Dominion Energy Inc. D is scheduled to release second-quarter 2024 earnings on Aug 1, before market open. In the last reported quarter, the utility delivered an earnings surprise of 7.8%.
Let us see how things have shaped up before the upcoming earnings announcement.
Factors to Note
Dominion Energy’s second-quarter earnings are likely to have benefited from regulated investments and higher sales volumes. Economic development and population growth in Virginia and South Carolina are likely to have boosted earnings in the second quarter.
Lack of Millstone Power plant outages compared with the year-ago quarter is likely to have a positive impact on earnings. The metric is also expected to have benefited from robust commercial load growth driven by data centers.
However, higher DD&A expenses and O&M expenses are likely to negatively impact the company’s second-quarter results.
Expectations
The Zacks Consensus Estimate for earnings is pegged at 58 cents, indicating an increase of 9.4% from the year-ago reported figure.
The Zacks Consensus Estimate for revenues is pegged at $3.79 billion, indicating a decline of 0.24% from the year-ago reported figure.
Quantitative Model Predicts
Our proven model predicts an earnings beat for Dominion Energy this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. This is the case here, as you will see below.
Dominion Energy Inc. Price and EPS Surprise
Dominion Energy Inc. price-eps-surprise | Dominion Energy Inc. Quote
Earnings ESP: D’s Earnings ESP is +1.72%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Zacks Rank: D currently carries a Zacks Rank #3.
Other Stocks to Consider
Investors may consider the following players from the same industry as our model shows that these, too, have the right combination of elements to post an earnings beat this reporting cycle.
The AES Corporation AES is likely to come up with an earnings beat when it reports second-quarter results on Aug 2. It has an Earnings ESP of +10.2% and a Zacks Rank #2 at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for second-quarter earnings per share has moved up 17.9% in the past 60 days. The Zacks Consensus Estimate for sales is pegged at $3.2 billion, which implies a year-over-year increase of 4.7%.
Xcel Energy XEL is likely to come up with an earnings beat when it reports second-quarter results on Aug 1. It has an Earnings ESP of +6.12% and a Zacks Rank #2 at present.
XEL’s long-term (three to five years) earnings growth rate is 6.39%. The Zacks Consensus Estimate for second-quarter earnings has moved up 8.9% in the past 90 days.
TransAlta Corporation TAC is likely to come up with an earnings beat when it reports second-quarter results on Aug 1. It has an Earnings ESP of +20.00% and a Zacks Rank #1 at present.
The Zacks Consensus Estimate for second-quarter earnings per share has moved up 20% in the past 60 days. It delivered an average earnings surprise of 174.7% in each of the past four quarters.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
