DTE Energy Company DTE reported first-quarter 2019 operating earnings per share (EPS) of $2.05, which exceeded the Zacks Consensus Estimate of $1.95 by 5.1%. The figure also increased 7.3% from $1.91 reported in the year-ago quarter.
On a GAAP basis, the company’s reported earnings came in at $2.19 per share compared with $2.00 in the prior-year quarter.
Highlights of the Release
During the first quarter of 2019, DTE Energy announced the opening of the Pine River Wind Park. With 65 turbines, it is the largest wind park in Michigan and also the company’s most cost-effective wind project till date.
Also, during the quarter, the company filed an Integrated Resource Plan (IRP), intending to reduce carbon emissions by 32% by 2023, 50% by 2030, and wrap it up with an 80% cut by 2040 instead of 2050. DTE Energy will also invest $2 billion in renewables by 2024, doubling the company's renewable energy production over the next five years.
Operating net income in the reported quarter totaled $374 million compared with $342 million in the year-ago quarter.
DTE Electric: The segment’s operating earnings totaled $147 million, up from $142 million registered in the prior-year quarter.
DTE Gas: The segment generated operating earnings of $151 million in the quarter compared with $111 million in the prior-year quarter.
Non-Utility Operations: The operating earnings from Non-Utility operations were $79 million compared with $105 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
DTE Energy reaffirmed its 2019 operating earnings per share guidance of $5.97-$6.33.
DTE Energy 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 Partners, LP NEP incurred a loss of 38 cents per share in first-quarter 2019 against the Zacks Consensus Estimate of earnings of 52 cents.
NextEra Energy, Inc. NEE reported first-quarter 2019 adjusted earnings of $2.20 per share, beating the Zacks Consensus Estimate of $2.01 by 9.4%.
An Upcoming Utility Release
Consolidated Edison Inc. ED carries a Zacks Rank #3 (Hold) and is scheduled to report first-quarter results on May 2.
Will you retire a millionaire?
One out of every six people retires a multimillionaire. Get smart tips you can do today to become one of them in a new Special Report, “7 Things You Can Do Now to Retire a Multimillionaire.”
Click to get it free >>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Consolidated Edison Inc (ED) : Free Stock Analysis Report
DTE Energy Company (DTE) : Free Stock Analysis Report
NextEra Energy, Inc. (NEE) : Free Stock Analysis Report
NextEra Energy Partners, LP (NEP) : Free Stock Analysis Report
To read this article on Zacks.com click here.
Zacks Investment Research