Dominion Energy, Inc. (NYSE:D.) Q2 2019 Earnings Conference Call - Final Transcript
Jul 31, 2019 • 10:00 am ET
Ladies and gentlemen, good morning and welcome to the Dominion Energy Second Quarter Earnings Conference Call. [Operator Instructions]
It is now my pleasure to turn the conference over to Mr. Steven Ridge, Vice President, Investor Relations.
Good morning and welcome to the Second Quarter 2019 Earnings Conference call for Dominion Energy. I encourage you to visit our Investor Relations website to view the earnings press release, a slide presentation that will follow this morning's prepared remarks and additional quarterly disclosures. Schedules in the earnings release kit are intended to answer detailed questions, pertaining to operating statistics and accounting and the Investor Relations team will be available immediately after the call to answer additional questions.
The earnings release and other matters that will be discussed on the call today may contain forward-looking statements and estimates are subject to various risks and uncertainties. Please refer to our SEC filings, including our most recent Annual Reports on Form 10-K and our Quarterly Reports on Form 10-Q for a discussion of factors that may cause results to differ from management's projections, forecasts, estimates and expectations.
Also on this call, we will discuss some measures of our Company's performance that differ from those recognized by GAAP, reconciliation of our non-GAAP measures to the most directly comparable GAAP financial measures, which we were able to calculate and report are contained in the earnings release kit.
Joining today's call are Tom Farrell, Chairman, President and Chief Executive Officer; Jim Chapman, Executive Vice President and Chief Financial Officer and Treasurer, and other members of the executive management team.
I will now turn the call over to Jim.
James R. Chapman
Good morning. Dominion Energy reported second quarter 2019 operating earnings of $0.77 per share, compared to our guidance range of $0.70 to $0.80 per share.
Performance across our businesses was aided by better than normal weather, which increased utility earnings by about $0.02 per share. Adjusted for normal weather, operating earnings for the fourth quarter were $0.75 per share, which is also the midpoint of our guidance range.
Operating segment performance for the second quarter is shown on Slide 4. GAAP earnings for the quarter were $0.05 per share, which were driven primarily by charges related to the SCANA integration and the voluntary retirement program, which I will discuss in a moment. A reconciliation of operating earnings to reported earnings can be found on Schedule 2 of the earnings release kit. I will now provide updates on several ongoing initiatives.
Turning to Slide 5, as announced at our Investor Day in March, we continue to work towards completing the restructuring of our reporting to work towards completing the restructuring of our reporting segments. During our fourth quarter earnings call early next year, we expect to provide our 2019 full-year results, as well as our 2020 guidance in conformity with these updated segments.
As discussed previously, we believe that this new reporting structure will make our Company more transparent to all stakeholders, and we'll highlight the premium nature of each of our distinct