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DTE Energy's (DTE) Q2 Earnings Beat Estimates, Increase Y/Y

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DTE Energy Company (DTE - Free Report) reported second-quarter 2021 operating earnings per share (EPS) of $1.70, which beat the Zacks Consensus Estimate of $1.44 by 18.1%. The bottom line also improved 11.1% from the year-ago quarter’s $1.53.

The company reported GAAP earnings of 92 cents per share compared to earnings of $1.44 in the year-ago quarter.

Highlights of the Release

Operating net income in the reported quarter totaled $329 million compared with $277 million in the year-ago quarter.

During the second quarter, the company executed the successful spin-off of its midstream business, now called DT Midstream, which commenced publicly trading on Jul 1, 2021.

DTE Energy Company Price, Consensus and EPS Surprise

Segmental Details

Utility Operations

DTE Electric:  The segment’s operating earnings amounted to $1.23 per share, up from $1.13 in the prior-year quarter.

DTE Gas: The segment recorded operating earnings of 4 cents per share compared with 5 cents in the prior-year quarter.

Non-Utility Operations: Operating earnings in the segment totaled 72 cents per share compared with 53 cents in the year-ago quarter.

2021 Guidance

DTE Energy updated its 2021 operating earnings per share guidance in the range of $5.62-$5.92 from $5.36-$5.66. The Zacks Consensus Estimate of $5.81 for the company’s full-year earnings lies above the midpoint of its guided range.

Zacks Rank

DTE Energy carries a Zacks Rank #4 (Sell).

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Recent Utility Releases

American Electric Power (AEP - Free Report) reported second-quarter 2021 adjusted earnings per share of $1.18, which exceeded the Zacks Consensus Estimate of $1.14 by 3.5%.

NextEra Energy (NEE - Free Report) reported second-quarter 2021 adjusted earnings of 71 cents per share, which beat the Zacks Consensus Estimate of 67 cents by 5.6%.

An Upcoming Utility Release

CenterPoint Energy (CNP - Free Report) is set to release its second-quarter results on Aug 5.