Dominion power transmission lines in Alexandria, Virginia, in October 2016. Archive photograph, not a current project site. Photo: Tonyglen14 / Wikimedia Commons. Resized under CC BY 2.0.
Dominion Energy reported a 15% increase in third-quarter net income Friday and said it expects full-year operating earnings to land in the upper half of its existing forecast range.
The Richmond, Virginia-based utility earned $1.16 billion, or $1.30 a share, in the three months ended September 30, compared with $1.006 billion, or $1.16 a share, a year earlier. Revenue rose to $5.617 billion from $4.527 billion, an increase of about 24%.
Operating earnings, a non-GAAP measure that excludes selected items, increased to $1.139 billion, or $1.28 a share, from $921 million, or $1.06 a share.
The company said it expects results in the top half of its 2026 operating earnings forecast of $3.45 to $3.69 a share. It reaffirmed that range, along with its credit, dividend and long-term growth guidance. The announcement did not raise the full-year range.
Its Virginia business reported operating earnings of $862 million, up from $679 million a year earlier. South Carolina operating earnings rose to $230 million from $168 million, while the contracted energy segment fell to $134 million from $165 million.
Dominion’s earnings reconciliation points to gains from Virginia rate-review effects and returns on rider-funded investments, partly offset by higher costs, including purchased electric capacity. South Carolina also benefited from rate-case effects. The company did not attribute the overall quarterly profit increase solely to demand from data centers.
The quarterly gain contrasts with the first nine months of the year. Net income attributable to Dominion over that period was $2.121 billion, down from $2.431 billion. Nine-month operating earnings increased to $2.698 billion from $2.373 billion.
Dominion supplies regulated electricity to 3.6 million homes and businesses in Virginia, North Carolina and South Carolina, and regulated natural gas to about 500,000 customers in South Carolina.
The company’s operating earnings measure differs from its reported profit because it adjusts for items including gains and losses on nuclear decommissioning trust funds, hedging effects and nonregulated asset impairments.
JBizNews Desk | Richmond, Virginia
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