DTE Energy (DTE) Q2 Earnings Beat, Operating Income Rises

DTE Energy Company DTE reported second-quarter 2020 operating earnings per share (EPS) of $1.53, which beat the Zacks Consensus Estimate of $1.31 by 16.8%.

The company reported GAAP earnings of $1.44 per share, which came in 45.5% higher than the year-ago quarter’s 99 cents.

Highlights of the Release

Operating net income in the reported quarter totaled $277 million compared with $183 million in the year-ago quarter.

The company partnered with General Motors on renewable energy investment, which will enable it to supply enough clean energy to General Motor’s Southeast Michigan facilities by 2023.

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

DTE Energy has invested more than $1.1 billion in Michigan-based companies in the first half of 2020, executing its commitment to the Pure Michigan Business Connect local supplier initiative.

Segmental Details

Utility Operations

DTE Electric:  The segment’s operating earnings amounted to $1.13 per share, up from 73 cents in the prior-year quarter.

DTE Gas: The segment recorded operating earnings of 5 cents per share compared with 2 cents in the prior-year quarter.

Non-Utility Operations: Operating earnings in the segment totaled 53 cents per share compared with 40 cents in the year-ago quarter.

2020 Guidance

DTE Energy reaffirmed its 2020 operating earnings per share guidance in the range of $6.47-$6.75. The Zacks Consensus Estimate of $6.59 lies below the midpoint of the guided range.

Zacks Rank

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

Recent Utility Releases

NextEra Energy NEE reported second-quarter 2020 adjusted earnings of $2.61 per share, surpassing the Zacks Consensus Estimate of $2.50 by 4.4%.

FirstEnergy Corporation FE delivered second-quarter 2020 operating earnings of 57 cents per share, which beat the Zacks Consensus Estimate of 55 cents by 3.64%.

Upcoming Releases

Dominion Energy D is scheduled to report second-quarter 2020 results on Jul 31. The Zacks Consensus Estimate for quarterly earnings stands at 83 cents per share.

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