Dominion Energy, Inc. Q3 FY2020 Earnings Call

· Earnings call transcript and AI-powered summary

Quarterly Performance Highlights

  • Q3 2020 operating earnings were 1.08 per share, including a 0.04 benefit from favorable weather. Weather-normalized earnings were 1.04 per share, at the top of guidance.
  • This marks the 19th consecutive quarter with earnings at or above the midpoint of guidance.
  • GAAP earnings were 0.41 per share due to customer credit offsets in Virginia, renewable portfolio charges, and net gains on nuclear decommissioning trust funds.
  • COVID-19 impacts on electric sales reduced operating income by approximately 0.05 per share year-to-date, lower than expected and largely offset by cost controls.

Guidance and Outlook

  • Q4 2020 operating earnings guidance is 0.73 to 0.87 per share.
  • Weather-normalized 2020 EPS expected to finish above the midpoint of the full‑year range.
  • 2021 midpoint EPS expected to be 10% to 11% higher than the 2020 midpoint.
  • Long‑term EPS growth guidance reaffirmed at 6.5% annually (starting with 2021 base year).
  • Dividend growth guidance reaffirmed at 6% annually post‑2021.

Strategic & Corporate Developments

  • Dominion completed the sale of over 80% of its Gas Transmission & Storage business to Berkshire Hathaway Energy; remaining assets expected to close early next year.

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Operator: Good morning, and welcome to the Dominion Energy Third 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 for the procedure to follow if you would like to ask a question. I would now like to turn the conference over to Steven Ridge, Vice President, Investor Relations. Please go ahead. Steven Ridge: Thank you, Casey. Good morning, everyone, and thank you for joining on a very busy earnings day. 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 Tom Farrell, Executive Chairman; Bob Blue, President and Chief Executive Officer; Jim Chapman, Executive Vice President, Chie

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