DTE Energy Company DTE 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
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.
DTE Energy raised its 2018 operating earnings per share guidance from the range of $5.57-$5.99 to $5.94-$6.32.
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 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 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 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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