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DTE Energy (DTE) Misses on Q3 Earnings, Hikes '19 EPS View
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DTE Energy Company (DTE - Free Report) reported third-quarter 2019 operating earnings per share of $1.91, which missed the Zacks Consensus Estimate of $2 by 4.7%. The bottom line also declined 11.5% from $2.13 in the year-ago quarter.
The year-over-year downside can be attributable to severe storm activities that resulted in increased expenses for the company related to electricity restoration.
Highlights of the Release
During the quarter, the Michigan Public Service Commission provided conditional approval to DTE Energy's proposed purchase of three new Michigan wind parks, enhancing its renewable energy portfolio by almost 50% and addressing its commitment to provide clean, affordable and reliable power to its customers.
The company inked an agreement to acquire a midstream gathering and lateral system, which will enhance its Midstream's business and provide access to the growing Gulf Coast markets.
Operating net income in the reported quarter totaled $351 million compared with $388 million in the year-ago quarter.
DTE Energy Company Price, Consensus and EPS Surprise
DTE Electric: The segment’s operating earnings totaled $307 million, up from $304 million in the prior-year quarter.
DTE Gas: The segment incurred an operating loss of $38 million compared with a loss of $28 million in the prior-year quarter.
Non-Utility Operations: The operating earnings at this segment amounted to $127 million compared with $142 million in the year-ago quarter.
2019 Guidance
DTE Energy raised its 2019 operating earnings per share guidance to $6.06-$6.40 from $6.02-$6.38 projected earlier. The Zacks Consensus Estimate of $6.24 for the company’s full-year earnings lies just above the midpoint of its guided range.
Exelon Corp (EXC - Free Report) is slated to report third-quarter 2019 results on Oct 31. The Zacks Consensus Estimate for the to-be-reported quarter’s earnings is pegged at $1.15 per share.
Dominion Energy (D - Free Report) is scheduled to report third-quarter 2019 results on Nov 1. The Zacks Consensus Estimate for earnings in the quarter to be reported is pegged at 89 cents per share.
A Recent Utility Release
NextEra Energy (NEE - Free Report) reported third-quarter 2019 adjusted earnings of $2.39 per share, beating the Zacks Consensus Estimate of $2.27 by 5.3%. Moreover, the reported earnings rose 10.1% on a year-over-year basis.
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DTE Energy (DTE) Misses on Q3 Earnings, Hikes '19 EPS View
DTE Energy Company (DTE - Free Report) reported third-quarter 2019 operating earnings per share of $1.91, which missed the Zacks Consensus Estimate of $2 by 4.7%. The bottom line also declined 11.5% from $2.13 in the year-ago quarter.
The year-over-year downside can be attributable to severe storm activities that resulted in increased expenses for the company related to electricity restoration.
Highlights of the Release
During the quarter, the Michigan Public Service Commission provided conditional approval to DTE Energy's proposed purchase of three new Michigan wind parks, enhancing its renewable energy portfolio by almost 50% and addressing its commitment to provide clean, affordable and reliable power to its customers.
The company inked an agreement to acquire a midstream gathering and lateral system, which will enhance its Midstream's business and provide access to the growing Gulf Coast markets.
Operating net income in the reported quarter totaled $351 million compared with $388 million in the year-ago quarter.
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 operating earnings totaled $307 million, up from $304 million in the prior-year quarter.
DTE Gas: The segment incurred an operating loss of $38 million compared with a loss of $28 million in the prior-year quarter.
Non-Utility Operations: The operating earnings at this segment amounted to $127 million compared with $142 million in the year-ago quarter.
2019 Guidance
DTE Energy raised its 2019 operating earnings per share guidance to $6.06-$6.40 from $6.02-$6.38 projected earlier. The Zacks Consensus Estimate of $6.24 for the company’s full-year earnings lies just above the
midpoint of its guided range.
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 Releases
Exelon Corp (EXC - Free Report) is slated to report third-quarter 2019 results on Oct 31. The Zacks Consensus Estimate for the to-be-reported quarter’s earnings is pegged at $1.15 per share.
Dominion Energy (D - Free Report) is scheduled to report third-quarter 2019 results on Nov 1. The Zacks Consensus Estimate for earnings in the quarter to be reported is pegged at 89 cents per share.
A Recent Utility Release
NextEra Energy (NEE - Free Report) reported third-quarter 2019 adjusted earnings of $2.39 per share, beating the Zacks Consensus Estimate of $2.27 by 5.3%. Moreover, the reported earnings rose 10.1% on a year-over-year basis.
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Zacks has just released a Special Report on the booming investment opportunities of legal marijuana.
Ignited by new referendums and legislation, this industry is expected to blast from an already robust $6.7 billion to $20.2 billion in 2021. Early investors stand to make a killing, but you have to be ready to act and know just where to look.
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