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DTE Energy (DTE) Reports Better-Than-Expected Q2 Earnings
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DTE Energy Company (DTE - Free Report) reported second-quarter 2023 operating earnings per share (EPS) of 99 cents, which surpassed the Zacks Consensus Estimate of 89 cents by 11.2%. The bottom line also improved 12.5% from the year-ago quarter’s reported figure of 88 cents.
The company reported GAAP earnings of 97 cents per share compared with 19 cents in the prior year quarter.
Highlights of the Release
Operating net income in the quarter was $206 million compared with $171 million in the year-ago period.
DTE Energy Company Price, Consensus and EPS Surprise
DTE Electric: The segment’s earnings were 86 cents per share compared with 95 cents in the prior-year quarter.
DTE Gas: The segment reported earnings of 12 cents per share compared with 3 cents in the year-ago period.
Non-Utility Operations: The segment reported operating earnings of 29 cents per share compared with 19 cents in the corresponding quarter of 2022.
2023 Guidance
DTE Energy reaffirmed its 2023 operating EPS projection in the range of $6.09-$6.40. The Zacks Consensus Estimate for earnings is pegged at $6.18 per share, which lies below the midpoint of the company’s guided range.
NextEra Energy (NEE - Free Report) reported second-quarter 2023 adjusted earnings of 88 cents per share, which beat the Zacks Consensus Estimate of 83 cents by 6%. The bottom line was also up 8.6% from the prior-year quarter’s level. The year-over-year improvement was due to the solid performances of Florida Power & Light Company and NextEra Energy Resources.
For the second quarter, NextEra’s operating revenues were $7,349 million, which surpassed the Zacks Consensus Estimate of $6,681 million by 10%. The top line improved 41.8% year over year.
Upcoming Releases
Dominion Energy (D - Free Report) is scheduled to announce second-quarter 2023 results on Aug 4. The Zacks Consensus Estimate for earnings is pegged at 48 cents per share.
Dominion’s long-term earnings growth rate is 20%. The Zacks Consensus Estimate for second-quarter sales indicates a year-over-year improvement of 2.2%.
WEC Energy Group (WEC - Free Report) is set to release second-quarter 2023 results on Aug 1. The Zacks Consensus Estimate for earnings is pegged at 86 cents per share.
WEC Energy’s long-term earnings growth rate is 5.8%. The Zacks Consensus Estimate for second-quarter sales implies year-over-year growth of 1.8%.
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DTE Energy (DTE) Reports Better-Than-Expected Q2 Earnings
DTE Energy Company (DTE - Free Report) reported second-quarter 2023 operating earnings per share (EPS) of 99 cents, which surpassed the Zacks Consensus Estimate of 89 cents by 11.2%. The bottom line also improved 12.5% from the year-ago quarter’s reported figure of 88 cents.
The company reported GAAP earnings of 97 cents per share compared with 19 cents in the prior year quarter.
Highlights of the Release
Operating net income in the quarter was $206 million compared with $171 million in the year-ago period.
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 earnings were 86 cents per share compared with 95 cents in the prior-year quarter.
DTE Gas: The segment reported earnings of 12 cents per share compared with 3 cents in the year-ago period.
Non-Utility Operations: The segment reported operating earnings of 29 cents per share compared with 19 cents in the corresponding quarter of 2022.
2023 Guidance
DTE Energy reaffirmed its 2023 operating EPS projection in the range of $6.09-$6.40. The Zacks Consensus Estimate for earnings is pegged at $6.18 per share, which lies below the midpoint of the company’s 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
NextEra Energy (NEE - Free Report) reported second-quarter 2023 adjusted earnings of 88 cents per share, which beat the Zacks Consensus Estimate of 83 cents by 6%. The bottom line was also up 8.6% from the prior-year quarter’s level. The year-over-year improvement was due to the solid performances of Florida Power & Light Company and NextEra Energy Resources.
For the second quarter, NextEra’s operating revenues were $7,349 million, which surpassed the Zacks Consensus Estimate of $6,681 million by 10%. The top line improved 41.8% year over year.
Upcoming Releases
Dominion Energy (D - Free Report) is scheduled to announce second-quarter 2023 results on Aug 4. The Zacks Consensus Estimate for earnings is pegged at 48 cents per share.
Dominion’s long-term earnings growth rate is 20%. The Zacks Consensus Estimate for second-quarter sales indicates a year-over-year improvement of 2.2%.
WEC Energy Group (WEC - Free Report) is set to release second-quarter 2023 results on Aug 1. The Zacks Consensus Estimate for earnings is pegged at 86 cents per share.
WEC Energy’s long-term earnings growth rate is 5.8%. The Zacks Consensus Estimate for second-quarter sales implies year-over-year growth of 1.8%.