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DTE Energy (DTE) Q3 Earnings Surpass Estimates, Decline Y/Y
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DTE Energy Company (DTE - Free Report) reported third-quarter 2022 operating earnings per share (EPS) of $1.60, which surpassed the Zacks Consensus Estimate of $1.58 by 1.3%. The bottom line however decreased 7% from the year-ago quarter’s $1.72 per share.
The company reported GAAP earnings of $1.99 per share compared with earnings of 30 cents in the year-ago quarter.
Highlights of the Release
The operating net income in the reported quarter totaled $311 million compared with $334 million in the year-ago quarter.
DTE Energy announced that the company is slated to add 650 megawatts of new solar energy to accommodate Ford’s carbon-free electricity needs, increasing solar in Michigan by 70%. Through this clean energy purchase, 600,000 tons of carbon dioxide emissions will be avoided annually.
DTE Energy Company Price, Consensus and EPS Surprise
DTE Electric: The segment’s operating earnings amounted to $1.88 per share, up from $1.77 in the prior-year quarter.
DTE Gas: The segment incurred an operating loss of 12 cents per share compared with a loss of 16 cents in the prior-year quarter.
Non-Utility Operations: Operating earnings of the segment totaled 41 cents per share compared with 11 cents in the year-ago quarter.
2022 Guidance
DTE Energy reaffirmed its 2022 operating EPS guidance in the range of $5.90-$6.10. The Zacks Consensus Estimate for 2022 earnings, pegged at $6.01, lies just above the midpoint of the guided range.
FirstEnergy Corporation (FE - Free Report) delivered third-quarter 2022 operating EPS of 79 cents, beating the Zacks Consensus Estimate of 77 cents by 2.6%. It generated operating revenues of $3,533 million in the third quarter, which surpassed the Zacks Consensus Estimate of $3,190 million by 10.8%. The top line improved 13.1% from the year-ago quarter.
As of Sep 30, 2022, FE had cash and cash equivalents of $251 million compared with $1,462 million as of Dec 31, 2021. Net cash provided by operating activities for the first nine months of 2022 was $1,837 million compared with $2,104 million in the year-ago period.
Upcoming Releases
Ameren (AEE - Free Report) is scheduled to report its third-quarter 2022 results on Nov 3. The Zacks Consensus Estimate for its third-quarter earnings is pegged at $1.71 per share, indicating an improvement of 3.6% from the prior-year reported figure.
Ameren boasts a long-term earnings growth rate of 7.2%. The Zacks Consensus Estimate for AEE’s third-quarter sales is pegged at $1.90 billion, suggesting a 5% increase from the prior-year reported figure.
Pinnacle West Capital (PNW - Free Report) is slated to report its third-quarter 2022 results on Nov 3. The Zacks Consensus Estimate for its third-quarter earnings, pegged at $2.62 per share, implies a decline of 12.7% from the prior-year quarter’s reported figure.
PNW has a four-quarter earnings surprise of 115.48%. The Zacks Consensus Estimate for Pinnacle’s third-quarter sales suggests a growth rate of 0.6% from the prior-year quarter’s reported figure.
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DTE Energy (DTE) Q3 Earnings Surpass Estimates, Decline Y/Y
DTE Energy Company (DTE - Free Report) reported third-quarter 2022 operating earnings per share (EPS) of $1.60, which surpassed the Zacks Consensus Estimate of $1.58 by 1.3%. The bottom line however decreased 7% from the year-ago quarter’s $1.72 per share.
The company reported GAAP earnings of $1.99 per share compared with earnings of 30 cents in the year-ago quarter.
Highlights of the Release
The operating net income in the reported quarter totaled $311 million compared with $334 million in the year-ago quarter.
DTE Energy announced that the company is slated to add 650 megawatts of new solar energy to accommodate Ford’s carbon-free electricity needs, increasing solar in Michigan by 70%. Through this clean energy purchase, 600,000 tons of carbon dioxide emissions will be avoided annually.
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 $1.88 per share, up from $1.77 in the prior-year quarter.
DTE Gas: The segment incurred an operating loss of 12 cents per share compared with a loss of 16 cents in the prior-year quarter.
Non-Utility Operations: Operating earnings of the segment totaled 41 cents per share compared with 11 cents in the year-ago quarter.
2022 Guidance
DTE Energy reaffirmed its 2022 operating EPS guidance in the range of $5.90-$6.10. The Zacks Consensus Estimate for 2022 earnings, pegged at $6.01, lies just 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.
A Recent Utility Release
FirstEnergy Corporation (FE - Free Report) delivered third-quarter 2022 operating EPS of 79 cents, beating the Zacks Consensus Estimate of 77 cents by 2.6%. It generated operating revenues of $3,533 million in the third quarter, which surpassed the Zacks Consensus Estimate of $3,190 million by 10.8%. The top line improved 13.1% from the year-ago quarter.
As of Sep 30, 2022, FE had cash and cash equivalents of $251 million compared with $1,462 million as of Dec 31, 2021. Net cash provided by operating activities for the first nine months of 2022 was $1,837 million compared with $2,104 million in the year-ago period.
Upcoming Releases
Ameren (AEE - Free Report) is scheduled to report its third-quarter 2022 results on Nov 3. The Zacks Consensus Estimate for its third-quarter earnings is pegged at $1.71 per share, indicating an improvement of 3.6% from the prior-year reported figure.
Ameren boasts a long-term earnings growth rate of 7.2%. The Zacks Consensus Estimate for AEE’s third-quarter sales is pegged at $1.90 billion, suggesting a 5% increase from the prior-year reported figure.
Pinnacle West Capital (PNW - Free Report) is slated to report its third-quarter 2022 results on Nov 3. The Zacks Consensus Estimate for its third-quarter earnings, pegged at $2.62 per share, implies a decline of 12.7% from the prior-year quarter’s reported figure.
PNW has a four-quarter earnings surprise of 115.48%. The Zacks Consensus Estimate for Pinnacle’s third-quarter sales suggests a growth rate of 0.6% from the prior-year quarter’s reported figure.