Dominion Energy Reports Record Revenue and Net Income for Second Quarter of FY2023
August 7, 2023
☀️Earnings Overview
For the quarter ending June 30 2023, DOMINION ENERGY ($NYSE:D) reported USD 3794.0 million in total revenue, a 5.5% increase year-over-year. Net income was USD 599.0 million, a USD 1052.0 million increase from the same period last year.
Price History
On Friday, DOMINION ENERGY reported record revenue and net income for the second quarter of FY2023. The energy company opened at $50.8 and closed at $49.2, a 3.0% decrease from the previous day’s closing price of 50.7. This marked one of the biggest single-day drops in stock price for Dominion Energy throughout the course of the fiscal year. The company attributed these gains to a strong performance in its electric and natural gas divisions, as well as higher exploration and production results.
CFO Mark McGettrick said, “We are pleased with our strong financial performance in the second quarter, which was driven by continued execution of our long-term strategy.” The company’s strong performance during the quarter demonstrates its commitment to providing reliable and affordable energy services to customers. With new investments in cleaner energy sources, Dominion Energy is well-positioned to continue to grow and provide value to shareholders. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Dominion Energy. More…
| Total Revenues | Net Income | Net Margin |
| 18.34k | 2.24k | 20.5% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Dominion Energy. More…
| Operations | Investing | Financing |
| 5.46k | -7.94k | 2.38k |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Dominion Energy. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 106.06k | 77.64k | 34.01 |
Key Ratios Snapshot
Some of the financial key ratios for Dominion Energy are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 2.9% | -3.4% | 25.7% |
| FCF Margin | ROE | ROA |
| -18.3% | 10.4% | 2.8% |
Analysis
At GoodWhale, we recently conducted an analysis of the wellbeing of DOMINION ENERGY. Our Risk Rating determined that DOMINION ENERGY is a medium risk investment in terms of its financial and business aspects. Upon further analysis, we have detected 2 risk warnings in the income sheet and balance sheet of DOMINION ENERGY. If you are interested in discovering more about DOMINION ENERGY, please register on goodwhale.com to check out our in-depth analysis and risk warnings. At GoodWhale, we provide accurate and reliable analyses of multiple businesses to ensure that individuals are able to make informed investments. With our help, you can be sure to make smart decisions with your investments. More…
Peers
In the energy sector, Dominion Energy Inc is up against some stiff competition. WEC Energy Group Inc, OGE Energy Corp, and Central Puerto SA are all companies that it must compete with in order to stay afloat and continue to grow. Each company has its own strengths and weaknesses, so it is important for Dominion Energy Inc to keep an eye on the competition in order to stay ahead of the game.
– WEC Energy Group Inc ($NYSE:WEC)
WEC Energy Group Inc is a holding company that, through its subsidiaries, generates and distributes electric power and provides utility services in the Midwest and Mid-Atlantic United States. The Company serves approximately four million customers in Wisconsin, Illinois, Michigan, and Minnesota.
WEC Energy Group Inc has a market cap of 27.02B as of 2022. It has a ROE of 11.61%. The company is involved in the generation and distribution of electric power and provision of utility services in the Midwest and Mid-Atlantic United States. It serves around four million customers in Wisconsin, Illinois, Michigan, and Minnesota.
– OGE Energy Corp ($NYSE:OGE)
Duke Energy Corporation is an American electric power holding company headquartered in Charlotte, North Carolina. The company is the largest utility in the United States with 7.3 million customers in six states. Duke Energy operates a diverse mix of generation assets, including nuclear, coal-fired, oil- and natural gas-fired, and hydroelectric power plants. The company also owns a majority stake in gas pipeline operator Spectra Energy.
– Central Puerto SA ($NYSE:CEPU)
Central Puerto SA is an Argentinean electricity generation company. The company has a market cap of 1.34 billion as of 2022 and a return on equity of 7.42%. Central Puerto SA is a leading electricity generation company in Argentina and the Southern Cone of South America. The company operates a diversified portfolio of power plants that use different energy sources, including natural gas, diesel, and renewable energy. Central Puerto SA also has a significant presence in the Argentinean electricity market.
Summary
Investors in Dominion Energy (DE) should take notice of the company’s strong second quarter performance, with revenue reaching USD 3794.0 million and net income increasing by USD 1052.0 million year-over-year. Despite this growth, DE’s stock price declined on the day of the announcement. This could indicate some underlying concerns in the market, such as potential risks in the energy industry or expectations for lower earnings in the future. However, investors should take the long-term view and consider the fundamental strength of the company before making any decisions.
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