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DTE Energy (DTE) Misses on Q3 Earnings, Raises '17 Outlook
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DTE Energy Company (DTE - Free Report) reported third-quarter 2017 operating earnings per share (EPS) of $1.48, which missed the Zacks Consensus Estimate of $1.53 by 3.3%. Operating earnings also declined 24.5% from the year-ago figure of $1.96.
On a GAAP basis, reported earnings came in at $1.51 per share compared with $1.88 in the prior-year quarter. The variance between GAAP and pro forma earnings was due to certain non-recurring items, mark-to-market adjustments and discontinued operations.
Total Revenue
Total revenue came in at $3.25 billion, increased 10.9% from the year-ago figure of $2.93 billion on account of higher contribution from non-utility operations.
Operating Update
Operation and maintenance expenses in the reported quarter were $566 million, up 0.7% year over year.
Total operating expenses increased 16.8% to $2.82 billion. This was primarily owing to higher fuel, purchased power and gas expenses at non-utility (42.1%), depreciation and amortization (12.2%) and asset losses and impairments.
Operating income declined 17.7% to $418 million.
DTE Energy Company Price, Consensus and EPS Surprise
Entergy Corporation (ETR - Free Report) reported third-quarter 2017 operational earnings of $2.35 per share beating the Zacks Consensus Estimate of $2.24 by 4.9%. However, the reported number improved 1.7% from the year-ago figure.
Upcoming Peer Releases
American Electric Power Co., Inc. (AEP - Free Report) is scheduled to report third-quarter 2017 results on Oct 26. The company carries a Zacks Rank #3.
Edison International (EIX - Free Report) is scheduled to report third-quarter 2017 results on Oct 30. The company carries a Zacks Rank #3.
Zacks' Hidden Trades
While we share many recommendations and ideas with the public, certain moves are hidden from everyone but selected members of our portfolio services. Would you like to peek behind the curtain today and view them?
Starting now, for the next month, I invite you to follow all Zacks' private buys and sells in real time from value to momentum...from stocks under $10 to ETF to option movers...from insider trades to companies that are about to report positive earnings surprises (we've called them with 80%+ accuracy). You can even look inside portfolios so exclusive that they are normally closed to new investors.
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DTE Energy (DTE) Misses on Q3 Earnings, Raises '17 Outlook
DTE Energy Company (DTE - Free Report) reported third-quarter 2017 operating earnings per share (EPS) of $1.48, which missed the Zacks Consensus Estimate of $1.53 by 3.3%. Operating earnings also declined 24.5% from the year-ago figure of $1.96.
On a GAAP basis, reported earnings came in at $1.51 per share compared with $1.88 in the prior-year quarter. The variance between GAAP and pro forma earnings was due to certain non-recurring items, mark-to-market adjustments and discontinued operations.
Total Revenue
Total revenue came in at $3.25 billion, increased 10.9% from the year-ago figure of $2.93 billion on account of higher contribution from non-utility operations.
Operating Update
Operation and maintenance expenses in the reported quarter were $566 million, up 0.7% year over year.
Total operating expenses increased 16.8% to $2.82 billion. This was primarily owing to higher fuel, purchased power and gas expenses at non-utility (42.1%), depreciation and amortization (12.2%) and asset losses and impairments.
Operating income declined 17.7% to $418 million.
DTE Energy Company Price, Consensus and EPS Surprise
DTE Energy Company Price, Consensus and EPS Surprise | DTE Energy Company Quote
Segmental Highlights
Utility Operations
DTE Electric: The segment’s operating earnings were $222 million, down 22.1% year over year.
DTE Gas: The segment incurred operating loss of $13 million compared with loss of $4 million in the year-ago period.
Non-Utility Operations
Gas Storage and Pipelines: The segment generated profits of $36 million, up from $28 million a year ago.
Power and Industrial Projects: The segment posted operating profits of $44 million, up from $35 million in the prior-year quarter.
Corporate and Other: The segment incurred operating loss of $15 million.
Guidance
DTE Energy raised its 2017 guidance of operating earnings in the range of $5.38-$5.69 per share compared with the year-ago guidance of $5.26-$5.57.
Zacks Rank
DTE Energy carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
A Peer Release
Entergy Corporation (ETR - Free Report) reported third-quarter 2017 operational earnings of $2.35 per share beating the Zacks Consensus Estimate of $2.24 by 4.9%. However, the reported number improved 1.7% from the year-ago figure.
Upcoming Peer Releases
American Electric Power Co., Inc. (AEP - Free Report) is scheduled to report third-quarter 2017 results on Oct 26. The company carries a Zacks Rank #3.
Edison International (EIX - Free Report) is scheduled to report third-quarter 2017 results on Oct 30. The company carries a Zacks Rank #3.
Zacks' Hidden Trades
While we share many recommendations and ideas with the public, certain moves are hidden from everyone but selected members of our portfolio services. Would you like to peek behind the curtain today and view them?
Starting now, for the next month, I invite you to follow all Zacks' private buys and sells in real time from value to momentum...from stocks under $10 to ETF to option movers...from insider trades to companies that are about to report positive earnings surprises (we've called them with 80%+ accuracy). You can even look inside portfolios so exclusive that they are normally closed to new investors.
Click here for Zacks' secret trade>>