News

Dominion Energy Inc. D is scheduled to release first-quarter 2024 earnings on May 2, before market open. In the last reported quarter, the utility delivered a negative earnings surprise of 27.5%.

Let us see how things have shaped up before the upcoming earnings announcement.

Factors to Note

Dominion Energy’s first-quarter earnings are likely to have benefited from regulated investments, higher sales volume and efficient cost management. Economic development, population growth in Virginia and South Carolina, and return to normal weather are likely to have boosted earnings in the first quarter.

However, higher DD&A expenses, still-high interest rates and O&M expenses are all likely to have negatively impacted the company’s first-quarter results.

Expectations

The Zacks Consensus Estimate for earnings is pegged at 51 cents on revenues of $3.56 billion, indicating a decline of 32.3% and 48.5%, respectively, 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. This is not the case here, as you will see below.

Dominion Energy Inc. Price and EPS Surprise

Earnings ESP: D’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: D currently carries a Zacks Rank #3.

Stocks to Consider

Investors can consider the following players from the same sector that, per our model, have the right combination of elements to post an earnings beat for the to-be-reported quarter.

Eversource Energy ES is set to report first-quarter 2024 earnings on May 2, before market open. It has an Earnings ESP of +2.76% and presently carries a Zacks Rank of 2.

Long-term (three-to-five years) earnings growth of ES is 4.2%. The Zacks Consensus Estimate for first-quarter EPS of $1.45 remained the same in the past 60 days.

Ameren Corporation AEE is scheduled to report first-quarter 2024 earnings on Feb 27, before market open. It has an Earnings ESP of +0.30% and a Zacks Rank of 3 at present.

Long-term earnings growth of AEE is 6.48%. The Zacks Consensus Estimate for first-quarter EPS reflects a decline of 0.9% in the past 60 days.

The AES Corporation AES is slated to report first-quarter earnings on May 2. It has an Earnings ESP of +6.67% and carries a Zacks Rank of 3 at present.

The Zacks Consensus Estimate for first-quarter EPS reflects an increase of 7.2% in the past 60 days.

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.