- Fourth-quarter 2022 GAAP net loss of $0.07 per share; operating earnings of $1.06 per share
- Full year 2022 GAAP net income of $1.09 per share; operating earnings of $4.11 per share
RICHMOND, Va., Feb. 8, 2023 /PRNewswire/ -- Dominion Energy (NYSE: D) today announced unaudited net loss determined in accordance with Generally Accepted Accounting Principles (reported earnings) for the three months ended Dec. 31, 2022, of $42 million ($0.07 per share) compared with net income of $1.3 billion ($1.63 per share) for the same period in 2021, with net income of $994 million ($1.09 per share) for the 12 months ended Dec. 31, 2022, compared with net income of $3.3 billion ($3.98 per share) for the same period in 2021.
Operating earnings for the three months ended Dec. 31, 2022, were $903 million ($1.06 per share), compared to operating earnings of $752 million ($0.90 per share) for the same period in 2021. Operating earnings for the 12 months ended Dec. 31, 2022, were $3.5 billion ($4.11 per share) compared with operating earnings of $3.2 billion ($3.86 per share) for the same period in 2021.
Differences between GAAP and operating earnings for the period include an impairment of certain nonregulated solar generation facilities, the mark-to-market impact of economic hedging activities, gains and losses on nuclear decommissioning trust funds, regulated asset retirements and other adjustments.
Operating earnings are defined as reported earnings adjusted for certain items. Details of operating earnings as compared to prior periods, business segment results and detailed descriptions of items included in reported earnings but excluded from operating earnings can be found on Schedules 1, 2, 3 and 4 of this release.
Guidance
Dominion Energy expects first-quarter operating earnings in the range of $0.97 to $1.12 per share.
Webcast today
The company will host its fourth-quarter 2022 earnings call at 10 a.m. ET on Wednesday, Feb. 8, 2023. Management will discuss matters of interest to financial and other stakeholders including recent financial results.
A live webcast of the conference call, including accompanying slides and other financial information, will be available on the investor information pages at investors.dominionenergy.com.
For individuals who prefer to join via telephone, domestic callers should dial 1-800-420-1271 and international callers should dial 1-785-424-1634. The passcode for the telephonic earnings call is 68006. Participants should dial in 10 to 15 minutes prior to the scheduled start time.
A replay of the webcast will be available on the investor information pages by the end of the day Feb. 8. A telephonic replay of the earnings call will be available beginning at about 1 p.m. ET on Feb. 8. Domestic callers may access the recording by dialing 1-800-839-6803. International callers should dial 1-402-220-6056. The PIN for the replay is 68006.
Important note to investors regarding operating, reported earnings
Dominion Energy uses operating earnings as the primary performance measurement of its earnings guidance and results for public communications with analysts and investors. Dominion Energy also uses operating earnings internally for budgeting, for reporting to the Board of Directors, for the company's incentive compensation plans and for its targeted dividend payouts and other purposes. Dominion Energy management believes operating earnings provide a more meaningful representation of the company's fundamental earnings power.
In providing its operating earnings guidance, the company notes that there could be differences between expected reported earnings and estimated operating earnings for matters such as, but not limited to, acquisitions, divestitures or extreme weather events and other natural disasters. Dominion Energy management is not able to estimate the aggregate impact of these items on future period reported earnings.
About Dominion Energy
About 7 million customers in 16 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to safely providing reliable, affordable and sustainable energy and to achieving Net Zero emissions by 2050. Please visit DominionEnergy.com to learn more.
This release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including forecasted operating earnings first-quarter 2023 and beyond that are subject to various risks and uncertainties. Factors that could cause actual results to differ include, but are not limited to: the direct and indirect impacts of implementing recommendations resulting from the business review announced in November 2022; unusual weather conditions and their effect on energy sales to customers and energy commodity prices; extreme weather events and other natural disasters; extraordinary external events, such as the current pandemic health event resulting from COVID-19; federal, state and local legislative and regulatory developments; changes to regulated rates collected by Dominion Energy; timing and receipt of regulatory approvals necessary for planned construction or expansion projects and compliance with conditions associated with such regulatory approvals; the inability to complete planned construction projects within time frames initially anticipated; risks and uncertainties that may impact the ability to develop and construct the Coastal Virginia Offshore Wind (CVOW) Commercial Project within the currently proposed timeline, or at all, and consistent with current cost estimates along with the ability to recover such costs from customers; changes to federal, state and local environmental laws and regulations, including those related to climate change; cost of environmental strategy and compliance, including cost related to climate change; changes in implementation and enforcement practices of regulators relating to environmental standards and litigation exposure for remedial activities; changes in operating, maintenance and construction costs; additional competition in Dominion Energy's industries; changes in demand for Dominion Energy's services; receipt of approvals for, and timing of, closing dates for acquisitions and divestitures; impacts of acquisitions, divestitures, transfers of assets by Dominion Energy to joint ventures, and retirements of assets based on asset portfolio reviews; adverse outcomes in litigation matters or regulatory proceedings; fluctuations in interest rates; the effectiveness to which existing economic hedging instruments mitigate fluctuations in currency exchange rates of the Euro and Danish Krone associated with certain fixed price contracts for the major offshore construction and equipment components of the CVOW Commercial Project; changes in rating agency requirements or credit ratings and their effect on availability and cost of capital; and capital market conditions, including the availability of credit and the ability to obtain financing on reasonable terms. Other risk factors are detailed from time to time in Dominion Energy's quarterly reports on Form 10-Q and most recent annual report on Form 10-K filed with the U.S. Securities and Exchange Commission.
Dominion Energy, Inc.
|
Consolidated Statements of Income *
|
Unaudited (GAAP Based)
|
(millions, except per share amounts)
|
|
|
|
|
|
|
|
|
| Three Months Ended
|
| Twelve Months Ended
|
| December 31,
|
| December 31,
|
| 2022
|
| 2021
|
| 2022
|
| 2021
|
|
|
|
|
|
|
|
|
Operating Revenue
| $ 4,913
|
| $ 3,880
|
| $ 17,174
|
| $ 13,964
|
|
|
|
|
|
|
|
|
Operating Expenses
|
|
|
|
|
|
|
|
Electric fuel and other energy-related purchases
| 1,086
|
| 628
|
| 3,711
|
| 2,368
|
Purchased electric capacity
| 14
|
| 8
|
| 59
|
| 70
|
Purchased gas
| 597
|
| 418
|
| 1,582
|
| 1,083
|
Other operations and maintenance1
| 2,436
|
| 1,037
|
| 6,473
|
| 4,037
|
Depreciation, depletion and amortization
| 710
|
| 645
|
| 2,830
|
| 2,478
|
Other taxes
| 204
|
| 207
|
| 923
|
| 909
|
Total operating expenses
| 5,047
|
| 2,943
|
| 15,578
|
| 10,945
|
|
|
|
|
|
|
|
|
Income (loss) from operations
| (134)
|
| 937
|
| 1,596
|
| 3,019
|
|
|
|
|
|
|
|
|
Other income (expense)2
| 339
|
| 487
|
| 423
|
| 1,433
|
Interest and related charges
| 416
|
| 376
|
| 966
|
| 1,354
|
|
|
|
|
|
|
|
|
Income (loss) from continuing operations including noncontrolling interests
before income tax expense (benefit)
| (211)
|
| 1,048
|
| 1,053
|
| 3,098
|
|
|
|
|
|
|
|
|
Income tax expense (benefit)
| (175)
|
| 225
|
| 68
|
| 425
|
|
|
|
|
|
|
|
|
Net Income (loss) from continuing operations including noncontrolling interests
| (36)
|
| 823
|
| 985
|
| 2,673
|
|
|
|
|
|
|
|
|
Net Income (loss) from discontinued operations including noncontrolling interests
| (6)
|
| 522
|
| 9
|
| 641
|
|
|
|
|
|
|
|
|
Net Income (loss) including noncontrolling interests
| $ (42)
|
| $ 1,345
|
| $ 994
|
| $ 3,314
|
Noncontrolling interests
| -
|
| 4
|
| -
|
| 26
|
|
|
|
|
|
|
|
|
Net Income (loss) attributable to Dominion Energy
| $ (42)
|
| $ 1,341
|
| $ 994
|
| $ 3,288
|
|
|
|
|
|
|
|
|
Reported Income (loss) per common share from continuing operations - diluted
| $ (0.06)
|
| $ 0.99
|
| $ 1.08
|
| $ 3.19
|
Reported Income (loss) per common share from discontinued operations - diluted
| (0.01)
|
| 0.64
|
| 0.01
|
| 0.79
|
Reported Income (loss) per common share - diluted
| $ (0.07)
|
| $ 1.63
|
| $ 1.09
|
| $ 3.98
|
Average shares outstanding, diluted
| 833.7
|
| 811.0
|
| 824.8
|
| 808.5
|
|
|
|
|
|
|
|
|
1)Includes impairment of assets and other charges (benefits) and losses (gains) on sales of assets.
|
|
|
|
|
|
|
2)Includes earnings from equity method investees.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*The notes contained in Dominion Energy's most recent quarterly report on Form 10-Q or annual report on Form 10-K are an integral part of the
Consolidated Financial Statements.
|
Schedule 1 - Segment Reported and Operating Earnings
|
|
|
|
|
|
|
|
|
|
|
|
|
Unaudited
|
|
|
|
|
|
|
(millions, except per share amounts)
| Three months ended December 31,
|
|
|
|
| 2022
|
| 2021
|
| Change
|
|
|
|
|
|
|
|
|
|
REPORTED EARNINGS1
|
|
|
| $ (42)
|
| $ 1,341
|
| $ (1,383)
|
|
|
|
|
|
|
|
|
|
Pre-tax loss (income)2
| 1,255
|
| (761)
|
| 2,016
|
Income tax2
| (310)
|
| 172
|
| (482)
|
Adjustments to reported earnings
| 945
|
| (589)
|
| 1,534
|
|
|
|
|
|
|
|
|
|
OPERATING EARNINGS
| $ 903
|
| $ 752
|
| $ 151
|
By segment:
|
|
|
|
|
|
Dominion Energy Virginia
| 433
|
| 455
|
| (22)
|
Gas Distribution
| 211
|
| 185
|
| 26
|
Dominion Energy South Carolina
| 97
|
| 100
|
| (3)
|
Contracted Assets
| 93
|
| 58
|
| 35
|
Corporate and Other
| 69
|
| (46)
|
| 115
|
|
|
|
| $ 903
|
| $ 752
|
| $ 151
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings Per Share (EPS):3
|
|
|
|
|
|
REPORTED EARNINGS 1
|
|
|
| $ (0.07)
|
| $ 1.63
|
| $ (1.70)
|
Adjustments to reported earnings (after tax)
| 1.13
|
| (0.73)
|
| 1.86
|
OPERATING EARNINGS
| $ 1.06
|
| $ 0.90
|
| $ 0.16
|
By segment:
|
|
|
|
|
|
Dominion Energy Virginia
| 0.52
|
| 0.56
|
| (0.04)
|
Gas Distribution
| 0.25
|
| 0.23
|
| 0.02
|
Dominion Energy South Carolina
| 0.12
|
| 0.12
|
| -
|
Contracted Assets
| 0.11
|
| 0.07
|
| 0.04
|
Corporate and Other
| 0.06
|
| (0.08)
|
| 0.14
|
|
|
|
| $ 1.06
|
| $ 0.90
|
| $ 0.16
|
|
|
|
|
|
|
|
|
|
Common Shares Outstanding (average, diluted)
| 834.1
|
| 811.0
|
|
|
|
|
|
|
|
|
|
|
|
(millions, except earnings per share)
| Twelve months ended December 31,
|
|
|
|
| 2022
|
| 2021
|
| Change
|
|
|
|
|
|
|
|
|
|
REPORTED EARNINGS1
|
|
|
| $ 994
|
| $ 3,288
|
| $ (2,294)
|
|
|
|
|
|
|
|
|
|
Pre-tax loss (income)2
|
| 3,127
|
| (26)
|
| 3,153
|
Income tax2
|
| (616)
|
| (71)
|
| (545)
|
Adjustments to reported earnings
| 2,511
|
| (97)
|
| 2,608
|
|
|
|
|
|
|
|
|
|
OPERATING EARNINGS
| $ 3,505
|
| $ 3,191
|
| $ 314
|
By segment:
|
|
|
|
|
|
Dominion Energy Virginia
| 2,008
|
| 1,919
|
| 89
|
Gas Distribution
| 697
|
| 600
|
| 97
|
Dominion Energy South Carolina
| 505
|
| 437
|
| 68
|
Contracted Assets
| 335
|
| 431
|
| (96)
|
Corporate and Other
| (40)
|
| (196)
|
| 156
|
|
|
|
| $ 3,505
|
| $ 3,191
|
| $ 314
|
|
|
|
|
|
|
|
|
|
Earnings Per Share (EPS):3
|
|
|
|
|
|
REPORTED EARNINGS1
|
|
|
| $ 1.09
|
| $ 3.98
|
| $ (2.89)
|
Adjustments to reported earnings (after tax)
| 3.02
|
| (0.12)
|
| 3.14
|
OPERATING EARNINGS
| $ 4.11
|
| $ 3.86
|
| $ 0.25
|
By segment:
|
|
|
|
|
|
Dominion Energy Virginia
| 2.44
|
| 2.37
|
| 0.07
|
Gas Distribution
| 0.85
|
| 0.74
|
| 0.11
|
Dominion Energy South Carolina
| 0.61
|
| 0.54
|
| 0.07
|
Contracted Assets
| 0.41
|
| 0.53
|
| (0.12)
|
Corporate and Other
| (0.20)
|
| (0.32)
|
| 0.12
|
|
|
|
| $ 4.11
|
| $ 3.86
|
| $ 0.25
|
|
|
|
|
|
|
|
|
|
Common Shares Outstanding (average, diluted)
| 833.0
|
| 808.5
|
|
|
|
|
|
|
|
|
|
|
|
1)
| Determined in accordance with Generally Accepted Accounting Principles (GAAP).
|
2)
| Adjustments to reported earnings are included in Corporate and Other segment reported GAAP earnings. Refer to Schedules 2 and 3 for details, or find
|
| "GAAP Reconciliation" in the Earnings Release Kit on Dominion Energy's website at investors.dominionenergy.com.
|
3)
| The calculation of reported and operating earnings per share on a consolidated basis utilizes shares outstanding on a diluted basis with all dilutive
impacts, primarily consisting of potential shares which had not yet been issued, reflected in the Corporate and Other segment. As a result of a
reported net loss for the three months ended December 31, 2022, any adjustments to earnings or shares would be considered antidilutive and are
excluded from the calculation of diluted earnings per share. Effective January 2022, the calculation of diluted reported and operating earnings per
share assumes conversion, if dilutive, of the Series A preferred stock to common stock as of January 1, 2022. The Series A preferred stock was
reclassified to a liability in June 2022 and redeemed in September 2022. In prior periods, a fair value adjustment of the Series A preferred stock was
included in the calculation of diluted reported earnings per share if dilutive. No adjustments were necessary for the three and twelve months ended
December 31, 2021. During each quarter of 2022, the calculation of reported and operating earnings per share includes the impact of preferred
dividends associated with preferred stock of $9 million (Series B) and $11 million (Series C, issued in December 2021). Reported earnings per share
for the twelve months ended December 31, 2022 also includes the impact of preferred dividends associated with Series A preferred stock of $12
million. During each quarter of 2021, the calculation of reported and operating earnings per share includes the impact of preferred dividends
associated with preferred stock of $7 million (Series A) and $9 million (Series B). In addition, the fourth quarter of 2021 includes $3 million of
preferred dividends associated with the Series C preferred stock issued in December 2021. See Forms 10-Q and 10-K for additional information.
|
|
|
Schedule 2 - Reconciliation of 2022 Reported Earnings to Operating Earnings
2022 Earnings (Twelve months ended December 31, 2022)
The $3.1 billion pre-tax net loss of the adjustments included in 2022 reported earnings, but excluded from operating earnings, is primarily related to the following items:
- $51 million net market loss associated with $559 million from nuclear decommissioning trusts offset by $508 million in economic hedging activities.
- $1.5 billion charge associated with the impairment of certain nonregulated solar generation facilities.
- $830 million of regulated asset retirements and other charges, including $404M of charges for certain Virginia Power fuel and Regional Greenhouse Gas Initiative (RGGI) compliance costs deemed recovered through base rates, $243 million associated with the settlement of Virginia Power's 2021 triennial review and $167 million for dismantling costs associated with the early retirement of certain Virginia Power fossil-fuel generation facilities.
- $649 million loss associated with the sale of Kewaunee nuclear power station.
- $125 million of storm damage and restoration costs primarily associated with storms in Virginia Power's service territory.
|
|
|
|
|
|
|
(millions, except per share amounts)
| 1Q22
| 2Q22
| 3Q22
| 4Q22
| YTD 20223
|
Reported earnings
| $711
| ($453)
| $778
| ($42)
| $994
|
Adjustments to reported earnings 1:
|
|
|
|
|
|
Pre-tax loss (income)
| 255
| 1,383
| 234
| 1,255
| 3,127
|
Income tax
| 34
| (272)
| (68)
| (310)
| (616)
|
|
| 289
| 1,111
| 166
| 945
| 2,511
|
Operating earnings
| $1,000
| $658
| $944
| $903
| $3,505
|
Common shares outstanding (average, diluted)
| 832.0
| 832.5
| 833.2
| 834.1
| 833.0
|
Reported earnings per share 2
|
| $0.83
| ($0.58)
| $0.91
| ($0.07)
| $1.09
|
Adjustments to reported earnings per share 2
|
| 0.35
| 1.35
| 0.20
| 1.13
| 3.02
|
Operating earnings per share 2
|
| $1.18
| $0.77
| $1.11
| $1.06
| $4.11
|
|
|
|
|
|
|
|
1) Adjustments to reported earnings are reflected in the following table:
|
|
|
|
|
|
|
| 1Q22
| 2Q22
| 3Q22
| 4Q22
| YTD 2022
|
Pre-tax loss (income):
|
|
|
|
|
|
Net loss (gain) on NDT funds
| $125
| $454
| $112
| ($132)
| $559
|
Mark-to-market impact of economic hedging activities
| (4)
| (193)
| 24
| (335)
| (508)
|
Discontinued operations - Gas Transmission & Storage segment
| (25)
| 3
| 3
| 2
| (17)
|
Nonregulated asset impairments and other charges*
| -
| -
| -
| 1,511
| 1,511
|
Regulated asset retirements and other charges
| 65
| 470
| 112
| 183
| 830
|
Sale of Kewaunee
| -
| 649
| -
| -
| 649
|
Storm damage and restoration costs
| 94
| -
| -
| 31
| 125
|
Sale of Hope Gas, Inc.
| -
| -
| (17)
| (5)
| (22)
|
|
|
|
|
|
|
|
|
| $255
| $1,383
| $234
| $1,255
| $3,127
|
Income tax expense (benefit):
|
|
|
|
|
|
Tax effect of above adjustments to reported earnings **
| (53)
| (275)
| 22
| (310)
| (616)
|
Deferred taxes associated with Hope Gas, Inc. divestiture4
| 87
| 3
| (90)
| -
| -
|
|
|
|
|
|
|
|
|
| $34
| ($272)
| ($68)
| ($310)
| ($616)
|
|
|
*
| In the fourth quarter of 2022, Dominion Energy determined that its nonregulated solar generation assets within the Contracted Assets segment were
impaired following the determination that it expects it is more likely than not such assets will be sold before the end of their useful lives.
|
|
|
**
| Income taxes for individual pre-tax items include current and deferred taxes using a transactional effective tax rate. For interim reporting purposes,
calculation of such amounts may be adjusted in connection with the calculation of the Company's year-to-date income tax provision based on its
estimated annual effective tax rate.
|
|
|
|
|
2)
| The calculation of reported and operating earnings per share on a consolidated basis utilizes shares outstanding on a diluted basis with all dilutive
impacts, primarily consisting of potential shares which had not yet been issued, reflected in the Corporate and Other segment. As a result of reported net
losses for the three months ended June 30, and December 31, 2022, any adjustments to earnings or shares would be considered antidilutive and are
excluded from the calculation of diluted earnings per share. Effective January 2022, the calculation of diluted reported and operating earnings per share
assumes conversion, if dilutive, of the Series A preferred stock to common stock as of January 1, 2022. The Series A preferred stock was reclassified to a
liability in June 2022 and redeemed in September 2022. During each quarter of 2022, the calculation of reported and operating earnings per share
includes the impact of preferred dividends associated with preferred stock of $9 million (Series B) and $11 million (Series C, issued in December 2021).
Reported earnings per share for the three months ended June 30, 2022 and the twelve months ended December 31, 2022 also includes the impact of
preferred dividends associated with Series A preferred stock of $5 million and $12 million, respectively. See Forms 10-Q and 10-K for additional
information.
|
|
|
3)
| YTD EPS may not equal sum of quarters due to share count difference.
|
|
|
4)
| Represents deferred taxes related to the basis in Hope Gas, Inc.'s stock that reversed when the sale closed in the third quarter of 2022. This charge is
reflected as a component of current income tax expense on the sale in the third quarter of 2022.
|
|
|
Schedule 3 - Reconciliation of 2021 Reported Earnings to Operating Earnings
2021 Earnings (Twelve months ended December 31, 2021)
The $26 million pre-tax net gain of the adjustments included in 2021 reported earnings, but excluded from operating earnings, is primarily related to the following items:
- $308 million net market benefit associated with $568 million from the nuclear decommissioning trusts offset by $260 million in economic hedging activities.
- $829 million of net income from discontinued operations, including $685 million associated with the sale of Questar Pipelines.
- $564 million of regulated asset retirements and other charges, including $266 million associated with the settlement of the South Carolina electric rate case, primarily for the write-off of regulatory assets for debt repurchased in 2019, $186 million associated with the settlement of Virginia Power's 2021 triennial review and $77 million for forgiveness of Virginia customer accounts in arrears pursuant to Virginia's 2021 budget process.
- $235 million of net charges associated with the sales of non-wholly-owned nonregulated solar facilities.
- $99 million of net merger and integration-related costs associated with the SCANA Combination, primarily for litigation charges.
- $77 million of net charges associated with workplace realignment, primarily related to a corporate office lease termination.
- $68 million of storm damage and restoration costs associated with ice storms in Virginia Power's service territory.
|
|
|
|
|
|
|
(millions, except per share amounts)
| 1Q21
| 2Q21
| 3Q21
| 4Q21
| YTD 20213
|
Reported earnings
| $ 1,008
| $ 285
| $ 654
| $ 1,341
| $ 3,288
|
Adjustments to reported earnings1:
|
|
|
|
|
|
Pre-tax loss (income)
| (152)
| 474
| 413
| (761)
| (26)
|
Income tax
| 37
| (131)
| (149)
| 172
| (71)
|
|
| (115)
| 343
| 264
| (589)
| (97)
|
Operating earnings
| $ 893
| $ 628
| $ 918
| $ 752
| $ 3,191
|
Common shares outstanding (average, diluted)
| 805.9
| 806.6
| 810.0
| 811.0
| 808.5
|
Reported earnings per share2
| $ 1.23
| $ 0.33
| $ 0.79
| $ 1.63
| $ 3.98
|
Adjustments to reported earnings per share2
| (0.14)
| 0.43
| 0.32
| (0.73)
| (0.12)
|
Operating earnings per share2
| $ 1.09
| $ 0.76
| $ 1.11
| $ 0.90
| $ 3.86
|
|
|
|
|
|
|
|
1) Adjustments to reported earnings are reflected in the following table:
|
|
|
|
|
|
|
| 1Q21
| 2Q21
| 3Q21
| 4Q21
| YTD 2021
|
Pre-tax loss (income):
|
|
|
|
|
|
Net (gain) loss on NDT funds
| $ (134)
| $ (194)
| $ 19
| $ (259)
| $ (568)
|
Mark-to-market impact of economic hedging activities
| (278)
| 291
| 284
| (37)
| 260
|
Discontinued operations - Gas Transmission & Storage segment
| (35)
| (30)
| (59)
| (705)
| (829)
|
Regulated asset retirements and other charges
| 100
| 278
| 119
| 67
| 564
|
Sales of non-wholly-owned nonregulated solar facilities
| -
| -
| 23
| 212
| 235
|
Merger litigation and integration charges
| 71
| 48
| 8
| (28)
| 99
|
Workplace realignment
| 71
| -
| 17
| (11)
| 77
|
Storm damage and restoration costs
| 51
| 17
| -
| -
| 68
|
Kewaunee decommissioning revision
| -
| 44
| -
| -
| 44
|
Other
| 2
| 20
| 2
| -
| 24
|
|
|
|
|
|
|
|
|
| $ (152)
| $ 474
| $ 413
| $ (761)
| $ (26)
|
Income tax expense (benefit):
|
|
|
|
|
|
Tax effect of above adjustments to reported earnings*
| 37
| (131)
| (140)
| 204
| (30)
|
Other
| -
| -
| (9)
| (32)
| (41)
|
|
|
|
|
|
|
|
|
| $ 37
| $ (131)
| $ (149)
| $ 172
| $ (71)
|
|
|
* Income taxes for individual pre-tax items include current and deferred taxes using a transactional effective tax rate. For interim reporting purposes,
|
such amounts may be adjusted in connection with the calculation of the Company's year-to-date income tax provision based on its estimated
|
annual effective tax rate.
|
|
|
|
|
|
|
|
|
|
|
|
2) The calculation of operating earnings per share excludes the impact, if any, of fair value adjustments related to the Company's convertible preferred
|
securities entered in June 2019. Such fair value adjustments, if any, are required for the calculation of diluted reported earnings per share. No
|
adjustments were necessary for the three months ended March 31, June 30 or September 30 or for the three and twelve months ended December 31.
|
During each quarter of 2021, the calculation of reported and operating earnings per share includes the impact of preferred dividends of $7 million
|
associated with the Series A preferred stock equity units and $9 million associated with the Series B preferred stock equity units. In addition, the
|
fourth quarter of 2021 includes $3 million of preferred dividends associated with the Series C preferred stock issued in December 2021.
|
|
See Forms 10-Q and 10-K for additional information.
|
|
|
|
|
|
|
|
3) YTD EPS may not equal sum of quarters due to share count difference and fair value adjustment associated with the convertible preferred
|
|
securities.
|
|
|
|
|
|
Schedule 4 - Reconciliation of 2022 Earnings to 2021
|
|
|
|
|
|
|
|
|
|
|
|
|
Preliminary, Unaudited
| Three Months Ended
|
| Twelve Months Ended
|
(millions, except EPS)
| December 31,
|
| December 31,
|
|
| 2022 vs. 2021
|
| 2022 vs. 2021
|
|
| Increase / (Decrease)
|
| Increase / (Decrease)
|
Reconciling Items
| Amount
| EPS
|
| Amount
| EPS
|
|
|
|
|
|
|
|
Change in reported earnings (GAAP)
| ($1,383)
| ($1.70)
|
| ($2,294)
| ($2.89)
|
|
|
|
|
|
|
|
| Change in Pre-tax loss (income) 1
| 2,016
|
|
| 3,153
|
|
| Change in Income tax 1
| (482)
|
|
| (545)
|
|
Adjustments to reported earnings
| $1,534
| $1.86
|
| $2,608
| $3.14
|
|
|
|
|
|
|
|
Change in consolidated operating earnings
| $151
| $0.16
|
| $314
| $0.25
|
|
|
|
|
|
|
|
Dominion Energy Virginia
|
|
|
|
|
|
| Weather
| $20
| $0.02
|
| $21
| $0.03
|
| Customer usage and other factors
| (16)
| (0.02)
|
| 25
| 0.03
|
| Customer-elected rate impacts
| (29)
| (0.03)
|
| 13
| 0.02
|
| Base rate case impacts
| (8)
| (0.01)
|
| (41)
| (0.05)
|
| Rider equity return
| 8
| 0.01
|
| 64
| 0.08
|
| Renewable energy investment tax credits
| 14
| 0.02
|
| 65
| 0.08
|
| Storm damage and service restoration
| (11)
| (0.01)
|
| (17)
| (0.02)
|
| Interest expense, net
| 3
| -
|
| (13)
| (0.02)
|
| Other
| (3)
| -
|
| (28)
| (0.03)
|
| Share dilution
|
| (0.02)
|
|
| (0.05)
|
| Change in contribution to operating earnings
| ($22)
| ($0.04)
|
| $89
| $0.07
|
|
|
|
|
|
|
|
Gas Distribution
|
|
|
|
|
|
| Weather
| $1
| -
|
| $4
| -
|
| Customer usage and other factors
| 32
| 0.04
|
| 57
| 0.07
|
| Base rate case impacts
| (4)
| (0.01)
|
| 29
| 0.04
|
| Rider equity return
| 6
| 0.01
|
| 25
| 0.03
|
| Interest expense, net
| (9)
| (0.01)
|
| (16)
| (0.02)
|
| Other
| -
| -
|
| (2)
| -
|
| Share dilution
|
| (0.01)
|
|
| (0.01)
|
| Change in contribution to operating earnings
| $26
| $0.02
|
| $97
| $0.11
|
|
|
|
|
|
|
|
Dominion Energy South Carolina
|
|
|
|
|
|
| Weather
| $3
| -
|
| $21
| $0.03
|
| Customer usage and other factors
| (13)
| (0.01)
|
| 14
| 0.02
|
| Customer-elected rate impacts
| (1)
| -
|
| 14
| 0.02
|
| Base & RSA rate case impacts
| 3
| -
|
| 22
| 0.03
|
| Interest expense, net
| (6)
| -
|
| (16)
| (0.02)
|
| Other
| 11
| 0.01
|
| 13
| -
|
| Share dilution
|
| -
|
|
| (0.01)
|
| Change in contribution to operating earnings
| ($3)
| -
|
| $68
| $0.07
|
|
|
|
|
|
|
|
Contracted Assets
|
|
|
|
|
|
| Margin
| $8
| $0.01
|
| $11
| $0.01
|
| Sale of non-wholly-owned nonregulated solar facilities
| (1)
| -
|
| (20)
| (0.02)
|
| Planned outage costs
| 25
| 0.03
|
| (19)
| (0.02)
|
| Renewable energy investment tax credits
| -
| -
|
| (29)
| (0.04)
|
| Interest expense, net
| (11)
| (0.01)
|
| (50)
| (0.06)
|
| Other
| 14
| 0.01
|
| 11
| 0.02
|
| Share dilution
|
| -
|
|
| (0.01)
|
| Change in contribution to operating earnings
| $35
| $0.04
|
| ($96)
| ($0.12)
|
|
|
|
|
|
|
|
Corporate and Other
|
|
|
|
|
|
| Other
| $115
| $0.14
|
| $156
| $0.12
|
| Change in contribution to operating earnings
| $115
| $0.14
|
| $156
| $0.12
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change in consolidated operating earnings
| $151
| $0.16
|
| $314
| $0.25
|
|
|
|
|
|
|
|
Change in adjustments included in reported earnings1
| ($1,534)
| ($1.86)
|
| ($2,608)
| ($3.14)
|
|
|
|
|
|
|
|
Change in consolidated reported earnings
| ($1,383)
| ($1.70)
|
| ($2,294)
| ($2.89)
|
|
|
|
|
|
|
|
|
|
|
1)
| Adjustments to reported earnings are included in Corporate and Other segment reported GAAP earnings.
|
|
| Refer to Schedules 2 and 3 for details, or find "GAAP Reconciliation" in the Earnings Release Kit on Dominion Energy's
|
| website at investors.dominionenergy.com.
|
|
|
|
|
|
Note: Figures may not sum due to rounding
|
|
|
|
|
|
SOURCE Dominion Energy
For further information: For further information: Media: Ryan Frazier, (804) 836-2083 or C.Ryan.Frazier@dominionenergy.com; Investor Relations: David McFarland, (804) 819-2438 or David.M.McFarland@dominionenergy.com
.svg)
.svg)
.svg)
.svg)