Core Viewpoint - Dominion Energy has not observed any signs of a slowdown in demand for power supply from data centers [1] Group 1 - The company indicates that the demand for electricity from data centers remains strong [1]

Financial Data and Key Metrics Changes - The company reported first quarter operating earnings of $0.93 per share, which includes $0.03 from better than normal weather, $0.02 from RNG 45Z income, and $0.02 from better than expected sales [4] - GAAP results for the first quarter were $0.75 per share, and the company affirmed its financial guidance for 2025 operating earnings per share of $3.28 to $3.52, with a midpoint of $3.4 [4][5] - The company sold approximately $1 billion of forward settled common equity under its existing ATM program at a weighted average price of approximately $57 [5] Business Line Data and Key Metrics Changes - The Coastal Virginia offshore wind project is 55% complete and is on schedule for first electricity delivery in early 2026 and full completion by the end of next year [9][10] - The project has created approximately 2,000 direct and indirect jobs and generated $2 billion in economic activity [10] - The project’s updated cost is $10.8 billion, which is expected to increase residential customer bills by an average of $0.04 per month over the life of the project [15] Market Data and Key Metrics Changes - The company has approximately 40 gigawatts of data center capacity in various stages of contracting, with about 10 gigawatts contracted under electric service agreements [6] - There has been no observed evidence of slowing demand from data center customers across the service area [6] Company Strategy and Development Direction - The company focuses on three priorities: achieving financial commitments, timely construction milestones for the Coastal Virginia offshore wind project, and constructive regulatory outcomes [3][22] - The company aims to provide reliable, affordable, and increasingly clean energy to its customers [4] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to deliver on the financial plan, emphasizing a conservative approach to guidance to weather unforeseen challenges [6][7] - The company continues to achieve constructive outcomes in all regulated service areas, with ongoing discussions regarding energy legislation in South Carolina [18][19] Other Important Information - The company is actively engaged in discussions regarding a new proposed rate class for high energy users, including data centers, to ensure fair cost recovery and protect other customer classes [17][72] - The company is preparing for the Chesterfield Energy Reliability Center, a gas-fired electric generating facility expected to cost approximately $1.5 billion and be operational by 2029 [18] Q&A Session Summary Question: Can you provide insights on the Coastal Virginia offshore wind project and tariff impacts? - Management confirmed that suppliers are performing well, and there are no changes to delivery schedules due to tariffs [30] Question: What is the status of permitting for the Coastal Virginia offshore wind project? - The project is fully permitted, and management feels comfortable that it will continue moving forward [41] Question: How is data center demand looking? - Demand remains high, with customers planning for expansions well into the 2030s [62] Question: Can you elaborate on the new tariff structure for high energy users? - The new rate class will focus on minimum demand charges and includes a fourteen-year contract term for new customers [72] Question: What are the expectations regarding residential sales? - Residential sales showed slight weakness, but overall sales trends are strong, particularly in the commercial segment [80]

Financial Data and Key Metrics Changes - The company reported first quarter operating earnings of $0.93 per share, which includes $0.03 from better than normal weather, $0.02 from RNG 45Z income, and $0.02 from better than expected sales [6][7] - GAAP results for the first quarter were $0.75 per share, and the company affirmed its financial guidance for 2025 operating earnings per share of $3.28 to $3.52, with a midpoint of $3.40 [6][7] - Approximately $1 billion of forward settled common equity was sold under the existing ATM program at a weighted average price of about $57 [7] Business Line Data and Key Metrics Changes - The Coastal Virginia offshore wind project is 55% complete and is on schedule for first electricity delivery in early 2026 and full completion by the end of next year [10][11] - The project has created approximately 2,000 direct and indirect jobs and generated $2 billion in economic activity [11] - The project’s updated cost is $10.8 billion, which is expected to increase residential customer bills by an average of $0.04 per month over the life of the project [15] Market Data and Key Metrics Changes - The company has approximately 40 gigawatts of data center capacity in various stages of contracting, with about 10 gigawatts contracted under electric service agreements [8] - There has been no observed evidence of slowing demand from data center customers across the service area [8] Company Strategy and Development Direction - The company focuses on achieving financial commitments, timely construction milestones for the Coastal Virginia offshore wind project, and constructive regulatory outcomes [5][22] - The company aims to provide reliable, affordable, and increasingly clean energy to its customers [5] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to deliver on the financial plan and noted that the financial guidance is conservatively built to weather unforeseen challenges [8][9] - The regulatory landscape is supportive, with a proposed new rate class for high energy users, including data centers, to ensure they pay their fair share [17][75] Other Important Information - The company experienced a tragedy with the loss of a colleague, emphasizing its commitment to safety as a core value [9][10] - Diane Leopold, Executive VP & COO, announced her retirement effective June 1, marking her last earnings call [21] Q&A Session Summary Question: Can you provide insights on the Coastal Virginia offshore wind project and tariff impacts? - Management confirmed that suppliers are performing well, and there are no changes to delivery schedules due to tariffs [29][30] Question: What is the current status of monopile installations? - The monopile installation season has begun, with an expected pace of about 25 installations per month [32] Question: Any updates on permitting and regulatory interactions? - Management stated that they are fully permitted and have ongoing constructive conversations with regulatory agencies [40] Question: How is data center demand looking? - Demand remains high, with customers planning expansions well into the 2030s [66][67] Question: Can you elaborate on the new tariff structure for high energy users? - The new rate class focuses on minimum demand charges and aims to ensure that high energy users pay their fair share [73][75] Question: What are the expectations regarding PJM network cost upgrades? - Management does not expect significant changes in costs and will have final numbers in July [102] Question: How is the company managing tariff impacts across its business? - The company has diversified its supply chain and placed orders ahead of tariff effective dates to mitigate cost increases [46][48]

Core Insights - Dominion Energy reported quarterly earnings of $0.93 per share, exceeding the Zacks Consensus Estimate of $0.77 per share, and showing an increase from $0.55 per share a year ago, resulting in an earnings surprise of 20.78% [1] - The company generated revenues of $4.08 billion for the quarter ended March 2025, surpassing the Zacks Consensus Estimate by 6.76%, compared to $3.63 billion in the same quarter last year [2] - The stock has added about 1% since the beginning of the year, while the S&P 500 has declined by 5.3% [3] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $0.77 on revenues of $3.68 billion, and for the current fiscal year, it is $3.38 on revenues of $15.28 billion [7] - The estimate revisions trend for Dominion Energy is currently unfavorable, leading to a Zacks Rank 4 (Sell) for the stock, indicating expected underperformance in the near future [6] Industry Context - The Utility - Electric Power industry, to which Dominion Energy belongs, is currently ranked in the top 14% of over 250 Zacks industries, suggesting a favorable outlook compared to the bottom 50% [8] - Fortis, another company in the same industry, is expected to report quarterly earnings of $0.69 per share, with revenues anticipated to be $2.38 billion, reflecting a 2.9% increase from the previous year [9][10]

Financial Performance & Guidance - Q1 2025 operating earnings per share was $0.93, which includes $0.03 of favorable weather impact and $0.02 of RNG 45Z income[8] - The company reaffirmed its 2025 guidance midpoint of $3.40 per share, with a range of $3.28 to $3.52 per share, including approximately $0.10 per share from RNG 45Z income[8] - Long-term operating EPS growth rate is projected at 5%-7% off 2025 operating EPS excluding RNG 45Z income ($3.30)[8] - The 2025 dividend is expected to be $2.67 per share[8] - The capital investment plan for 2025-2029 is approximately $50 billion[8] Capital Raising Activities - Dominion Energy Virginia is expected to issue $2.0-$2.5 billion in fixed income, with $1.3 billion already issued YTD and $0.7-$1.2 billion remaining[10] - Dominion Energy South Carolina has issued $0.5 billion in fixed income, completing its guidance[10] - DEI hybrid fixed income issuance is guided at $1.0-$2.0 billion, with none issued YTD[10] - DEI other fixed income issuance is guided at $2.0-$3.0 billion, with $1.5 billion issued YTD and $0.5-$1.5 billion remaining[10] - At-the-market ("ATM") common equity activities have resulted in $1.03 billion issued YTD, completing the $1.0 billion guidance[11] Coastal Virginia Offshore Wind (CVOW) Project - The CVOW project is approximately 55% complete and remains on schedule for full completion by the end of 2026[13, 14] - The project has created approximately 2,000 direct and indirect American jobs and generated approximately $2 billion in American economic activity[13] - The total project costs, including contingency, are now estimated at $10.8 billion, which includes $123 million of estimated tariffs[27, 30] - Dominion Energy's remaining amount to be funded for CVOW is approximately $2.0 billion[30]

Financial Performance - First-quarter 2025 GAAP net income was $646 million, or $0.75 per share, compared to $441 million, or $0.50 per share, in the same period of 2024, representing a 46.5% increase in net income[1][9][16]. - Operating earnings (non-GAAP) for the first quarter of 2025 were $803 million, or $0.93 per share, up from $485 million, or $0.55 per share, in the prior year, indicating a 65.3% increase[2][18]. - Operating revenue for the first quarter of 2025 was $4.076 billion, compared to $3.632 billion in the same period of 2024, reflecting an increase of 12.2%[16]. - Total operating expenses for the first quarter of 2025 were $2.853 billion, slightly up from $2.799 billion in the prior year, resulting in a 1.9% increase[16]. - Income from operations for the first quarter of 2025 was $1.223 billion, compared to $833 million in the same period of 2024, marking a significant increase of 47%[16]. - Reported earnings for Q1 2025 were $646 million, with operating earnings (non-GAAP) at $803 million[22]. - Reported earnings per share (EPS) for Q1 2025 was $0.75, while operating EPS (non-GAAP) was $0.93[22]. - Year-to-date (YTD) 2025 reported earnings reflect a significant increase of $205 million compared to the same period in 2024[30]. Segment Performance - The Dominion Energy Virginia segment reported operating earnings of $561 million, up from $424 million in the previous year, a growth of 32.5%[18]. - The Dominion Energy South Carolina segment saw operating earnings rise to $152 million from $80 million, representing a 90% increase[18]. - The Corporate and Other segment improved its performance, reporting a loss of $19 million compared to a loss of $141 million in the prior year, a positive change of $122 million[18]. Adjustments and Losses - The company reported a pre-tax net loss of $216 million in adjustments included in reported earnings, primarily due to a $110 million net market loss related to nuclear decommissioning trusts[21]. - Adjustments to reported earnings included a pre-tax loss of $216 million, primarily due to severe weather impacts and regulated asset retirements[22]. - The company reported a $5 million net market loss primarily associated with pension and OPEB plans[29]. - Adjustments to reported earnings for 2024 included a pre-tax net loss of $410 million, primarily related to various operational impacts[24]. - Regulated asset retirements and other charges totaled $276 million, impacting the financial results significantly[29]. Future Outlook - The company affirms its full-year 2025 operating earnings guidance range of $3.28 to $3.52 per share, maintaining all financial guidance provided in the fourth quarter 2024 earnings call[4][9]. - The company anticipates continued focus on market expansion and new technology development in future quarters[30].

Core Viewpoint - Dominion Energy presents attractive features for dividend investors despite concerns over past management decisions and dividend cuts [1][5] Group 1: Dividend Performance - Dominion Energy projected continued dividend growth before selling pipeline assets to Berkshire Hathaway, leading to a material cash flow loss and a subsequent dividend reset [2] - The company made a single dividend increase before conducting a year-long business review, resulting in further asset sales without cutting the dividend, but indicating a need to strengthen the balance sheet before resuming dividend growth [4][5] - The 2025 dividend guidance is set at $2.67 per share, the same as in 2024, indicating that the company's revamp is still ongoing despite reasonable overall business performance [5] Group 2: Investment Appeal - Dominion Energy offers a dividend yield of 5%, significantly higher than the average utility yield of around 2.9%, enhancing income for dividend investors [7] - The company projects 5% to 7% earnings growth supported by a $50 billion capital investment plan, which is a 16% increase from the previous year [8] - Key components of the capital investment plan include renewable energy projects and assets for data centers and AI, with a notable 88% increase in demand from data centers in Virginia between July and December 2024 [9] Group 3: Future Outlook - Long-term dividend investors may find it wise to invest in Dominion Energy now, as the company has streamlined its operations and is focused on executing its growth plan [10] - The elevated yield provides a generous return while waiting for the anticipated return of dividend growth, which could lead to a higher valuation from Wall Street once it occurs [10]

Dominion Energy Inc. (D) is expected to report an improvement in the bottom line when it reports first-quarter 2025 results on May 1, before market open. (See the Zacks Earnings Calendar to stay ahead of market-making news.)The Zacks Consensus Estimate for D’s first-quarter revenues is pegged at $3.85 billion, indicating a 6.02% increase from the year-ago reported figure.The consensus estimate for earnings is pegged at 77 cents per share. The Zacks Consensus Estimate for D’s first-quarter earnings indicates ...

Wall Street analysts expect Dominion Energy (D) to post quarterly earnings of $0.77 per share in its upcoming report, which indicates a year-over-year increase of 40%. Revenues are expected to be $3.85 billion, up 6% from the year-ago quarter. The current level reflects an upward revision of 0.7% in the consensus EPS estimate for the quarter over the past 30 days. This demonstrates how the analysts covering the stock have collectively reappraised their initial projections over this period. Before a company ...

Core Insights - Dominion Energy has undergone a significant transformation over the past decade, focusing on expanding its regulated utility operations while divesting from other energy businesses to fund these investments [1][2] Investment Strategy and Performance - Ten years ago, Dominion Energy had a diversified portfolio, which included power generation assets and natural gas infrastructure, positioning it for growth in earnings and dividends [2] - An initial investment of $10,000 would have decreased to approximately $7,300 today, but with reinvested dividends, the total return would be around $11,150, reflecting a modest annualized return of 1.1% [3] - The company made substantial acquisitions, including Quester in 2016 and SCANA in 2018, to accelerate its growth strategy [4] Strategic Challenges - Dominion Energy overextended itself financially, leading to asset sales to manage debt, including significant divestitures to Berkshire Hathaway in 2020 and other transactions in subsequent years [5] - The company cut its dividend by 33% in 2020 to conserve cash for debt reduction and to invest in its electric utility businesses, highlighting the impact of its strategic decisions on shareholder returns [5] - The overall performance indicates that aggressive growth strategies do not always yield positive results, emphasizing the need for careful expansion to enhance shareholder value [6]