Dominion Energy Cuts Q2 Operating Earnings View Below Market; Stock Down In Premarket

(RTTNews) - Dominion Energy, Inc. (D) on Friday trimmed its operating earnings forecast for the second quarter, mainly reflecting the estimated impact of historically mild weather, unplanned outages at the Millstone Power Station, as well as positive factors such as lower costs.

The company now expects second-quarter operating earnings to range $0.44 to $0.50 per share, down from original guidance range of $0.58 to $0.68 per share.

On average, nine analysts polled by Thomson Reuters expected the company to report earnings of $0.64 per share for the year. Analysts' estimates typically exclude special items.

According to the company, extremely mild weather in the electric service territories, relative to 15-year normal, is expected to negatively impact second-quarter operating earnings by $0.07 to $0.09 per share.

Further, Millstone Power Station Unit 2 entered a planned refueling outage on April 6, while Millstone Power Station Unit 3 had an automatic reactor trip due to a turbine trip caused by electrical protection. The unit returned to service on June 29.

The company has not provided fiscal 2023 earnings guidance amid the pending business review.

Dominion Energy said it plans to host an investor event in the third quarter. At that time, it will provide an updated strategic and financial outlook based on the results of the business review, which is still underway.

In pre-market activity on the NYSE, Dominion Energy shares were trading at $50.20, down 3.13 percent.