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DTE Energy (DTE) Q2 Earnings Miss Estimates, EPS View Up
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DTE Energy Company (DTE - Free Report) reported second-quarter 2022 operating earnings per share (EPS) of 88 cents, which missed the Zacks Consensus Estimate of $1.02 by 13.7%. The bottom line also decreased 27.9% from the year-ago quarter’s $1.22 per share.
The company reported GAAP earnings of 19 cents per share compared with the earnings of 92 cents in the year-ago quarter.
Highlights of the Release
The operating net income in the reported quarter totaled $171 million compared with $235 million in the year-ago quarter.
DTE Energy announced that it has put into operation the Blue Water Energy Center, which will provide cleaner, reliable and affordable power for 850,000 homes. This is DTE’s largest step in reducing carbon emissions to date.
DTE Energy Company Price, Consensus and EPS Surprise
DTE Electric: The segment’s operating earnings amounted to 95 cents per share, down from $1.23 in the prior-year quarter.
DTE Gas: The segment recorded operating earnings of 3 cents per share compared with 4 cents in the prior-year quarter.
Non-Utility Operations: Operating earnings of the segment totaled 19 cents per share compared with 28 cents in the year-ago quarter.
2022 Guidance
DTE Energy increased its 2022 operating EPS guidance range from $5.80-$6.00 to $5.90-$6.10. The Zacks Consensus Estimate for 2022 earnings, pegged at $6.02, lies above the midpoint of the guided range.
NextEra Energy, Inc. (NEE - Free Report) reported second-quarter 2022 adjusted earnings of 81 cents per share, which beat the Zacks Consensus Estimate of 75 cents by 8%. The bottom line was also up 14.1% from the prior-year quarter.
For the second quarter, NextEra’s operating revenues were $5,183 million, which lagged the Zacks Consensus Estimate of $5,681 million by 8.8%. However, NEE’s top line improved 31.9% year over year.
American Electric Power Company, Inc. (AEP - Free Report) reported second-quarter 2022 operating EPS of $1.20, which beat the Zacks Consensus Estimate of $1.18 by 1.7%. The bottom line also improved 1.7% from $1.18 per share in the year-ago quarter.
American Electric’s second-quarter revenues of $4,593.8 million beat the Zacks Consensus Estimate of $4,191.2 million by 9.6%. AEP expects 2022 operating earnings in the range of $4.87-$5.07 per share.
An Upcoming Release
Consolidated Edison (ED - Free Report) is scheduled to report its earnings on Aug 4, 2022. The Zacks Consensus Estimate for its second-quarter earnings is pegged at 58 cents per share, indicating growth of 9.4% from the prior-year reported figure.
Consolidated Edison boasts a long-term earnings growth rate of 2%. The Zacks Consensus Estimate for ED’s second-quarter sales is pegged at $3.14 billion, suggesting growth of 5.5% from the prior-year reported figure.
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DTE Energy (DTE) Q2 Earnings Miss Estimates, EPS View Up
DTE Energy Company (DTE - Free Report) reported second-quarter 2022 operating earnings per share (EPS) of 88 cents, which missed the Zacks Consensus Estimate of $1.02 by 13.7%. The bottom line also decreased 27.9% from the year-ago quarter’s $1.22 per share.
The company reported GAAP earnings of 19 cents per share compared with the earnings of 92 cents in the year-ago quarter.
Highlights of the Release
The operating net income in the reported quarter totaled $171 million compared with $235 million in the year-ago quarter.
DTE Energy announced that it has put into operation the Blue Water Energy Center, which will provide cleaner, reliable and affordable power for 850,000 homes. This is DTE’s largest step in reducing carbon emissions to date.
DTE Energy Company Price, Consensus and EPS Surprise
DTE Energy Company price-consensus-eps-surprise-chart | DTE Energy Company Quote
Segmental Details
Utility Operations
DTE Electric: The segment’s operating earnings amounted to 95 cents per share, down from $1.23 in the prior-year quarter.
DTE Gas: The segment recorded operating earnings of 3 cents per share compared with 4 cents in the prior-year quarter.
Non-Utility Operations: Operating earnings of the segment totaled 19 cents per share compared with 28 cents in the year-ago quarter.
2022 Guidance
DTE Energy increased its 2022 operating EPS guidance range from $5.80-$6.00 to $5.90-$6.10. The Zacks Consensus Estimate for 2022 earnings, pegged at $6.02, lies above the midpoint of the 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
NextEra Energy, Inc. (NEE - Free Report) reported second-quarter 2022 adjusted earnings of 81 cents per share, which beat the Zacks Consensus Estimate of 75 cents by 8%. The bottom line was also up 14.1% from the prior-year quarter.
For the second quarter, NextEra’s operating revenues were $5,183 million, which lagged the Zacks Consensus Estimate of $5,681 million by 8.8%. However, NEE’s top line improved 31.9% year over year.
American Electric Power Company, Inc. (AEP - Free Report) reported second-quarter 2022 operating EPS of $1.20, which beat the Zacks Consensus Estimate of $1.18 by 1.7%. The bottom line also improved 1.7% from $1.18 per share in the year-ago quarter.
American Electric’s second-quarter revenues of $4,593.8 million beat the Zacks Consensus Estimate of $4,191.2 million by 9.6%. AEP expects 2022 operating earnings in the range of $4.87-$5.07 per share.
An Upcoming Release
Consolidated Edison (ED - Free Report) is scheduled to report its earnings on Aug 4, 2022. The Zacks Consensus Estimate for its second-quarter earnings is pegged at 58 cents per share, indicating growth of 9.4% from the prior-year reported figure.
Consolidated Edison boasts a long-term earnings growth rate of 2%. The Zacks Consensus Estimate for ED’s second-quarter sales is pegged at $3.14 billion, suggesting growth of 5.5% from the prior-year reported figure.