Dominion Energy Inc. D is scheduled to release second-quarter 2023 earnings on Aug 4, before market open. In the last reported quarter, the utility delivered an earnings surprise of 1.02%.
Let’s 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, higher sales volume and efficient cost management. During the quarter, Dominion Energy started hydrogen blending projects in Utah and Ohio to assist in reducing emissions.
However, extremely mild weather conditions in the company's electric service regions (compared with the 15-year average) are anticipated to have reduced operating earnings by 7-9 cents per share in the second quarter.
The planned outage of Millstone Power Station Unit 2 lasted longer than expected and Millstone Power Station Unit 3 had an automatic reactor trip, both of which had an adverse impact on earnings in the second quarter.
Expectations
Dominion Energy lowered its earnings expectations to a range of 44-50 cents per share from an earlier announced range of 58-68 cents. The Zacks Consensus Estimate for the same is pegged at 48 cents, indicating a decline of 37.66% from the year-ago reported figure.
Quantitative Model Predicts
Our proven model does not conclusively predict 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. That is not 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: The company’s Earnings ESP is 0.00%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Zacks Rank: The company currently carries a Zacks Rank #3.
Stocks to Consider
Investors can consider the following players from the same sector that have the right combination of elements to post an earnings beat for the to-be-reported quarter.
TransAlta Corporation TAC is likely to come up with an earnings beat when it reports second-quarter results on Aug 4, before market opens. It has an Earnings ESP of +440.01% and a Zacks Rank #3 at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for the company’s 2023 earnings is pinned at $1.10 per share, indicating a massive year-over-year increase of 1,475%.
ALLETE Inc. ALE is likely to come up with an earnings beat when it reports second-quarter results on Aug 8. It has an Earnings ESP of +2.56% and a Zacks Rank #3 at present.
The Zacks Consensus Estimate for ALE’s 2023 earnings is pinned at $3.63 per share, indicating year-over-year growth of 7.4%.
Other Release
NextEra Energy, Inc. NEE released second-quarter 2023 adjusted earnings of 88 cents per share, which beat the Zacks Consensus Estimate of 83 cents by 6%.
The Zacks Consensus Estimate for NEE’s 2023 earnings is pinned at $3.11 per share, indicating year-over-year growth of 7.3%.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.
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