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DTE Energy (DTE) Beats on Q2 Earnings, Hikes '18 EPS View
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DTE EnergyCompany (DTE - Free Report) reported second-quarter 2018 operating earnings per share of $1.36, which outpaced the Zacks Consensus Estimate of $1.11 by 22.5%. The reported figure also improved 27.1% from the year-ago quarter’s figure of $1.07.
On a GAAP basis, reported earnings came in at $1.29 per share compared with 99 cents in the prior-year quarter.
Highlights of the Release
DTE Energy announced that it is accelerating its plans to produce cleaner energy in Michigan, targeting at least a 50% Clean Energy Goal by 2030. Michigan regulators also approved DTE Energy's request to build a highly-efficient natural gas power plant. This new power plant is likely to replace three existing coal-fired plants, which are expected to retire by 2023.
This latest move is expected to be a significant step toward achieving the company’s target of carbon emission reduction by more than 80% within 2050.
Operating net income in the reported quarter totaled $247 million compared with $191 million in the year-ago quarter.
DTE Energy Company Price, Consensus and EPS Surprise
Alliant Energy Corporation (LNT - Free Report) is expected to release second-quarter results on Aug 2. It has an Earnings ESP of +1.10% and a Zacks Rank #2 (Buy).
CMS Energy Corporation (CMS - Free Report) is anticipated to release second-quarter results on Jul 26. It has an Earnings ESP of +11.26% and a Zacks Rank of 2.
Dominion Energy Inc. (D - Free Report) is expected to release second-quarter results on Aug 1. It has an Earnings ESP of +7.17% and a Zacks Rank #2.
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DTE Energy (DTE) Beats on Q2 Earnings, Hikes '18 EPS View
DTE Energy Company (DTE - Free Report) reported second-quarter 2018 operating earnings per share of $1.36, which outpaced the Zacks Consensus Estimate of $1.11 by 22.5%. The reported figure also improved 27.1% from the year-ago quarter’s figure of $1.07.
On a GAAP basis, reported earnings came in at $1.29 per share compared with 99 cents in the prior-year quarter.
Highlights of the Release
DTE Energy announced that it is accelerating its plans to produce cleaner energy in Michigan, targeting at least a 50% Clean Energy Goal by 2030. Michigan regulators also approved DTE Energy's request to build a highly-efficient natural gas power plant. This new power plant is likely to replace three existing coal-fired plants, which are expected to retire by 2023.
This latest move is expected to be a significant step toward achieving the company’s target of carbon emission reduction by more than 80% within 2050.
Operating net income in the reported quarter totaled $247 million compared with $191 million in the year-ago quarter.
DTE Energy Company Price, Consensus and EPS Surprise
DTE Energy Company Price, Consensus and EPS Surprise | DTE Energy Company Quote
Segmental Details
Utility Operations
DTE Electric: The segment’s operating earnings were $163 million, up from $148 million in the prior-year quarter.
DTE Gas: The segment generated operating earnings of $14 million compared with $1 million in the prior-year quarter.
Non-Utility Operations: The operating earnings from Non-Utility operations were $111 million compared with $74 million in the prior-year quarter.
Guidance
DTE Energy raised its 2018 operating earnings per share guidance from the range of $5.57-$5.99 to $5.94-$6.32.
Zacks Rank
DTE Energy carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Upcoming Utility Releases
Alliant Energy Corporation (LNT - Free Report) is expected to release second-quarter results on Aug 2. It has an Earnings ESP of +1.10% and a Zacks Rank #2 (Buy).
CMS Energy Corporation (CMS - Free Report) is anticipated to release second-quarter results on Jul 26. It has an Earnings ESP of +11.26% and a Zacks Rank of 2.
Dominion Energy Inc. (D - Free Report) is expected to release second-quarter results on Aug 1. It has an Earnings ESP of +7.17% and a Zacks Rank #2.
More Stock News: This Is Bigger than the iPhone!
It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 27 billion devices in just 3 years, creating a $1.7 trillion market.
Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 6 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2020.
Click here for the 6 trades >>