Dominion Energy Inc. Dreported first-quarter 2018 operating earnings of $1.14 per share, beating the Zacks Consensus Estimate of $1.03 by 10.7%. Earnings were near the top end of the guided range of 95 cents to $1.15 per share.
Operating earnings increased 17.5% from 97 cents reported a year ago. The year-over-year improvement was attributable to higher merchant generation margins, normal weather in its regulated service territory and the impact of tax reform.
GAAP earnings were 77 cents per share compared with $1.01 in the year-ago quarter. The difference between GAAP and operating earnings was due to one-time adjustments of 37 cents.
Total Revenues
Dominion’s total revenues came in at $3,466 million, beating the Zacks Consensus Estimate of $3,355 million by 3.3% and improving 2.4% year over year.
Highlights of the Release
Total operating expenses increased 12.4% year over year to $2,591 million primarily due to higher purchased gas and electric fuel prices.
Interest and related charges in the reported quarter were $314 million, up 7.5% from the year-ago quarter.
In the reported quarter, Power Delivery’s electric customer base increased by 26,966 from the prior-year quarter. Electricity consumption volumes also improved 7.96% year over year to 22,162 GWh in the first quarter.
Net income in the reported quarter was $741 million, up 21.3% year over year.