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Dominion Energy (NYSE:D) -1.7% in Friday’s trading after reporting better than expected Q3 adjusted earnings and revenues, with plans to launch a “top-to-bottom” business review, as the utility seeks to boost its lagging stock price.
CEO Bob Blue said the company will review alternatives to its current business mix and capital allocation, and assess regulatory options to assist its customers with managing costs.
Dominion (D) also hopes to “provide greater predictability to our long-term, state-regulated utility value proposition,” Blue said.
In its Q3 results, Dominion (D) said net earnings rose to $778M, or $0.91/share, from $654M, or $0.79/share, a year ago, while declaring a $0.6675/share quarterly dividend.
Q3 operating revenue gains outpaced higher costs, rising to $4.39B from $3.18B a year earlier, while operating expenses jumped to $3.31B from $2.34B in the prior-year period, which the company said was driven largely by energy related purchases.
The company initiated Q4 guidance for operating earnings of $0.98-$1.13/share, in line with $1.07 analyst consensus estimate, while narrowing its outlook for FY 2022 operating earnings to $4.03-$4.18/share.
Separately, Dominion (D) said Friday that CFO James Chapman is leaving the company to take a senior finance role outside the utility industry, to be succeeded by Steven Ridge, who currently leads its western gas operations.
Dominion Energy’s (D) stock price return shows a 13% YTD loss and an 10% decline during the past year.
Image and article originally from seekingalpha.com. Read the original article here.