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Dominion announces second-quarter net loss, leadership change

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Dominion Energy announced a net loss of $1.2 billion, or $1.41 per share, in reported earnings for the three months ending June 20.

For the same period in 2019, the company declared a net gain of $54 million, or $0.05 per share.

Also Friday, the company announced that Robert Blue, current co-COO and executive vice president, will succeed Thomas Farrell as president and CEO. Farrell will become executive chair, effective Oct. 1.

Operating expenses for the second quarter of 2020 were $76 million, or 82 cents per share, compared to $619 million, or 77 cents per share, for the second quarter of 2019.

The company estimates that second-quarter 2020 earnings were affected by $0.03 per share because of worse-than-normal weather in its utility service territories, according to a news release. Dominion also cited costs associated with the Atlantic Coast Pipeline and Supply Header projects, as well as net gains on nuclear decommissioning trust funds.

Dominion expects third-quarter earnings in the range of 85 cents to $1.05 per share and affirms its full-year 2020 operating guidance range of $3.37 to $3.63 per share.

As part of the leadership change, Diane Leopold, current co-COO and executive vice president, will become COO. Edward Baine will be president of Dominion Energy Virginia.

"One of my goals as CEO was to build a strong leadership team and a long-term succession plan," Farrell said in a news release. "Today's announcement is the next step in that process."

Farrell said that in his new role, which has no established timeframe, he will focus on “continuing to develop our strategic plan and Dominion’s leadership in the new clean energy economy.”

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