Dominion Energy, Inc. Q1 FY2020 Earnings Call

· Earnings call transcript and AI-powered summary

Overall Performance

  • Operating earnings were $1.09 per share, including a $0.09 negative impact from unusually warm weather. Weather-normalized EPS was $1.18, above the midpoint of guidance.
  • This marks the 17th consecutive quarter operating results have met or exceeded the midpoint of guidance.
  • GAAP EPS was –$0.34, driven by non‑cash charges for planned early retirement of coal/oil units and unrealized losses on nuclear decommissioning trust funds.
  • Annual EPS guidance maintained at $4.25 to $4.60; Q2 guidance set at $0.75 to $0.85.
  • Long-term EPS growth outlook reaffirmed at 5%+ per year after 2020.

COVID-19 Operational & Financial Impacts

  • Employee health prioritized; extensive remote work enabled, PPE protocols implemented, and financial support programs created.
  • Customer protections enacted, including suspension of disconnections and waiving of late fees.
  • Company expects limited financial impact in Q1 but is planning for more meaningful impacts through the year, mitigated by cost reduction measures (hiring freeze, reduced travel, etc.).
  • Bad debt levels remain manageable; similar past stress (2008) increased DEV bad debt by only ~$20M.

Segment Performance & Demand Trends

Dominion Energy Virginia (approx. 45% of operating earnings)

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Operator: Good morning, and welcome to the Dominion Energy First Quarter Earnings Conference Call. At this time, each of your lines is in a listen-only mode. At the conclusion of today’s presentation, we will open the floor for questions. Instructions will be given to the procedure to follow if you'd like to ask a question. I would now like to turn the call over to Steven Ridge, Vice President, Investor Relations. Steven Ridge: Good morning and thank you for joining us. Earnings materials, including today's prepared remarks may contain forward-looking statements and estimates that are subject to various risks and uncertainties. Please refer to our SEC filings, including our most recent annual reports on Form 10-K, Q and our quarterly reports on Form 10-Q, for a discussion of factors that may cause results to differ from management's estimates and expectations. This morning, we will discuss some measures of our company's performance that differ from those recognized by GAAP. Reconciliation of our non-GAAP measures to the most directly comparable GAAP financial measures which we can calculate are contained in the earnings release kit. I encourage you to visit our Investor Relations website to review the earnings conference call materials, including the earnings release kit. Joining today's call are Tom Farrell, Chairman, President and Chief Executive Officer; Jim Chapman, Executive Vice President, Chief Financial Officer and Treasurer; as well as other members of the executive

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