Dominion Energy has announced its financial results for the fourth quarter of 2024. Despite a reduction in GAAP net income, the company showed an increase in operating profit.
Fourth Quarter Financial Results
Dominion Energy reported a net income of $145 million, or $0.15 per share, a significant decline from the $331 million, or $0.37 per share, in the same period last year. Revenue reached $3.4 billion, slightly lower than last year's $3.53 billion.
Company's Operational Efficiency
Despite the GAAP decline, the company's operating earnings reached $504 million, or $0.58 per share, exceeding last year's figures. Total operating expenses rose to $3.01 billion due to higher operations and maintenance costs. Analysts highlight that the company's operating earnings indicate robust performance despite challenging conditions. The recent adjustments, including nuclear decommissioning trust funds and economic hedging, contribute to a more favorable operating outcome.
2025 Forecasts
For 2025, the company has forecasted operating earnings in the range of $3.28 to $3.52 per share, with an expected midpoint of $3.40 per share. The company maintains its long-term target of 5% to 7% annual EPS growth through 2029.
Dominion Energy's financial results reflect challenging market conditions, yet the rise in operating earnings highlights the company's stable efficiency. The 2025 forecasts reaffirm the management's confidence in achieving long-term goals.
