Dominion Energy Announces Third-Quarter Earnings

    Author Mining News DailyPosted on Categories Latest News, Production Gold CompaniesTags , ,

    <br /> Dominion Energy Announces Third-Quarter Earnings<br />

    – Third-quarter 2020 GAAP net income of $0.41 per share; operating earnings of $1.08 per share

    – Company initiates fourth-quarter 2020 operating earnings guidance of $0.73 to $0.87 per share

    – Company expects 2020 weather-normal operating EPS to be above the annual guidance midpoint

    PR Newswire

    RICHMOND, Va., Nov. 5, 2020


    RICHMOND, Va.

    ,

    Nov. 5, 2020

    /PRNewswire/ — Dominion Energy (NYSE: D) today announced unaudited reported earnings determined in accordance with Generally Accepted Accounting Principles (reported earnings) for the three months ended

    Sept. 30, 2020

    , of

    $356 million

    (

    $0.41

    per share) compared with a net income of

    $975 million

    (

    $1.17

    per share) for the same period in 2019.

    Operating earnings for the three months ended

    Sept. 30, 2020

    , were

    $916 million

    (

    $1.08

    per share), compared to operating earnings of

    $946 million

    (

    $1.15

    per share) for the same period in 2019.  The company estimates that its third-quarter 2020 operating earnings were positively impacted by

    $0.04

    per share due to better-than-normal weather in its utility service areas.

    The difference between GAAP and operating earnings for the three months ended

    Sept. 30, 2020

    , was primarily attributable to the recognition of a customer credit reinvestment offset for the benefit of customers in

    Virginia

    , charges associated with long-term contracted renewable portfolio outside the company’s core service areas and net gains on nuclear decommissioning trust funds.

    Operating earnings are defined as reported earnings adjusted for certain items.  Details of operating earnings as compared to prior periods, business segment results and detailed descriptions of items included in reported earnings but excluded from operating earnings can be found on Schedules 1, 2, 3 and 4 of this release.


    Guidance

    Dominion Energy expects fourth-quarter operating earnings in the range of

    $0.73

    to

    $0.87

    per share.

    The company affirms its full-year 2020 operating earnings guidance range of

    $3.37

    to

    $3.63

    per share and expects weather-normal operating EPS for 2020 to be above the guidance range midpoint.

    The company also affirms its long-term earnings and dividend growth guidance.


    Webcast today

    The company will host its third-quarter earnings conference call at

    11 a.m. ET on Thursday

    , Nov. 5, 2020.  Management will discuss third-quarter financial results and other matters of interest to the financial community.

    A live webcast of the conference call, including accompanying slides and other financial information, will be available at

    investors.dominionenergy.com

    . A replay of the webcast will be available on the investor relations website by the end of the day

    Nov. 5

    .

    To join telephonically, domestic callers should dial 1-800-341-6228.  International callers should dial 1-334-777-6993.  The passcode for the conference call is 63771662#.  Participants should dial in 10 to 15 minutes prior to the scheduled start time.  A replay of the conference call will be available beginning at about

    3 p.m. ET


    Nov. 5

    and lasting until

    11 p.m. ET

    Nov. 12.  Domestic callers may access the recording by dialing 1-877-919-4059.  International callers should dial 1-334-323-0140.  The PIN for the replay is 65141144.


    Important note to investors regarding operating, reported earnings

    Dominion Energy uses operating earnings as the primary performance measurement of its earnings guidance and results for public communications with analysts and investors.  Dominion Energy also uses operating earnings internally for budgeting, for reporting to the Board of Directors, for the company’s incentive compensation plans and for its targeted dividend payouts and other purposes. Dominion Energy management believes operating earnings provide a more meaningful representation of the company’s fundamental earnings power.

    In providing its operating earnings guidance, the company notes that there could be differences between expected reported earnings and estimated operating earnings for matters such as, but not limited to, acquisitions, divestitures or extreme weather events and other natural disasters.  At this time, Dominion Energy management is not able to estimate the aggregate impact of these items on future period reported earnings.


    About Dominion Energy

    More than 7 million customers in 16 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable and safe energy and to achieving net zero carbon dioxide and methane emissions from its power generation and gas infrastructure operations by 2050. Please visit


    DominionEnergy.com


    to learn more.


    This release contains certain forward-looking statements, including forecasted operating earnings fourth-quarter and full-year 2020 and beyond which are subject to various risks and uncertainties. Factors that could cause actual results to differ include, but are not limited to: unusual weather conditions and their effect on energy sales to customers and energy commodity prices; extreme weather events and other natural disasters; extraordinary external events, such as the current pandemic health event resulting from COVID-19; federal, state and local legislative and regulatory developments; changes to federal, state and local environmental laws and regulations, including proposed carbon regulations; cost of environmental compliance; changes in enforcement practices of regulators relating to environmental standards and litigation exposure for remedial activities; capital market conditions, including the availability of credit and the ability to obtain financing on reasonable terms; fluctuations in interest rates; changes in rating agency requirements or credit ratings and their effect on availability and cost of capital; impacts of acquisitions, divestitures, transfers of assets by Dominion Energy to joint ventures, and retirements of assets based on asset portfolio reviews; receipt of approvals for, and timing of, closing dates for acquisitions and divestitures; the expected timing and likelihood of completion of the proposed transaction with Berkshire Hathaway Energy, including the ability to obtain the requisite regulatory approvals and the terms and conditions of such regulatory approvals; changes in demand for Dominion Energy’s services; additional competition in Dominion Energy’s industries; changes to regulated rates collected by Dominion Energy; changes in operating, maintenance and construction costs; timing and receipt of regulatory approvals necessary for planned construction or expansion projects and compliance with conditions associated with such regulatory approvals; adverse outcomes in litigation matters or regulatory proceedings;  and the inability to complete planned construction projects within time frames initially anticipated. Other risk factors are detailed from time to time in Dominion Energy’s quarterly reports on Form 10-Q and most recent annual report on Form 10-K filed with the Securities and Exchange Commission


    .



    Dominion Energy, Inc.



    Consolidated Statements of Income*



    Unaudited (GAAP Based)



    (millions, except per share amounts)



    Three Months Ended



    Nine Months Ended




    September 30,




    September 30,




    2020




    2019




    2020




    2019



    Operating Revenue




    $     3,607




    $      3,782




    $   10,651




    $    10,506



    Operating Expenses


    Electric fuel and other energy-related purchases



    594



    769



    1,758



    2,250


    Purchased electric capacity



    23



    11



    36



    74


    Purchased gas



    37



    158



    561



    1,120


    Other operations and maintenance

    1



    2,128



    952



    4,683



    4,043


    Depreciation, depletion and amortization



    595



    586



    1,751



    1,713


    Other taxes




    203




    202




    663




    698


    Total operating expenses




    3,580




    2,678




    9,452




    9,898


    Income from operations




    27




    1,104




    1,199




    608


    Other income



    281



    129



    327



    526


    Interest and related charges




    306




    370




    1,136




    1,133


    Income from continuing operations including noncontrolling


    interests before income tax expense (benefit)



    2



    863



    390



    1


    Income tax expense (benefit)




    (110)




    (84)




    (123)




    161


    Net Income (loss) from continuing operations including noncontrolling interests




    112




    947




    513




    (160)


    Net Income (loss) from discontinued operations including noncontrolling interests




    19




    38




    (1,753)




    526



    Net Income (loss) including noncontrolling interests



    $        131



    $         985



    $   (1,240)



    $         366


    Noncontrolling interests




    (225)




    10




    (157)




    17



    Net Income (loss) attributable to Dominion Energy




    $        356




    $         975




    $   (1,083)




    $         349


    Reported Income (loss) per common share from continuing

    operations – diluted



    $       0.42



    $        1.12



    $       0.83



    $      (0.22)


    Reported Income (loss) per common share from discontinued

    operations – diluted



    (0.01)



    0.05



    (2.21)



    0.64



    Reported Income (loss) per common share – diluted



    $       0.41



    $        1.17



    $     (1.38)



    $        0.42


    Average shares outstanding, diluted


    833.8


    813.0


    837.1


    802.9



    1)

    Includes impairment of assets and other charges.


    * The notes contained in Dominion Energy’s most recent quarterly report on Form 10-Q or annual report on Form 10-K are


    an integral part of the Consolidated Financial Statements.



    Schedule 1 – Segment Reported and Operating Earnings



    Unaudited



    (millions, except per share amounts)



    Three months ended September 30,




    2020




    2019




    Change



    REPORTED EARNINGS


    1



    $          356



    $          975



    $         (619)


    Pre-tax loss (income)

    2


    859


    (21)


    880


    Income tax

    2


    (299)


    (8)


    (291)


    Adjustments to reported earnings


    560


    (29)


    589



    OPERATING EARNINGS



    $          916



    $          946



    $           (30)



    By segment:


    Dominion Energy Virginia


    613


    629


    (16)


    Gas Distribution


    64


    43


    21


    Dominion Energy South Carolina


    157


    166


    (9)


    Contracted Assets


    112


    86


    26


    Corporate and Other


    (30)


    22


    (52)



    $          916



    $          946



    $           (30)



    Earnings Per Share (EPS):


    3



    REPORTED EARNINGS


    1



    $         0.41



    $         1.17



    $        (0.76)


    Adjustments to reported earnings (after tax)


    0.67


    (0.02)


    0.69



    OPERATING EARNINGS



    $         1.08



    $         1.15



    $        (0.07)



    By segment:


    Dominion Energy Virginia


    0.74


    0.77


    (0.03)


    Gas Distribution


    0.08


    0.05


    0.03


    Dominion Energy South Carolina


    0.19


    0.20


    (0.01)


    Contracted Assets


    0.13


    0.11


    0.02


    Corporate and Other


    (0.06)


    0.02


    (0.08)



    $         1.08



    $         1.15



    $        (0.07)



    Common Shares Outstanding (average, diluted)


    833.8


    813.0



    (millions, except earnings per share)



    Nine months ended September 30,




    2020




    2019




    Change



    REPORTED EARNINGS


    1



    $      (1,083)



    $          349



    $      (1,432)


    Pre-tax loss (income)

    2


    4,572


    1,967


    2,605


    Income tax

    2


    (1,155)


    (293)


    (862)


    Adjustments to reported earnings


    3,417


    1,674


    1,743



    OPERATING EARNINGS



    $       2,334



    $       2,023



    $          311



    By segment:


    Dominion Energy Virginia


    1,479


    1,383


    96


    Gas Distribution


    375


    314


    61


    Dominion Energy South Carolina


    326


    332


    (6)


    Contracted Assets


    295


    296


    (1)


    Corporate and Other


    (141)


    (302)


    161



    $       2,334



    $       2,023



    $          311



    Earnings Per Share (EPS):


    3



    REPORTED EARNINGS


    1



    $        (1.38)



    $         0.42



    $        (1.80)


    Adjustments to reported earnings (after tax)


    4.11


    2.09


    2.02



    OPERATING EARNINGS



    $         2.73



    $         2.51



    $         0.22



    By segment:


    Dominion Energy Virginia


    1.77


    1.72


    0.05


    Gas Distribution


    0.45


    0.39


    0.06


    Dominion Energy South Carolina


    0.39


    0.41


    (0.02)


    Contracted Assets


    0.35


    0.37


    (0.02)


    Corporate and Other


    (0.23)


    (0.38)


    0.15



    $         2.73



    $         2.51



    $         0.22



    Common Shares Outstanding (average, diluted)


    837.1


    802.9



    1)


    Determined in accordance with Generally Accepted Accounting Principles (GAAP).



    2)


    Adjustments to reported earnings are included in Corporate and Other segment reported GAAP earnings. Refer to Schedules 2 and 3 for details, or find “GAAP Reconciliation”


    in the Earnings Release Kit on Dominion Energy’s website at


    www.dominionenergy.com/investors


    .



    3)


    The calculation of operating earnings per share excludes the impact, if any, of fair value adjustments related to the Company’s convertible preferred securities


    entered in June 2019. Such fair value adjustments, if any, are required for the calculation of diluted reported earnings per share. No adjustments were necessary


    for the three months ended September 30, 2020.  For the nine months ended September 30, 2020, the fair value adjustment required for diluted reported earnings per share


    calculation was $28 million. For the three months ended September 30, 2019, the fair value adjustment required for diluted reported earnings per share calculation was


    $13 million. No adjustments were necessary for the nine months ended September 30, 2019.  In each quarter of 2020, the calculation of reported and operating earnings


    per share includes the impact of preferred dividends of $7 million per quarter associated with the Series A preferred stock equity units entered in June 2019 and


    $9 million associated with the Series B preferred stock equity units entered in December 2019. See Forms 10-Q and 10-K for additional information.


    Schedule 2 – Reconciliation of 2020 Reported Earnings to Operating Earnings


    2020 Earnings (Nine months ended

    September 30, 2020

    )

    The

    $4.6 billion

    pre-tax net effect of the adjustments included in 2020 reported earnings, but excluded from operating earnings, is primarily related to the following items:


    • $2.6 billion

      net loss from discontinued operations associated with the sale of the Gas Transmission & Storage segment as well as the cancellation of the Atlantic Coast Pipeline project.

    • $812 million

      of charges primarily relating to the planned early retirement of electric generation facilities in

      Virginia

      and

      $200 million

      of charges for expected customer credit reinvestment offset for

      Virginia

      utility customers.

    • $626 million

      for an impairment charge attributable to Dominion Energy’s interests in certain merchant solar generation facilities and a contract termination charge in connection with the sale of Fowler Ridge.




    (millions, except per share amounts)



    1Q20



    2Q20



    3Q20



    4Q20



    YTD 2020



    3



    Reported earnings (loss)


    ($270)


    ($1,169)


    $356


    $0


    ($1,083)


    Adjustments to reported earnings

    1

    :


    Pre-tax loss (income)


    1,265


    2,448


    859


    0


    4,572


    Income tax


    (207)


    (649)


    (299)


    0


    (1,155)


    1,058


    1,799


    560


    0


    3,417


    Operating earnings


    $788


    $630


    $916


    $0


    $2,334



    Common shares outstanding (average, diluted)


    838.2


    839.4


    833.8


    0.0


    837.1



    Reported earnings (loss) per share


    2


    ($0.34)


    ($1.52)


    $0.41


    $0.00


    ($1.38)


    Adjustments to reported earnings per share

    2


    1.26


    2.25


    0.67


    0.00


    4.11



    Operating earnings per share


    2


    $0.92


    $0.73


    $1.08


    $0.00


    $2.73



    1) Adjustments to reported earnings are reflected in the following table:



    1Q20



    2Q20



    3Q20



    4Q20



    YTD 2020



    Pre-tax loss (income):


    Discontinued operations – Gas Transmission & Storage segment *


    (161)


    2,691


    90


    0


    2,620


    Regulated asset retirements and other charges


    768


    44


    200


    0


    1,012


    Charges associated with interests in merchant renewable generation facilities


    0


    0


    626


    0


    626


    Merger and integration-related costs


    51


    22


    77


    0


    150


    Net (gain) loss on NDT funds


    538


    (393)


    (190)


    0


    (45)


    Liability management and financing


    31


    18


    13


    0


    62


    Mark-to-market impact of economic hedging activities


    37


    32


    (46)


    0


    23


    Other **


    1


    34


    89


    0


    124


    $1,265


    $2,448


    $859


    $0


    $4,572



    Income tax expense (benefit):


    Tax effect of above adjustments to reported earnings ***


    (224)


    (649)


    (230)


    0


    (1,103)


    Other


    17


    0


    (69)


    0


    (52)


    ($207)


    ($649)


    ($299)


    $0


    ($1,155)


    * Amount excludes the 50% interest in Cove Point retained by the Company.


    ** Includes social justice commitments, allowance for credit risk on customer accounts and Tropical Storm Isaias.


    *** Income taxes for individual pre-tax items include current and deferred taxes using a transactional effective tax rate. For interim reporting purposes, such amounts


    may be adjusted in connection with the calculation of the Company’s year-to-date income tax provision based on its estimated annual effective tax rate.



    2)

    The calculation of operating earnings per share excludes the impact, if any, of fair value adjustments related to the Company’s convertible preferred securities


    entered in June 2019. Such fair value adjustments, if any, are required for the calculation of diluted reported earnings per share. No adjustments were necessary


    for the three months ended March 31 or for the three months ended September 30. For the three months ended June 30, the fair value adjustment required for


    diluted reported earnings per share calculation was $92 million. For the nine months ended September 30, the fair value adjustment required for diluted reported


    earnings per share calculation was $28 million. In each quarter of 2020, the calculation of reported and operating earnings per share includes the impact of


    preferred dividends of $7 million associated with the Series A preferred stock equity units entered in June 2019 and $9 million associated with the


    Series B preferred stock equity units  entered in December 2019. See Forms 10-Q and 10-K for additional information.



    3)

    YTD EPS may not equal sum of quarters due to share count difference and fair value adjustment associated with the convertible preferred securities.


    Schedule 3 – Reconciliation of 2019 Reported Earnings to Operating Earnings


    2019 Earnings (Twelve months ended

    December 31, 2019

    )

    The

    $2.0 billion

    pre-tax net effect of the adjustments included in 2019 reported earnings, but excluded from operating earnings, is primarily related to the following items:


    • $2.4 billion

      of merger and integration-related costs associated with the SCANA Combination, primarily reflecting

      $1 billion

      for refunds of amounts previously collected from retail electric customers of Dominion Energy South Carolina (DESC) for the NND Project,

      $383 million

      associated with a voluntary retirement program (which includes

      $111 million

      for employee benefit plan curtailment), and

      $641 million

      associated with litigation.

    • $769 million

      of charges at our regulated entities, primarily consisting of the retirement of electric generation facilities in cold reserve and certain automated meters and a purchase power contract termination.

    • $612 million

      of net income from discontinued operations primarily associated with the sale of the Gas Transmission & Storage segment.

    • $113 million

      benefit from the revision of certain asset retirement obligations for ash ponds and landfills at certain utility generation facilities, in connection with the enactment of

      Virginia

      legislation in March.

    • $553 million

      net gain related to our investments in nuclear decommissioning trust funds.

    Dominion Energy also recorded

    $194 million

    tax charge for certain income tax-related regulatory assets acquired in the SCANA Combination for which Dominion Energy committed to forgo recovery.




    (millions, except per share amounts)



    1Q19



    2Q19



    3Q19



    4Q19



    YTD 2019



    3



    Reported earnings (loss)


    ($680)


    $54


    $975


    $1,009


    $1,358


    Adjustments to reported earnings

    1

    :


    Pre-tax loss (income)


    1,484


    504


    (21)


    (24)


    1,943


    Income tax


    (111)


    (174)


    (8)


    (133)


    (426)


    1,373


    330


    (29)


    (157)


    1,517


    Operating earnings


    $693


    $384


    $946


    $852


    $2,875



    Common shares outstanding (average, diluted)


    793.1


    802.5


    813.0


    826.3


    808.9



    Reported earnings (loss) per share


    2


    ($0.86)


    $0.07


    $1.17


    $1.21


    $1.62


    Adjustments to reported earnings per share

    2


    1.73


    0.41


    (0.02)


    (0.19)


    1.91



    Operating earnings per share


    2


    $0.87


    $0.48


    $1.15


    $1.02


    $3.53





    1)


    Adjustments to reported earnings are reflected in the following table:



    1Q19



    2Q19



    3Q19



    4Q19



    YTD 2019



    Pre-tax loss (income):


    Merger and integration-related costs


    1,428


    497


    59


    376


    2,360


    Regulated asset and contract retirements/terminations


    547


    197


    47


    (22)


    769


    Discontinued operations – Gas Transmission & Storage segment *


    (154)


    (117)


    (125)


    (216)


    (612)


    Revision to ash pond and landfill closure costs


    (113)


    0


    0


    0


    (113)


    Net gain on NDT funds


    (253)


    (83)


    (28)


    (189)


    (553)


    Other


    29


    10


    26


    27


    92


    $1,484


    $504


    ($21)


    ($24)


    $1,943



    Income tax expense (benefit):


    Tax effect of above adjustments to reported earnings **


    (279)


    (174)


    (8)


    (145)


    (606)


    Write-off EDIT regulatory assets (SCANA)


    198


    0


    0


    (4)


    194


    Other


    (30)


    0


    0


    16


    (14)


    ($111)


    ($174)


    ($8)


    ($133)


    ($426)


    * Amount excludes the 50% interest in Cove Point retained by the Company.


    ** Income taxes for individual pre-tax items include current and deferred taxes using a transactional effective tax rate. For interim reporting purposes, such


    amounts may be adjusted in connection with the calculation of the Company’s year-to-date income tax provision based on its estimated annual effective tax rate.



    2)

    The calculation of operating earnings per share excludes the impact, if any, of fair value adjustments related to the Company’s convertible preferred securities


    entered in June 2019. Such fair value adjustments, if any, are required for the calculation of diluted reported earnings per share. No adjustments were


    necessary for the three months ended June 30. For the three months ended September 30, the fair value adjustment required for diluted reported earnings


    per share calculation was $13 million. For the three and twelve months ended December 31, the fair value adjustment required for diluted reported earnings


    per share calculation was $1 million and  $28 million, respectively. The calculation of reported and operating earnings per share includes the impact of


    preferred dividends of $7 million per quarter associated with  the Series A preferred stock equity units entered in June of 2019 and $2 million associated with


    the Series B preferred stock equity units entered  in December of 2019. See Forms 10-Q and 10-K for additional information.



    3)

    YTD EPS may not equal sum of quarters due to share count difference and fair value adjustment associated with the convertible preferred securities.



    Schedule 4 – Reconciliation of 3Q20 Earnings to 3Q19



    Preliminary, Unaudited



    Three Months Ended



    Nine Months Ended




    (millions, except EPS)



    September 30,



    September 30,



    2020 vs. 2019



    2020 vs. 2019



    Increase / (Decrease)



    Increase / (Decrease)




    Reconciling Items




    Amount




    EPS




    Amount




    EPS



    Change in reported earnings (GAAP)



    ($619)



    ($0.76)



    ($1,432)



    ($1.80)


    Change in Pre-tax loss (income)

    1


    880


    2,605


    Change in Income tax

    1


    (291)


    (862)



    Adjustments to reported earnings



    $589



    $0.69



    $1,743



    $2.02



    Change in consolidated operating earnings



    ($30)



    ($0.07)



    $311



    $0.22




    Dominion Energy Virginia


    Regulated electric sales:


    Weather


    ($2)


    $0.00


    ($50)


    ($0.06)


    Other


    (7)


    (0.01)


    (18)


    (0.02)


    Rate adjustment clause equity return


    21


    0.03


    76


    0.09


    Electric capacity


    (6)


    (0.01)


    27


    0.04


    Select operations and maintenance expense

    2


    (1)


    0.00


    47


    0.06


    Depreciation & amortization


    12


    0.02


    33


    0.04


    Renewable energy investment tax credits


    (29)


    (0.04)


    (10)


    (0.01)


    Other


    (4)


    0.00


    (9)


    (0.01)


    Share dilution


    (0.02)


    (0.08)



    Change in contribution to operating earnings



    ($16)



    ($0.03)



    $96



    $0.05




    Gas Distribution


    Regulated gas sales:


    Weather


    $0


    0.00


    ($2)


    ($0.00)


    Other


    (2)


    (0.00)


    10


    0.01


    Select operations and maintenance expense

    2


    0


    0.00


    12


    0.02


    Interest expense, net


    14


    0.02


    25


    0.03


    Other


    9


    0.01


    16


    0.02


    Share dilution


    0.00


    (0.02)



    Change in contribution to operating earnings



    $21



    $0.03



    $61



    $0.06




    Dominion Energy South Carolina


    Regulated electric sales:


    Weather


    ($9)


    ($0.01)


    ($23)


    ($0.03)


    Other


    15


    0.02


    16


    0.02


    Regulated gas sales


    2


    0.00


    8


    0.01


    Interest expense, net


    11


    0.01


    21


    0.03


    Other


    (28)


    (0.03)


    (28)


    (0.03)


    Share dilution


    0.00


    (0.02)



    Change in contribution to operating earnings



    ($9)



    ($0.01)



    ($6)



    ($0.02)




    Contracted Assets


    Margin


    $32


    $0.03


    ($11)


    ($0.02)


    Select operations and maintenance expense

    2


    (7)


    (0.01)


    1


    0.00


    Renewable energy investment tax credits


    0


    0.00


    7


    0.01


    Interest expense, net


    3


    0.00


    10


    0.01


    Other


    (2)


    0.00


    (8)


    (0.01)


    Share dilution


    0.00


    (0.01)



    Change in contribution to operating earnings



    $26



    $0.02



    ($1)



    ($0.02)




    Corporate and Other


    Share dilution and other


    ($52)


    ($0.08)


    $161


    $0.15



    Change in contribution to operating earnings



    ($52)



    ($0.08)



    $161



    $0.15




    Change in consolidated operating earnings



    ($30)



    ($0.07)



    $311



    $0.22



    Change in adjustments included in reported earnings


    1


    ($589)


    ($0.69)


    ($1,743)


    ($2.02)




    Change in consolidated reported earnings



    ($619)



    ($0.76)



    ($1,432)



    ($1.80)



    1)


    Adjustments to reported earnings are included in Corporate and Other segment reported GAAP earnings.


    Refer to Schedules 2 and 3 for details, or find “GAAP Reconciliation” in the Earnings Release Kit on Dominion Energy’s website at

    www.dominionenergy.com/investors

    .



    2)


    Includes salaries, wages, and benefits and outage expenses.


    Note: Figures may not sum due to rounding

    Cision
    View original content:

    http://www.prnewswire.com/news-releases/dominion-energy-announces-third-quarter-earnings-301166847.html

    SOURCE Dominion Energy

    PR Newswire
    November 5, 2020 – 4:30 AM PST