DTE Energy Company (DTE - Free Report) reported fourth-quarter 2019 operating earnings per share of $1.35, which surpassed the Zacks Consensus Estimate of $1.29 by 4.7%. The bottom line improved 48.4% from 91 cents in the year-ago quarter.
In 2019, the company generated operating earnings per share of $6.30, which surpassed the Zacks Consensus Estimate of $6.22 by 1.3%. The full-year bottom line also improved 2.1% from $6.17 in the prior year.
Highlights of the Release
Operating net income in the reported quarter totaled $258 million compared with $165 million in the year-ago quarter.
In 2019, the company invested $2.1 billion with Michigan-based companies, exceeding its commitment to the Pure Michigan Business Connect local supplier initiative.
More than 10,000 residential customers have enrolled in DTE Energy’s MIGreenPower, and some of Southeast Michigan’s largest commercial customers have already signed up for 400 MW of voluntary wind energy, which is equivalent to powering over 135,000 homes with clean energy.
DTE Electric: The segment’s operating earnings totaled $128 million, up from $60 million in the prior-year quarter.
DTE Gas: The segment recorded operating earnings of $64 million compared with $62 million in the prior-year quarter.
Non-Utility Operations: Operating earnings at this segment amounted to $93 million compared with $78 million in the year-ago quarter.
DTE Energy reiterated its 2020 operating earnings per share guidance in the range of $6.47-$6.75. The Zacks Consensus Estimate of $6.59 for the company’s full-year earnings lies below the midpoint of its guided range.
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
Xcel Energy (XEL - Free Report) posted fourth-quarter 2019 operating earnings of 56 cents per share, which beat the Zacks Consensus Estimate of 53 cents by 5.6%.
NextEra Energy (NEE - Free Report) reported fourth-quarter 2019 adjusted earnings of $1.44 per share, which lagged the Zacks Consensus Estimate of $1.54 by 6.5%.
CMS Energy Corporation (CMS - Free Report) reported fourth-quarter 2019 adjusted earnings of 68 cents, which missed the Zacks Consensus Estimate of 69 cents.
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