DTE Energy (DTE) Beats on Q3 Earnings, Hikes '20 EPS View
DTE Energy Company DTE reported third-quarter 2020 operating earnings per share (EPS) of $2.61, which beat the Zacks Consensus Estimate of $2.06 by 26.7%. The bottom line also improved 36.6% from $1.91 in the year-ago quarter.
The company reported GAAP earnings of $2.46 per share compared with the year-ago quarter’s $1.73.
Highlights of the Release
Operating net income in the reported quarter totaled $504 million compared with $351 million in the year-ago quarter.
The company updated its MIGreenPower voluntary renewables plan with the Michigan Public Service Commission. The plan includes bringing online an additional 420 megawatts of solar energy by 2022, or enough clean energy to power 120,000 homes.
DTE Energy increased its dividend by 7% from the previous quarterly dividend of $1.0125 per share.
DTE Electric: The segment’s operating earnings amounted to $2.06 per share, up from $1.67 in the prior-year quarter.
DTE Gas: The segment recorded an operating loss of 10 cents per share compared with the operating loss of 21 cents in the prior-year quarter.
Non-Utility Operations: Operating earnings in the segment totaled 78 cents per share compared with 70 cents in the year-ago quarter.
DTE Energy Company Price and EPS Surprise
DTE Energy increased its 2020 operating EPS guidance range from $6.47-$6.75 to $6.90-$7.10.
The Zacks Consensus Estimate for earnings of $6.72 per share lies below the company’s guided range.
DTE Energy currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Recent Utility Releases
American Electric Power AEP reported third-quarter 2020 adjusted earnings per share of $1.47, which beat the Zacks Consensus Estimate of $1.46 by 0.7%.
NextEra Energy NEE reported third-quarter 2020 adjusted earnings of $2.66 per share, which beat the Zacks Consensus Estimate of $2.65 by 0.4%.
An Upcoming Release
FirstEnergy Corporation FE is scheduled to report third-quarter 2020 results on Nov 2.
Just Released: Zacks’ 7 Best Stocks for Today
Experts extracted 7 stocks from the list of 220 Zacks Rank #1 Strong Buys that has beaten the market more than 2X over with a stunning average gain of +24.5% per year.
These 7 were selected because of their superior potential for immediate breakout.
See these time-sensitive tickers now >>
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
FirstEnergy Corporation (FE): Free Stock Analysis Report
American Electric Power Company, Inc. (AEP): Free Stock Analysis Report
DTE Energy Company (DTE): Free Stock Analysis Report
NextEra Energy, Inc. (NEE): Free Stock Analysis Report
To read this article on Zacks.com click here.
Zacks Investment Research
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.