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DTE Energy (DTE) Q3 Earnings Fall Short of Mark, Decline Y/Y

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DTE Energy Company DTE reported third-quarter 2021 operating earnings per share (EPS) of $1.72, which missed the Zacks Consensus Estimate of $1.83 by 6%. The bottom line also declined 19.6% from the year-ago quarter’s $2.14.

The company reported GAAP earnings of 13 cents per share compared with earnings of $2.46 in the year-ago quarter.

Highlights of the Release

Operating net income in the reported quarter totaled $334 million compared with $415 million in the year-ago quarter.

The company announced that it will retire all coal units at the Belle River Power Plant by 2028 along with plans to invest $70 million to reduce weather-related power outages.

DTE Energy Company Price, Consensus and EPS Surprise

DTE Energy Company Price, Consensus and EPS Surprise
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 amounted to $1.77 per share, down from $2.06 in the prior-year quarter.

DTE Gas: The segment recorded an operating loss of 16 cents per share compared with a loss of 10 cents in the prior-year quarter.

Non-Utility Operations: Operating earnings in the segment totaled 44 cents per share compared with 32 cents in the year-ago quarter.

Dividend Update

Concurrent with the quarterly results, the company increased its dividend by 7% from 82.5 cents per share to 88.5 cents, totaling the annualized payout to $3.54. The amountis payable Jan 15, 2022 to its shareholders of record at the close of business on Dec 20, 2021.

2021 Guidance

DTE Energy updated its 2021 operating earnings per share guidance tothe range $5.70-$5.98 from $5.62-$5.92 with $5.98 being the Zacks Consensus Estimate for the same. It also provided a 2022 operating EPS outlook of $5.70-$5.97.

Zacks Rank

DTE Energy carries a Zacks Rank #3 (Hold), currently. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Peer Releases

NextEra Energy, Inc. NEE reported third-quarter 2021 adjusted earnings of 75 cents per share, which beat the Zacks Consensus Estimate of 72 cents by 4.2%.

Avangrid, Inc. AGR reported third-quarter 2021 earnings of 34 cents per share, beating the Zacks Consensus Estimate of 30 cents by 13.3%.

Upcoming Release

Xcel Energy XEL is scheduled to announce third-quarter 2021 results on Oct 28. The Zacks Consensus Estimate for earnings per share is pegged at $1.19.


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