Stock Monitor: Black Hills Post Earnings Reporting
LONDON, UK / ACCESSWIRE / May 09, 2018 / If you want access to our free earnings report on DTE Energy Co. (NYSE: DTE), all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=DTE. The Company reported its first quarter fiscal 2018 operating and financial results on April 25, 2018. The utility Company beat earnings estimates. Additionally, the Company reiterated its earnings guidance for FY18. Register today and get access to over 1,000 Free Research Reports by joining our site below:
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Earnings Highlights and Summary
For the three months ended March 31, 2018, DTE Energy's operating revenues advanced 16% to $3.75 billion compared to $3.24 billion in Q1 2017.
DTE Energy reported earnings of $361 million, or $2.00 per diluted share, in Q1 2018 compared to $400 million, or $2.23 per diluted share, in Q1 2017.
During Q1 2018, DTE Energy's operating earnings were $342 million, or $1.91 per diluted share, compared to $322 million, or $1.79 per diluted share, in Q1 2017. The Company's operating earnings exclude non-recurring items, certain mark-to-market adjustments, and discontinued operations. The Company's earnings beat Wall Street's estimates of $1.89 per share.
During Q1 2018, the Company's DTE Electric segment's operating earnings surged 34% to $142 million compared to $106 million in Q1 2017, driven by a lower storm expense, a return to normal weather, and the implementation of new rates. For the reported quarter, the Company's DTE Gas segment's operating earnings were $111 million versus $107 million in the prior year's same quarter, primarily driven by a return to normal weather.
For Q1 2018, DTE Energy's Gas Storage and Pipelines segment's operating earnings were $62 million, reflecting a growth of 38% compared to $45 million in Q1 2017, with the increase primarily attributed to a lower tax rate, as well as increased gathering and transport volumes, mainly in the Bluestone area. The Company's Power and Industrial segment's operating earnings soared 40% to $42 million versus $30 million in the year earlier comparable quarter, due to higher REF volumes and higher steel-related earnings, as well as the lower tax rate.
During Q1 2018, the Company's Energy Trading segment's operating earnings were $1 million, which were down $17 million from Q1 2017, driven by a lower performance in accounting flow through in DTE Energy's Power portfolio.
During Q1 2018, DTE Energy's cash from operations totaled $838 million, up 6% compared to $787 million in Q1 2017, primarily driven by an increase in depreciation and amortization expenses, and working capital adjustments.
On May 03, 2018, DTE Energy's Board of Directors declared a $0.8825 per share dividend on its common stock, payable on July 15, 2018, to shareholders of record at the close of business on June 18, 2018. This continues DTE Energy's consistent dividend history, having issued a cash dividend for more than 100 years.
DTE Energy reaffirmed its full year 2018 operating earnings per share forecasts of $5.57 - $5.99.
Stock Performance Snapshot
May 08, 2018 - At Tuesday's closing bell, DTE Energy's stock dropped 2.93%, ending the trading session at $101.10.
Volume traded for the day: 1.34 million shares, which was above the 3-month average volume of 1.19 million shares.
Stock performance in the previous three-month period – up 1.75%
After yesterday's close, DTE Energy's market cap was at $18.36 billion.
Price to Earnings (P/E) ratio was at 15.13.
The stock has a dividend yield of 3.49%.
The stock is part of the Utilities sector, categorized under the Electric Utilities industry.
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