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Dominion Energy posts fall in second-quarter profit on higher expenses
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Dominion Energy posts fall in second-quarter profit on higher expenses
Aug 1, 2024 5:47 AM

Aug 1 (Reuters) - Dominion Energy ( D ) posted a fall in

second-quarter profit on Thursday, as higher interest and

maintenance costs weighed on the electric utility.

Higher-for-longer interest rates continue to weigh on the

utilities sector, making dividend-paying stocks such as REITs

and utilities less attractive and driving up borrowing costs.

The company's interest expenses rose to $469 million in the

second quarter, from $395 million a year earlier.

More than 4.5 million customers across 13 states energize

their homes and businesses with electricity or natural gas from

the Dominion Energy ( D ).

Total operating expenses, which include maintenance costs,

rose 4% to $2.68 billion in the April-June quarter.

Dominion reaffirmed its full-year operating earnings

forecast of $2.62 to $2.87 per share, compared with analysts'

estimates of $2.79, according to LSEG data.

The Richmond, Virginia-based firm posted a net income of

$572 million, or 65 cents per share, in the April-June quarter,

compared to $583 million, or 67 cents per share last year.

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