planning changes due to increased demand.
The company also entered into an MOU with Amazon to evaluate small modular reactor (SMR) technology at North Anna, emphasizing a cautious approach to mitigate development risks. Additionally, Dominion acquired a 40,000-acre offshore wind lease, expanding its potential for future regulated generation.
Steven Ridge reiterated Dominion’s confidence in executing its financial and operational plans, emphasizing a focus on predictability and high-quality results. The session concluded with a Q&A, covering various topics such as SMR partnerships, capital investment opportunities, and future growth outlooks.
