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DTE Energy (DTE) Q4 Earnings Meet Estimates, Increase Y/Y
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DTE Energy Company (DTE - Free Report) reported fourth-quarter 2023 operating earnings per share (EPS) of $1.97, which came in line with the Zacks Consensus Estimate. The bottom line, however, improved 50.4% from the year-ago quarter’s reported figure of $1.31.
The company reported GAAP earnings of $2.02 per share compared with $1.31 in the prior-year quarter.
For 2023, the company recorded operating EPS of $5.73, which missed the Zacks Consensus Estimate of $5.75. The bottom line also declined 6.1% from the year-ago level of $6.10.
DTE Energy Company Price, Consensus and EPS Surprise
The operating net income in the quarter was $406 million compared with $266 million in the year-ago period.
Segmental Details
Utility Operations
DTE Electric: The segment’s earnings were $1.18 per share compared with $1.03 in the prior-year quarter.
DTE Gas: The segment reported earnings of 51 cents per share compared with 47 cents in the year-ago period.
Non-Utility Operations: The segment reported operating earnings of 53 cents per share compared with 4 cents in the corresponding quarter of 2022.
2024 Guidance
DTE Energy initiated its 2024 operating EPS projection. The company expects operating EPS in the range of $6.54-$6.83. The Zacks Consensus Estimate for earnings is pegged at $6.70 per share, which lies just above the midpoint of the company’s guided range.
NextEra Energy, Inc. (NEE - Free Report) reported fourth-quarter 2023 adjusted earnings of 52 cents per share, which beat the Zacks Consensus Estimate of 49 cents by 6.1%. The bottom line was also up nearly 2% from the prior-year quarter’s level.
For the fourth quarter, NextEra’s operating revenues totaled $6.87 billion, which surpassed the Zacks Consensus Estimate of $6.1 billion by 13.4%. The top line improved 11.2% year over year.
Xcel Energy (XEL - Free Report) reported fourth-quarter 2023 operating earnings of 83 cents per share, which lagged the Zacks Consensus Estimate of 85 cents by 2.3%. However, the bottom line improved 620.3% from the year-ago quarter’s figure of 69 cents.
The fourth-quarter revenues of $3,442 million missed the Zacks Consensus Estimate of $3,972 million by 13.34%. The figure also declined 15.07% from the year-ago quarter’s $4,053 million.
CMS Energy Corporation (CMS - Free Report) reported fourth-quarter 2023 adjusted EPS of $1.05, which beat the Zacks Consensus Estimate of $1.04 by 1%. The bottom line also increased 75% from 60 cents reported in the prior-year quarter.
Operating revenues totaled $1,950 million, which lagged the Zacks Consensus Estimate of $2,461.4 million by 20.8%. The top line also decreased 14.4% on a year-over-year basis.
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DTE Energy (DTE) Q4 Earnings Meet Estimates, Increase Y/Y
DTE Energy Company (DTE - Free Report) reported fourth-quarter 2023 operating earnings per share (EPS) of $1.97, which came in line with the Zacks Consensus Estimate. The bottom line, however, improved 50.4% from the year-ago quarter’s reported figure of $1.31.
The company reported GAAP earnings of $2.02 per share compared with $1.31 in the prior-year quarter.
For 2023, the company recorded operating EPS of $5.73, which missed the Zacks Consensus Estimate of $5.75. The bottom line also declined 6.1% from the year-ago level of $6.10.
DTE Energy Company Price, Consensus and EPS Surprise
DTE Energy Company price-consensus-eps-surprise-chart | DTE Energy Company Quote
Highlights of the Release
The operating net income in the quarter was $406 million compared with $266 million in the year-ago period.
Segmental Details
Utility Operations
DTE Electric: The segment’s earnings were $1.18 per share compared with $1.03 in the prior-year quarter.
DTE Gas: The segment reported earnings of 51 cents per share compared with 47 cents in the year-ago period.
Non-Utility Operations: The segment reported operating earnings of 53 cents per share compared with 4 cents in the corresponding quarter of 2022.
2024 Guidance
DTE Energy initiated its 2024 operating EPS projection. The company expects operating EPS in the range of $6.54-$6.83. The Zacks Consensus Estimate for earnings is pegged at $6.70 per share, which lies just above the midpoint of the company’s guided range.
Zacks Rank
DTE Energy currently carries a Zacks Rank #2 (Buy). 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 fourth-quarter 2023 adjusted earnings of 52 cents per share, which beat the Zacks Consensus Estimate of 49 cents by 6.1%. The bottom line was also up nearly 2% from the prior-year quarter’s level.
For the fourth quarter, NextEra’s operating revenues totaled $6.87 billion, which surpassed the Zacks Consensus Estimate of $6.1 billion by 13.4%. The top line improved 11.2% year over year.
Xcel Energy (XEL - Free Report) reported fourth-quarter 2023 operating earnings of 83 cents per share, which lagged the Zacks Consensus Estimate of 85 cents by 2.3%. However, the bottom line improved 620.3% from the year-ago quarter’s figure of 69 cents.
The fourth-quarter revenues of $3,442 million missed the Zacks Consensus Estimate of $3,972 million by 13.34%. The figure also declined 15.07% from the year-ago quarter’s $4,053 million.
CMS Energy Corporation (CMS - Free Report) reported fourth-quarter 2023 adjusted EPS of $1.05, which beat the Zacks Consensus Estimate of $1.04 by 1%. The bottom line also increased 75% from 60 cents reported in the prior-year quarter.
Operating revenues totaled $1,950 million, which lagged the Zacks Consensus Estimate of $2,461.4 million by 20.8%. The top line also decreased 14.4% on a year-over-year basis.