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DTE Energy (DTE) Q2 Earnings Beat, Operating Income Rises
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DTE Energy Company (DTE - Free Report) 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 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.
NextEra Energy (NEE - Free Report) 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 - Free Report) 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 - Free Report) is scheduled to report second-quarter 2020 results on Jul 31. The Zacks Consensus Estimate for quarterly earnings stands at 83 cents per share.
These Stocks Are Poised to Soar Past the Pandemic
The COVID-19 outbreak has shifted consumer behavior dramatically, and a handful of high-tech companies have stepped up to keep America running. Right now, investors in these companies have a shot at serious profits. For example, Zoom jumped 108.5% in less than 4 months while most other stocks were sinking.
Our research shows that 5 cutting-edge stocks could skyrocket from the exponential increase in demand for “stay at home” technologies. This could be one of the biggest buying opportunities of this decade, especially for those who get in early.
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DTE Energy (DTE) Q2 Earnings Beat, Operating Income Rises
DTE Energy Company (DTE - Free Report) 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-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 - Free Report) 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 - Free Report) 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 - Free Report) is scheduled to report second-quarter 2020 results on Jul 31. The Zacks Consensus Estimate for quarterly earnings stands at 83 cents per share.
These Stocks Are Poised to Soar Past the Pandemic
The COVID-19 outbreak has shifted consumer behavior dramatically, and a handful of high-tech companies have stepped up to keep America running. Right now, investors in these companies have a shot at serious profits. For example, Zoom jumped 108.5% in less than 4 months while most other stocks were sinking.
Our research shows that 5 cutting-edge stocks could skyrocket from the exponential increase in demand for “stay at home” technologies. This could be one of the biggest buying opportunities of this decade, especially for those who get in early.
See the 5 high-tech stocks now>>