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DTE Energy (DTE) Q3 Earnings Beat on Favorable Weather Pattern

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DTE Energy (DTE) Q3 Earnings Beat on Favorable Weather Pattern

DTE Energy (DTE) now expects to generate operating earnings per share in the range of $5.94-$6.32 during 2018, up from prior range of $6.12-$6.48.

DTE Energy Company DTE reported third-quarter 2018 operating earnings per share of $2.13, which outpaced the Zacks Consensus Estimate of $1.74 by 22.4%. The reported figure also improved 43.9% from the year-ago quarter’s figure of $1.48.

On a GAAP basis, the company’s reported earnings came in at $1.84 per share compared with $1.51 in the prior-year quarter.

Highlights of the Release

DTE Energy announced that it invested nearly $1.2 billion with Michigan-based companies through the third quarter of 2018, exceeding its commitment to the Pure Michigan Business Connect local supplier initiative. Notably, this investment includes $380 million spent in Detroit.

Moreover, the company took a significant step toward its goal of reducing carbon emissions by more than 80% by breaking ground on a natural gas-fueled plant worth $1 billion. Per DTE Energy, the Blue Water Energy Center will be the most efficient power plant in the state when it begins producing affordable and reliable low-emission electricity.

Operating net income in the reported quarter totaled $388 million compared with $264 million in the year-ago quarter, courtesy of favorable weather patterns.

DTE Energy Company Price, Consensus and EPS Surprise

DTE Energy Company Price, Consensus and EPS Surprise | DTE Energy Company Quote

Segmental Details

Utility Operations

DTE Electric:  The segment’s operating earnings totaled $304 million, up from $222 million in the prior-year quarter.

DTE Gas: The segment incurred operating loss of $28 million compared with loss of $13 million in the prior-year quarter.

Non-Utility Operations: The operating earnings from Non-Utility operations were $142 million compared with $70 million in the year-ago quarter.

Guidance

DTE Energy raised its 2018 operating earnings per share guidance from the range of $5.94-$6.32 to $6.12-$6.48.

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

Dominion Energy D is scheduled to report third-quarter 2018 earnings on Nov 1. The Zacks Consensus Estimate is pegged at $1.11.

Eversource Energy ES is scheduled to announce third-quarter 2018 earnings  on Nov 1. The Zacks Consensus Estimate stands at 88 cents.

Exelon Corp. EXC is scheduled to report third-quarter 2018 earnings on Nov 1. The Zacks Consensus Estimate is pegged at 86 cents.

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DTE Energy Company (DTE) : Free Stock Analysis Report
 
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