First-quarter 2024 GAAP net income of $0.78 per share; operating earnings (non-GAAP) of $0.55 per share Company affirms all financial guidance provided at its March 1, 2024 investor meeting including guidance related to earnings, credit, and dividend RICHMOND, Va., May 2, 2024 /PRNewswire/ -- Dominion Energy, Inc. (NYSE:D), today announced unaudited net income determined in accordance with Generally Accepted Accounting Principles (GAAP, or reported earnings) for the three months ended March 31, 2024, of $674 million ($0.78 per share) compared with net income of $981 million ($1.15 per share) for the same period in 2023. Operating earnings (non-GAAP) for the three months ended March 31, 2024, were $483 million ($0.55 per share), compared to operating earnings of $515 million ($0.59 per share) for the same period in 2023. Differences between GAAP and operating earnings for the period include a net benefit from discontinued operations primarily associated with the sale of gas distribution operations, the gains and losses on nuclear decommissioning trust funds, mark-to-market impact of economic hedging activities, and other adjustments. 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. GuidanceThe company affirms its full-year 2024 operating earnings guidance range of $2.62 to $2.87 per share. The company also affirms its full-year 2025 operating earnings guidance range of $3.25 to $3.54 per share. The company also affirmed the other financial guidance provided at the March 1, 2024 investor meeting including guidance related to earnings, credit, and dividend. Webcast todayThe company will host its first-quarter 2024 earnings call at 10 a.m. ET on Thursday, May 2, 2024. 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- 800-723-6494 and international callers should dial 1- 785-424-1631. The passcode for the telephonic earnings call is 66318. 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 2. A telephonic replay of the earnings call will be available beginning at about 1 p.m. ET on May 2. Domestic callers may access the recording by dialing 1- 888-269-5331. International callers should dial 1- 402-220-7327. The passcode for the replay is 66318.  Important note to investors regarding operating, reported earningsDominion Energy uses operating earnings (non-GAAP) as the primary performance measurement of its results for public communications with analysts and investors. Operating earnings are defined as reported earnings adjusted for certain items. 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. About Dominion EnergyAbout 6 million customers in 15 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE:D), headquartered in Richmond, Va. The company is committed to providing reliable, affordable, and increasingly clean energy every day and to achieving Net Zero emissions by 2050. Please visit DominionEnergy.com to learn more. This release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are subject to various risks and uncertainties. Factors that could cause actual results to differ include, but are not limited to: the direct and indirect impacts of implementing recommendations resulting from the business review concluded in March 2024; unusual weather conditions and their effect on energy sales to customers and energy commodity prices; extreme weather events and other natural disasters; extraordinary external events, such as the pandemic health event resulting from COVID-19; federal, state and local legislative and regulatory developments; changes to regulated rates collected by Dominion Energy; timing and receipt of regulatory approvals necessary for planned construction or expansion projects and compliance with conditions associated with such regulatory approvals; the inability to complete planned construction projects within time frames initially anticipated; risks and uncertainties that may impact the ability to develop and construct the Coastal Virginia Offshore Wind (CVOW) Commercial Project within the currently proposed timeline, or at all, and consistent with current cost estimates along with the ability to recover such costs from customers; changes to federal, state and local environmental laws and regulations, including those related to climate change; cost of environmental strategy and compliance, including cost related to climate change; changes in implementation and enforcement practices of regulators relating to environmental standards and litigation exposure for remedial activities; changes in operating, maintenance and construction costs; additional competition in Dominion Energy's industries; changes in demand for Dominion Energy's services; receipt of approvals for, and timing of, closing dates for acquisitions and divestitures; impacts of acquisitions, divestitures, transfers of assets by Dominion Energy to joint ventures, and retirements of assets based on asset portfolio reviews; the expected timing and likelihood of the completion of the proposed sales of Public Service Company of North Carolina, Incorporated, Questar Gas Company, and Wexpro Company, and their consolidated subsidiaries and related entities, as applicable, including the ability to obtain the requisite regulatory approvals and the terms and conditions of such approvals; the expected timing and likelihood of the completion of the proposed sale of a 50% noncontrolling interest in the CVOW Commercial Project, including the ability to obtain the requisite regulatory approvals and the terms and conditions of such approvals;  adverse outcomes in litigation matters or regulatory proceedings; fluctuations in interest rates; the effectiveness to which existing economic hedging instruments mitigate fluctuations in currency exchange rates of the Euro and Danish Krone associated with certain fixed price contracts for the major offshore construction and equipment components of the CVOW Commercial Project; changes in rating agency requirements or credit ratings and their effect on availability and cost of capital; and capital market conditions, including the availability of credit and the ability to obtain financing on reasonable terms. Other risk factors are detailed from time to time in Dominion Energy's quarterly reports on Form 10-Q and most recent annual report on Form 10-K filed with the U.S. Securities and Exchange Commission. Consolidated Statements of Income (GAAP) Dominion Energy, Inc. Consolidated Statements of Income * Unaudited (GAAP Based) Three Months Ended March 31, (millions, except per share amounts) 2024 2023 Operating Revenue $ 3,632 $ 3,883 Operating Expenses Electric fuel and other energy-related purchases 959 1,022 Purchased electric capacity 12 8 Purchased gas 120 123 Other operations and maintenance(1) 885 838 Depreciation and amortization 621 622 Other taxes 202 191   Total operating expenses 2,799 2,804 Income (loss) from operations 833 1,079 Other income (expense) 435 276 Interest and related charges 574 479 Income (loss) from continuing operations including      noncontrolling interests before income tax expense (benefit) 694 876 Income tax expense (benefit) 134 176 Net Income (loss) from continuing operations 560 700 Net Income (loss) from discontinued operations 114 281 Net Income (loss) attributable to Dominion Energy $ 674 $ 981 Reported Income (loss) per common share from continuing      operations - diluted $ 0.64 $ 0.81 Reported Income (loss) per common share from discontinued      operations - diluted 0.14 0.34 Reported Income (loss) per common share - diluted $ 0.78 $ 1.15 Average shares outstanding, diluted 837.6 835.5 (1)                  Includes impairment of assets and other charges (benefits) and losses (gains) on sales of assets. *The notes contained in Dominion Energy's most recent quarterly report on Form 10-Q or annual report on Form 10-K are an integral part of the Consolidated Financial Statements.   Schedule 1 - Segment Reported and Operating EarningsUnaudited Three Months Ended March 31, (millions, except per share amounts) 2024 2023 Change REPORTED EARNINGS(1) $ 674 $ 981 $ (307) Pre-tax loss (income)(2) (264) (590) 326 Income tax(2) 73 124 (51) Adjustments to reported earnings (191) (466) 275 OPERATING EARNINGS (non-GAAP) $ 483 $ 515 $ (32) By segment: Dominion Energy Virginia 424 386 38 Dominion Energy South Carolina 80 91 (11) Contracted Energy 122 111 11 Corporate and Other (143) (73) (70) $ 483 $ 515 $ (32) Earnings Per Share (EPS)(3): REPORTED EARNINGS(1) $ 0.78 $ 1.15 $ (0.37) Adjustments to reported earnings (after-tax) (0.23) (0.56) 0.33 OPERATING EARNINGS (non-GAAP) $ 0.55 $ 0.59