By: Dominion Energy News

• First-quarter 2022 GAAP net income of $0.83 per share; operating earnings of $1.18 per share
• Company initiates second quarter 2022 operating earnings guidance of $0.70 to $0.80 per share
• Company affirms full-year 2022 operating earnings guidance as well as other long-term earnings and dividend guidance

RICHMOND, Va., May 5, 2022 /PRNewswire/ — Dominion Energy (NYSE: D) today announced an unaudited net income determined in accordance with Generally Accepted Accounting Principles (reported earnings) for the three months ended March 31, 2022, of $711 million ($0.83 per share) compared with net income of $1.0 billion ($1.23 per share) for the same period in 2021. 

Operating earnings for the three months ended March 31, 2022, were $1.0 billion ($1.18 per share), compared with operating earnings of $893 million ($1.09 per share) for the same period in 2021.

The difference between GAAP and operating earnings for the three months ended March 31, 2022, reflect the mark-to-market impact of economic hedging activities, gains and losses on nuclear decommissioning trust funds and other adjustments.

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 second-quarter operating earnings in the range of $0.70 to $0.80 per share.

The company affirms its full-year 2022 operating earnings guidance range of $3.95 to $4.25 per share.  The company also affirms its long-term earnings and dividend growth guidance.

Webcast today
The company will host its first-quarter 2022 earnings call at 10 a.m. ET on Thursday, May 5, 2022.  Management will discuss matters of interest to financial and other stakeholders including recent financial results.   

A live webcast of the conference call, including accompanying slides and other financial information, will be available on the investor information pages at investors.dominionenergy.com.

For individuals who prefer to join via telephone, domestic callers should dial 1-800-420-1271 and international callers should dial 1-785-424-1205.  The passcode for the telephonic earnings call is 45689.  Participants should dial in 10 to 15 minutes prior to the scheduled start time. 

A replay of the webcast will be available on the investor information pages by the end of the day May 5.  A telephonic replay of the earnings call will be available beginning at about 1 p.m. ET on May 5.  Domestic callers may access the recording by dialing 1-800-839-9719.  International callers should dial 1-402-220-6091.  The PIN for the replay is 50071. 

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.  Dominion Energy management is not able to estimate the aggregate impact of these items on future period reported earnings.