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DTE Energy's (DTE) Q1 Earnings Lag Estimates, Rise Y/Y
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DTE Energy Company (DTE - Free Report) reported first-quarter 2024 operating earnings per share (EPS) of $1.67, which missed the Zacks Consensus Estimate of $1.71 per share by 2.3%. However, the bottom line improved 25.6% from the year-ago quarter’s reported figure of $1.33.
The company reported GAAP earnings of $1.51 per share compared with $2.16 in the prior-year quarter.
DTE Energy Company Price, Consensus and EPS Surprise
The operating net income in the quarter was $346 million compared with $274 million in the year-ago period.
Segmental Details
Utility Operations
DTE Electric: The segment’s operating earnings were 94 cents per share compared with 49 cents in the prior-year quarter.
DTE Gas: The segment’s operating reported earnings of 77 cents per share compared with 83 cents in the year-ago period.
Non-Utility Operations: The segment reported operating earnings of 6 cents per share.
2024 Guidance
DTE Energy reiterated its 2024 operating EPS projection. The company still expects operating EPS in the range of $6.54-$6.83. The Zacks Consensus Estimate for earnings is pegged at $6.69 per share, which is in line with the midpoint of the company’s guided range.
Entergy Corporation (ETR - Free Report) reported first-quarter 2024 adjusted earnings of $1.08 per share, which missed the Zacks Consensus Estimate of $1.44 per share by 25%. The bottom line was also lower by 5.3% from the prior-year quarter’s level of $1.14 per share.
For the first quarter, ETR’s operating revenues totaled $2.79 billion, which lagged the Zacks Consensus Estimate of $3.18 billion by 12%. The top line also declined 6.3% from $2.98 billion reported in the year-ago quarter.
NextEra Energy (NEE - Free Report) reported first-quarter 2024 operating earnings of 91 cents per share, which beat the Zacks Consensus Estimate of 80 cents by 13.8%. Also, the bottom line improved 8.3% from the year-ago quarter’s figure of 84 cents.
Fourth-quarter revenues of $5.73 billion missed the Zacks Consensus Estimate of $6.46 billion by 11.4%. The figure also declined 14.7% from the year-ago quarter’s figure.
Avangrid, Inc. (AGR - Free Report) reported first-quarter 2024 adjusted EPS of 88 cents, which beat the Zacks Consensus Estimate of 71 cents by 23.9%. The bottom line also increased 37.5% from 64 cents reported in the prior-year quarter.
Operating revenues totaled $2.42 billion, which lagged the Zacks Consensus Estimate of $2.57 billion by 6%. The top line also decreased 2% from $2.47 billion reported in the year-ago quarter.
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DTE Energy's (DTE) Q1 Earnings Lag Estimates, Rise Y/Y
DTE Energy Company (DTE - Free Report) reported first-quarter 2024 operating earnings per share (EPS) of $1.67, which missed the Zacks Consensus Estimate of $1.71 per share by 2.3%. However, the bottom line improved 25.6% from the year-ago quarter’s reported figure of $1.33.
The company reported GAAP earnings of $1.51 per share compared with $2.16 in the prior-year quarter.
DTE Energy Company Price, Consensus and EPS Surprise
DTE Energy Company price-consensus-eps-surprise-chart | DTE Energy Company Quote
Highlights of the Release
The operating net income in the quarter was $346 million compared with $274 million in the year-ago period.
Segmental Details
Utility Operations
DTE Electric: The segment’s operating earnings were 94 cents per share compared with 49 cents in the prior-year quarter.
DTE Gas: The segment’s operating reported earnings of 77 cents per share compared with 83 cents in the year-ago period.
Non-Utility Operations: The segment reported operating earnings of 6 cents per share.
2024 Guidance
DTE Energy reiterated its 2024 operating EPS projection. The company still expects operating EPS in the range of $6.54-$6.83. The Zacks Consensus Estimate for earnings is pegged at $6.69 per share, which is in line with the midpoint of the company’s guided range.
Zacks Rank
DTE Energy currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Recent Utility Releases
Entergy Corporation (ETR - Free Report) reported first-quarter 2024 adjusted earnings of $1.08 per share, which missed the Zacks Consensus Estimate of $1.44 per share by 25%. The bottom line was also lower by 5.3% from the prior-year quarter’s level of $1.14 per share.
For the first quarter, ETR’s operating revenues totaled $2.79 billion, which lagged the Zacks Consensus Estimate of $3.18 billion by 12%. The top line also declined 6.3% from $2.98 billion reported in the year-ago quarter.
NextEra Energy (NEE - Free Report) reported first-quarter 2024 operating earnings of 91 cents per share, which beat the Zacks Consensus Estimate of 80 cents by 13.8%. Also, the bottom line improved 8.3% from the year-ago quarter’s figure of 84 cents.
Fourth-quarter revenues of $5.73 billion missed the Zacks Consensus Estimate of $6.46 billion by 11.4%. The figure also declined 14.7% from the year-ago quarter’s figure.
Avangrid, Inc. (AGR - Free Report) reported first-quarter 2024 adjusted EPS of 88 cents, which beat the Zacks Consensus Estimate of 71 cents by 23.9%. The bottom line also increased 37.5% from 64 cents reported in the prior-year quarter.
Operating revenues totaled $2.42 billion, which lagged the Zacks Consensus Estimate of $2.57 billion by 6%. The top line also decreased 2% from $2.47 billion reported in the year-ago quarter.