Dominion Energy Inc.
is starting a review of its business as it seems to boost its share price of late.
Chief Executive Officer Bob Blue on Friday said the Richmond, Va.-based energy company intends to review alternatives to its current business mix and capital allocation, and evaluate regulatory options to help its customers and manage costs.
The review comes as its share price has not met expectations, Mr. Blue added. He said the company will provide more details on its plans next year.
Dominion shares are down about 12% so far this year, ahead of the S&P 500, which has fallen about 22% in 2022. Dominion shares, which closed Thursday at $69.23 a share, are about the same price as they were in 2014.
Dominion on Friday also reported higher profits in its third quarter, as revenue gains outpaced higher costs.
For the quarter ended September 30, earnings came in at $778 million, or 91 cents a share, compared with $654 million, or 79 cents a share, in the same period a year earlier.
Adjusted earnings reached $1.11 a share. Analysts polled by FactSet had expected adjusted earnings of $1.08 a share.
Operating income rose to $4.39 billion from $3.18 billion a year earlier. Analysts had expected revenue of $3.99 billion, according to FactSet.
Total operating expenses increased to $3.31 billion, from $2.34 billion in the prior year, primarily due to energy-related purchases.
“Like everyone, we’re seeing inflation, supply chain constraints and higher gas prices—all impacting our customer rates and balance sheet strength,” Mr. Blue said.
For the full year, Dominion lowered its operating guidance to a range of $4.03 per share to $4.18 per share, maintaining the same midpoint of its previous guidance.
Dominion also said its chief financial officer, James Chapman, is leaving to take a finance role outside the utility. Steven Ridge, who currently heads Dominion’s western gas operations, will succeed Mr. Chapman as chief financial officer later this month.
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