DTE Energy Company (DTE - Free Report) reported fourth-quarter 2023 operating earnings per share (EPS) of $1.97, which came in line with the Zacks Consensus Estimate. The bottom line, however, improved 50.4% from the year-ago quarter’s reported figure of $1.31.
The company reported GAAP earnings of $2.02 per share compared with $1.31 in the prior-year quarter.
For 2023, the company recorded operating EPS of $5.73, which missed the Zacks Consensus Estimate of $5.75. The bottom line also declined 6.1% from the year-ago level of $6.10.
Highlights of the Release
The operating net income in the quarter was $406 million compared with $266 million in the year-ago period.
Segmental Details
Utility Operations
DTE Electric: The segment’s earnings were $1.18 per share compared with $1.03 in the prior-year quarter.
DTE Gas: The segment reported earnings of 51 cents per share compared with 47 cents in the year-ago period.
Non-Utility Operations: The segment reported operating earnings of 53 cents per share compared with 4 cents in the corresponding quarter of 2022.
2024 Guidance
DTE Energy initiated its 2024 operating EPS projection. The company expects operating EPS in the range of $6.54-$6.83. The Zacks Consensus Estimate for earnings is pegged at $6.70 per share, which lies just above the midpoint of the company’s guided range.
Zacks Rank
DTE Energy currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Recent Utility Releases
NextEra Energy, Inc. (NEE - Free Report) reported fourth-quarter 2023 adjusted earnings of 52 cents per share, which beat the Zacks Consensus Estimate of 49 cents by 6.1%. The bottom line was also up nearly 2% from the prior-year quarter’s level.
For the fourth quarter, NextEra’s operating revenues totaled $6.87 billion, which surpassed the Zacks Consensus Estimate of $6.1 billion by 13.4%. The top line improved 11.2% year over year.
Xcel Energy (XEL - Free Report) reported fourth-quarter 2023 operating earnings of 83 cents per share, which lagged the Zacks Consensus Estimate of 85 cents by 2.3%. However, the bottom line improved 620.3% from the year-ago quarter’s figure of 69 cents.
The fourth-quarter revenues of $3,442 million missed the Zacks Consensus Estimate of $3,972 million by 13.34%. The figure also declined 15.07% from the year-ago quarter’s $4,053 million.
CMS Energy Corporation (CMS - Free Report) reported fourth-quarter 2023 adjusted EPS of $1.05, which beat the Zacks Consensus Estimate of $1.04 by 1%. The bottom line also increased 75% from 60 cents reported in the prior-year quarter.
Operating revenues totaled $1,950 million, which lagged the Zacks Consensus Estimate of $2,461.4 million by 20.8%. The top line also decreased 14.4% on a year-over-year basis.
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DTE Energy Company (DTE - Free Report) reported fourth-quarter 2023 operating earnings per share (EPS) of $1.97, which came in line with the Zacks Consensus Estimate. The bottom line, however, improved 50.4% from the year-ago quarter’s reported figure of $1.31.
The company reported GAAP earnings of $2.02 per share compared with $1.31 in the prior-year quarter.
For 2023, the company recorded operating EPS of $5.73, which missed the Zacks Consensus Estimate of $5.75. The bottom line also declined 6.1% from the year-ago level of $6.10.
Highlights of the Release
The operating net income in the quarter was $406 million compared with $266 million in the year-ago period.
Segmental Details
Utility Operations
DTE Electric: The segment’s earnings were $1.18 per share compared with $1.03 in the prior-year quarter.
DTE Gas: The segment reported earnings of 51 cents per share compared with 47 cents in the year-ago period.
Non-Utility Operations: The segment reported operating earnings of 53 cents per share compared with 4 cents in the corresponding quarter of 2022.
2024 Guidance
DTE Energy initiated its 2024 operating EPS projection. The company expects operating EPS in the range of $6.54-$6.83. The Zacks Consensus Estimate for earnings is pegged at $6.70 per share, which lies just above the midpoint of the company’s guided range.
Zacks Rank
DTE Energy currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Recent Utility Releases
NextEra Energy, Inc. (NEE - Free Report) reported fourth-quarter 2023 adjusted earnings of 52 cents per share, which beat the Zacks Consensus Estimate of 49 cents by 6.1%. The bottom line was also up nearly 2% from the prior-year quarter’s level.
For the fourth quarter, NextEra’s operating revenues totaled $6.87 billion, which surpassed the Zacks Consensus Estimate of $6.1 billion by 13.4%. The top line improved 11.2% year over year.
Xcel Energy (XEL - Free Report) reported fourth-quarter 2023 operating earnings of 83 cents per share, which lagged the Zacks Consensus Estimate of 85 cents by 2.3%. However, the bottom line improved 620.3% from the year-ago quarter’s figure of 69 cents.
The fourth-quarter revenues of $3,442 million missed the Zacks Consensus Estimate of $3,972 million by 13.34%. The figure also declined 15.07% from the year-ago quarter’s $4,053 million.
CMS Energy Corporation (CMS - Free Report) reported fourth-quarter 2023 adjusted EPS of $1.05, which beat the Zacks Consensus Estimate of $1.04 by 1%. The bottom line also increased 75% from 60 cents reported in the prior-year quarter.
Operating revenues totaled $1,950 million, which lagged the Zacks Consensus Estimate of $2,461.4 million by 20.8%. The top line also decreased 14.4% on a year-over-year basis.
Zacks Names #1 Semiconductor Stock
It's only 1/9,000th the size of NVIDIA which skyrocketed more than +800% since we recommended it. NVIDIA is still strong, but our new top chip stock has much more room to boom.
With strong earnings growth and an expanding customer base, it's positioned to feed the rampant demand for Artificial Intelligence, Machine Learning, and Internet of Things. Global semiconductor manufacturing is projected to explode from $452 billion in 2021 to $803 billion by 2028.
See This Stock Now for Free >>
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