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DTE Energy (DTE) Q3 Earnings Miss Estimates, EPS View Down
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DTE Energy Company (DTE - Free Report) reported third-quarter 2023 operating earnings per share (EPS) of $1.44 per share, which missed the Zacks Consensus Estimate of $1.72 by 16.3%. The bottom line also declined 10% from the year-ago quarter’s reported figure of $1.60 per share.
The company reported GAAP earnings of $1.61 per share compared with $1.99 in the prior-year quarter.
Highlights of the Release
The operating net income in the quarter was $298 million compared with $311 million in the year-ago period.
DTE Energy Company Price, Consensus and EPS Surprise
DTE Electric: The segment’s earnings were $1.30 per share compared with $1.80 in the prior-year quarter.
DTE Gas: The segment reported a loss of 3 cents per share compared with 12 cents in the year-ago period.
Non-Utility Operations: The segment reported operating earnings of 43 cents per share compared with 2 cents in the corresponding quarter of 2022.
2023 Guidance
DTE Energy updated its 2023 operating EPS projection. The company now expects operating EPS in the range of $5.65-$5.85, down from the prior expectation in the band of $6.09-$6.40. The Zacks Consensus Estimate for earnings is pegged at $6.18 per share, which lies above the midpoint of the company’s guided range.
PG&E Corporation’s (PCG - Free Report) adjusted EPS of 24 cents in the third quarter of 2023 lagged the Zacks Consensus Estimate of 28 cents by 14.3%. The bottom line decreased 17.2% from the year-ago quarter’s reported figure.
In the third quarter, PCG reported total revenues of $5,888 million compared with $5,394 million in the year-ago period. Operating revenues missed the Zacks Consensus Estimate of $5,946.1 million by 0.9%.
NextEra Energy, Inc. (NEE - Free Report) released third-quarter 2023 adjusted earnings of 94 cents per share, which beat the Zacks Consensus Estimate of 86 cents by 9.3%. The bottom line was also up 10.6% from the prior-year quarter. The year-over-year improvement was due to the solid performances of Florida Power & Light Company and NextEra Energy Resources.
For the third quarter, NextEra’s operating revenues were $7,172 million, which lagged the Zacks Consensus Estimate of $7,453 million by 3.8%. However, the top line improved 6.7% year over year.
CenterPoint Energy (CNP - Free Report) reported third-quarter 2023 adjusted earnings of 40 cents per share, which surpassed the Zacks Consensus Estimate of 37 cents by 8.1%. The bottom line also improved 25% from the year-ago quarter’s figure, driven by regulatory recovery and favorable weather.
CNP generated revenues of $1,860 million, down 2.3% from the year-ago quarter’s reported figure. The top line missed the Zacks Consensus Estimate of $1,910.7 million by 2.7%.
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DTE Energy (DTE) Q3 Earnings Miss Estimates, EPS View Down
DTE Energy Company (DTE - Free Report) reported third-quarter 2023 operating earnings per share (EPS) of $1.44 per share, which missed the Zacks Consensus Estimate of $1.72 by 16.3%. The bottom line also declined 10% from the year-ago quarter’s reported figure of $1.60 per share.
The company reported GAAP earnings of $1.61 per share compared with $1.99 in the prior-year quarter.
Highlights of the Release
The operating net income in the quarter was $298 million compared with $311 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 $1.30 per share compared with $1.80 in the prior-year quarter.
DTE Gas: The segment reported a loss of 3 cents per share compared with 12 cents in the year-ago period.
Non-Utility Operations: The segment reported operating earnings of 43 cents per share compared with 2 cents in the corresponding quarter of 2022.
2023 Guidance
DTE Energy updated its 2023 operating EPS projection. The company now expects operating EPS in the range of $5.65-$5.85, down from the prior expectation in the band of $6.09-$6.40. The Zacks Consensus Estimate for earnings is pegged at $6.18 per share, which lies above 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.
Recent Utility Releases
PG&E Corporation’s (PCG - Free Report) adjusted EPS of 24 cents in the third quarter of 2023 lagged the Zacks Consensus Estimate of 28 cents by 14.3%. The bottom line decreased 17.2% from the year-ago quarter’s reported figure.
In the third quarter, PCG reported total revenues of $5,888 million compared with $5,394 million in the year-ago period. Operating revenues missed the Zacks Consensus Estimate of $5,946.1 million by 0.9%.
NextEra Energy, Inc. (NEE - Free Report) released third-quarter 2023 adjusted earnings of 94 cents per share, which beat the Zacks Consensus Estimate of 86 cents by 9.3%. The bottom line was also up 10.6% from the prior-year quarter. The year-over-year improvement was due to the solid performances of Florida Power & Light Company and NextEra Energy Resources.
For the third quarter, NextEra’s operating revenues were $7,172 million, which lagged the Zacks Consensus Estimate of $7,453 million by 3.8%. However, the top line improved 6.7% year over year.
CenterPoint Energy (CNP - Free Report) reported third-quarter 2023 adjusted earnings of 40 cents per share, which surpassed the Zacks Consensus Estimate of 37 cents by 8.1%. The bottom line also improved 25% from the year-ago quarter’s figure, driven by regulatory recovery and favorable weather.
CNP generated revenues of $1,860 million, down 2.3% from the year-ago quarter’s reported figure. The top line missed the Zacks Consensus Estimate of $1,910.7 million by 2.7%.