– First-quarter 2020 GAAP net loss of $0.34 per share; operating earnings of $1.09 per share
– Company initiates second-quarter 2020 operating earnings guidance of $0.75 to $0.85 per share
– Company affirms full-year 2020 operating earnings guidance of $4.25 to $4.60 per share
RICHMOND, VA (STL.News) Dominion Energy (NYSE: D) today announced an un-audited net loss determined in accordance with Generally Accepted Accounting Principles (reported earnings) for the three months ended March 31, 2020 of $270 million ($0.34 per share) compared with a net loss of $680 million ($0.86 per share) for the same period in 2019.
Operating earnings for the three months ended March 31, 2020, were $931 million ($1.09 per share), compared with operating earnings of $873 million ($1.10 per share) for the same period in 2019. The company estimates that its first-quarter 2020 operating earnings were negatively impacted by $0.09 per share due to milder than normal weather in its utility service territories.
The difference between GAAP and operating earnings for the three months ended March 31, 2020 was primarily attributable to a non-cash charge related to the planned early retirement of certain coal and oil-fired generating units in Virginia, consistent with the requirements of the recently enacted Virginia Clean Economy Act, and unrealized losses on our nuclear decommissioning trust funds. The difference between GAAP and operating earnings for the three months ended March 31, 2019 was primarily attributable to charges related to SCANA merger commitments and the early retirement of certain cold-reserve Virginia utility generating units.
Operating earnings are defined as reported earnings adjusted for certain items. Details of operating earnings as compared to prior periods, business segment results and detailed descriptions of items included in reported earnings but excluded from operating earnings can be found on Schedules 1, 2, 3 and 4 of this release.
Operating earnings guidance
Dominion Energy expects second-quarter operating earnings in the range of $0.75 to $0.85 per share, compared to second-quarter 2019 operating earnings of $0.77 per share.
The company affirms its full-year 2020 operating earnings guidance range of $4.25 to $4.60 per share.
Conference call today
The company will host its first-quarter earnings conference call at 10 a.m. ET on Tuesday, May 5, 2020. Management will discuss first-quarter financial results and other matters of interest to the financial community.
Domestic callers should dial (800) 341-6228. International callers should dial 1-334-777-6993. The passcode for the conference call is 47792145#. Participants should dial in 10 to 15 minutes prior to the scheduled start time.
A live webcast of the conference call, including accompanying slides and other financial information, will be available on the investor information pages at investors.dominionenergy.com.
A replay of the conference call will be available beginning at about 2 p.m. ET May 5 and lasting until 11 p.m. ET May 12. Domestic callers may access the recording by dialing (877) 919-4059. International callers should dial 1-334-323-0140. The PIN for the replay is 64127851. Additionally, a replay of the webcast will be available on the investor information pages by the end of the day May 5.
Important note to investors regarding operating, reported earnings
Dominion Energy uses operating earnings as the primary performance measurement of its earnings guidance and results for public communications with analysts and investors. Dominion Energy also uses operating earnings internally for budgeting, for reporting to the Board of Directors, for the company’s incentive compensation plans and for its targeted dividend payouts and other purposes. Dominion Energy management believes operating earnings provide a more meaningful representation of the company’s fundamental earnings power.
In providing its operating earnings guidance, the company notes that there could be differences between expected reported earnings and estimated operating earnings for matters such as, but not limited to, acquisitions, divestitures or extreme weather events and other natural disasters. At this time, Dominion Energy management is not able to estimate the aggregate impact of these items on future period reported earnings.
NOTE: this is NOT the complete release.