Dominion Energy, Inc. Q4 FY2021 Earnings Call

· Earnings call transcript and AI-powered summary

Overview

  • Dominion Energy reported a strong 2021, marking its 24th consecutive quarter (6 years) of weather-normalized results meeting or exceeding guidance midpoints.
  • The company reaffirmed its long-term operating EPS growth target of 6.5% annually through 2026.
  • Dominion announced a new 5-year, $37 billion capital investment plan (2022–2026), up from the prior $32 billion plan, with over 85% focused on decarbonization.
  • The company expanded its net-zero commitment to include all Scope 2 and key Scope 3 emissions by 2050.

Financial Performance

  • Q4 2021 operating EPS: $0.90 (included a $0.03 negative impact from weather).
  • Full-year 2021 operating EPS: $3.86, above guidance midpoint despite a $0.05 negative weather impact.
  • 2021 GAAP EPS: $3.98.
  • 2022 operating EPS guidance: $3.95 to $4.25 (midpoint reflects 6.5% growth vs. 2021 midpoint).
  • Q1 2022 EPS guidance: $1.10 to $1.25.
  • Dividend: Expected 2022 dividend of $2.67 per share, with 6% annual dividend growth reaffirmed through 2026.

Capital Plan & Financing

  • New 5-year capital plan totals $37 billion (up from $32 billion), primarily due to rolling forward to include 2026 and updated project timelines.
  • Rate base growth expected at 9% annually across the 5-year plan.

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Operator: Welcome to the Dominion Energy Fourth Quarter and Full Year 2021 Earnings Conference Call. [Operator Instructions]. I would now like to turn the call over to David McFarland, Director, Investor Relations. David McFarland: Good morning, and thank you for joining the call. 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 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 webcast slides as well as the earnings release kit. Joining today's call are Bob Blue, Chair, President and Chief Executive Officer; Jim Chapman, Executive Vice President, Chief Financial Officer and Treasurer; and other members of the executive management team. I will now turn the call over to Bob. Robert Blue: Thank you, David, and good morning, everyone. I'll start by outlining Dominion Energy's compelling shareholder return proposition. We expect to grow our earnings p

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