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DTE Energy (DTE) Q4 Earnings Beat Estimates, Increase Y/Y

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DTE Energy Company (DTE - Free Report) reported fourth-quarter 2020 operating earnings per share of $1.39, which surpassed the Zacks Consensus Estimate of $1.33 by 4.5%. The bottom line improved 3% from $1.35 in the year-ago quarter.

In 2020, the company generated operating earnings per share of $7.19, which surpassed the Zacks Consensus Estimate of $7.04 by 2.1%. The full-year bottom line also improved 14.1% from $6.30 in the prior year.
Highlights of the Release

Operating net income in the reported quarter totaled $271 million compared with $258 million in the year-ago quarter.

In 2020, the company invested $2.2 billion in Michigan-based companies, exceeding its commitment to the Pure Michigan Business Connect local supplier initiative.

DTE Energy Company Price, Consensus and EPS Surprise

Utility Operations

DTE Electric:  The segment’s operating earnings totaled $102 million, down from $128 million in the prior-year quarter.

DTE Gas: The segment’s operating earnings totaled $84 million, up from $64 million in the prior-year quarter.

Non-Utility Operations: The segment’s operating earnings totaled $125 million, up from $93 million in the prior-year quarter.

2021 Guidance

DTE Energy provided its 2021 operating earnings per share guidance in the range of $6.88-$7.26. The Zacks Consensus Estimate of $7.14 for the company’s full-year earnings lies above the midpoint of its guided range.

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.

Recent Utility Releases

Xcel Energy Inc. (XEL - Free Report) posted fourth-quarter 2020 operating earnings of 54 cents per share, in line with the Zacks Consensus Estimate.

NextEra Energy, Inc. (NEE - Free Report) reported fourth-quarter 2020 adjusted earnings of 40 cents per share, which beat the Zacks Consensus Estimate of 39 cents by 2.6%.

CMS Energy Corp. (CMS - Free Report) reported fourth-quarter 2020 adjusted earnings per share of 56 cents, which surpassed the Zacks Consensus Estimate of 55 cents by 1.8%.

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