DTE Energy Company (DTE - Free Report) reported fourth-quarter 2018 operating earnings per share (EPS) of 91 cents, which missed the Zacks Consensus Estimate of 92 cents by a penny. The reported figure also declined 27.8% from the year-ago quarter’s figure of $1.26.
On a GAAP basis, the company’s reported earnings came in at $1.05 per share compared with $1.60 in the prior-year quarter.
For 2018, DTE Energy’s operating EPS came in at $6.30, up 12.7% from the prior-year figure of $5.59. The figure, however, missed the Zacks Consensus Estimate of $6.31 by a penny.
Highlights of the Release
DTE Energy announced that the NEXUS Gas Transmission system, a DTE joint venture, signed an agreement to purchase Generation Pipeline — a midstream pipeline asset that provides natural gas supply to Northwest Ohio industrial customers. Generation Pipeline is an existing 24-inch, 23-mile pipeline with current capacity to deliver 355 million cubic feet per day of clean-burning natural gas.
In the renewable energy space, the company expects new projects, including Pine River Wind Park in mid-Michigan, to drive investments of more than $1.7 billion in Michigan and double renewable energy capacity from 1,000 to 2,000 megawatts. Further, DTE Energy claims to have invested $1.7 billion with Michigan-based companies in 2018, exceeding its commitment to the Pure Michigan Business Connect local supplier initiative.
Operating net income in the reported quarter totaled $165 million compared with $224 million in the year-ago quarter.
DTE Electric: The segment’s operating earnings totaled $60 million, down from $141 million registered in the prior-year quarter.
DTE Gas: The segment generated operating earnings of $62 million in the fourth quarter compared with $54 million in the prior-year quarter.
Non-Utility Operations: The operating earnings from Non-Utility operations were $78 million compared with $67 million in the year-ago quarter.
DTE Energy reiterated its 2019 operating earnings per share guidance in the range of $5.97-$6.33.
DTE Energy 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
American Electric Power Co., Inc. (AEP - Free Report) reported fourth-quarter 2018 operating earnings per share (EPS) of 72 cents in line with the Zacks Consensus Estimate.
NextEra Energy, Inc. (NEE - Free Report) reported fourth-quarter 2018 adjusted earnings of $1.49 per share, which fell short of the Zacks Consensus Estimate of $1.51 by 1.3%.
Xcel Energy Inc. (XEL - Free Report) posted fourth-quarter 2018 operating earnings of 42 cents per share in line with the Zacks Consensus Estimate.
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