Dominion Energy Swings to 2Q Loss
August 08 2022 - 8:18AM
Dow Jones News
By Connor Hart
Dominion Energy Inc. swung to a loss Monday, as increased sales
were unable to offset increased operating costs.
The Richmond, Va.-based energy company reported a net loss
attributable to the company of $453 million, or 58 cents a share,
compared to net earnings of $285 million, or 33 cents a share, in
the previous year.
Adjusted for costs including regulated asset retirements,
charges associated with the sale of a nuclear power station and the
mark-to-market impact of economic hedging activities, operating
income was $658 million, or 77 cents a share.
Revenue for the quarter ended June 30 rose to $3.6 billion,
compared to $3 billion in the prior year. Analysts were expecting
revenue of $3.5 billion, according to FactSet.
Total operating expenses increased to $3.9 billion, up from $2.7
billion in the previous year. Impairments on assets and losses on
the sales of assets largely attributed to the higher costs, as well
as an increase in energy-related purchases and gas.
Write to Connor Hart at connor.hart@wsj.com
(END) Dow Jones Newswires
August 08, 2022 08:03 ET (12:03 GMT)
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