Third-quarter earnings fell year-over-year for Dominion Energy, operator of the Millstone Power Station, the North Anna Power Station, the Surry Power Station and the VC Summer Power Station.
The Virginia-based energy utility announced net income Thursday morning of $356 million, or $0.41 per share, compared with a net income of $975 million, or $1.17 per share, for the same period last year.
The company’s earnings beat analyst expectations by $0.08, according to Zacks estimates. Dominion’s shares have lost about 0.1% since the beginning of the year versus the S&P 500’s gain of 6.6%, analysts said.
On an operational basis, the third quarter was less ugly for Dominion. Operating income for the period was $916 million, or $1.08 per share, compared with operating earnings of $946 million, or $1.15 per share, for 2019 period.
The company said its third quarter earnings were affected by the recognition of a customer credit reinvestment offset for Virginia customers, charges associated with long-term contracted renewable portfolio outside the company’s core service areas and net gains on nuclear decommissioning trust funds.
Dominion in a press statement said the company expects fourth-quarter operating earnings between $0.73 to $0.87 per share, and full-year earnings between $3.37 and $3.63 per share.
