Dominion Energy Inc. (NYSE: D) has released its financial results for the fourth quarter and full year of 2024, highlighting steady earnings and strategic initiatives aimed at future growth.
Key Financial Highlights:
Full-Year 2024 Results: The company reported GAAP net income of $2.1 billion, or $2.44 per share, compared to $2.0 billion, or $2.33 per share, in 2023. Operating earnings (non-GAAP) were $2.4 billion, or $2.77 per share, up from $1.7 billion, or $1.95 per share, the previous year.
Fourth-Quarter 2024 Results: GAAP net income stood at $145 million, or $0.15 per share, down from $331 million, or $0.37 per share, in the same period of 2023. Operating earnings for the quarter were $504 million, or $0.58 per share, an increase from $260 million, or $0.29 per share, year-over-year.
Strategic Developments:
Capital Expenditure Plan: Dominion Energy has increased its five-year capital expenditure plan to $50.1 billion for 2025-2029, up from the previously estimated $43.2 billion. This adjustment is driven by anticipated growth in power demand from data centers, particularly those supporting artificial intelligence and cryptocurrency operations.
Renewable Energy Initiatives: The company incurred a $276 million charge related to unforeseen costs from its Virginia offshore wind energy project, reflecting its commitment to expanding renewable energy sources.
Guidance and Outlook:
Dominion Energy has narrowed its 2025 operating earnings per share (EPS) guidance range to $3.28 to $3.52, maintaining the original midpoint of $3.40. The company also reaffirms its long-term operating EPS growth target of 5% to 7% through 2029.
Market Performance:
As of February 12, 2025, Dominion Energy's stock is trading at $55.48, with an intraday high of $56.82 and a low of $54.56.
Conclusion:
Dominion Energy's 2024 financial results demonstrate resilience amid evolving energy demands. The company's strategic investments in infrastructure and renewable energy position it for sustained growth, aligning with its commitment to providing reliable, affordable, and increasingly clean energy to its customers.
Disclaimer: I am a long-term investor in Dominion Energy (NYSE: D). This post is for informational purposes only and should not be considered investment advice.
