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DTE Energy Company (DTE - Free Report) reported second-quarter 2024 operating earnings per share (EPS) of $1.43, which beat the Zacks Consensus Estimate of $1.18 by 21.2%. The bottom line also improved a solid 44.4% from the year-ago quarter’s reported figure of 99 cents.
The company reported GAAP earnings of $1.55 per share compared with 97 cents in the prior-year quarter.
Highlights of the Release
The operating net income in the quarter was $296 million compared with $206 million in the year-ago period.
DTE Energy Company Price, Consensus and EPS Surprise
DTE Electric: The segment’s operating earnings totaled $1.34 per share compared with 86 cents in the prior-year quarter.
DTE Gas: The segment’s reported operating earnings of 6 cents per share compared with 12 cents in the year-ago period.
Non-Utility Operations: The segment reported operating earnings of 23 cents per share compared with 29 cents in the second quarter of 2023.
2024 Guidance
DTE Energy reiterated its 2024 operating EPS projection. The company still expects operating EPS to be in the range of $6.54-$6.83. The Zacks Consensus Estimate for earnings is pegged at $6.69 per share, which is almost in line with the midpoint of the company’s guided range.
Zacks Rank
DTE Energy currently carries a Zacks Rank #4 (Sell).
NextEra Energy, Inc. (NEE - Free Report) reported second-quarter 2024 adjusted earnings of 96 cents per share, which beat the Zacks Consensus Estimate of 93 cents by 3.2%. The bottom line was also up nearly 9.1% year over year.
Operating revenues totaled $6.06 billion, which lagged the Zacks Consensus Estimate of $7.26 billion by 16.8%. The top line plunged 17.4% year over year.
AVANGRID, Inc. (AGR - Free Report) reported second-quarter 2024 earnings of 49 cents per share, which surpassed the Zacks Consensus Estimate of 27 cents by 81.5%. The bottom line also increased 133.3% from the year-ago quarter’s figure of 21 cents.
Operating revenues amounted to $1.92 billion, which beat the Zacks Consensus Estimate of $1.72 billion by 11.9%. The top line also increased 21.2% from $1.59 billion reported in the comparable period of 2023.
CMS Energy Corporation (CMS - Free Report) reported second-quarter 2024 adjusted EPS of 66 cents, which beat the Zacks Consensus Estimate of 63 cents by 4.8%. The bottom line, however, declined 12% from 75 cents reported in the prior-year quarter.
Operating revenues totaled $1.61 billion, which lagged the Zacks Consensus Estimate of $1.69 billion by 5%. The top line, however, increased 3.3% on a year-over-year basis.
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DTE Energy's (DTE) Q2 Earnings Beat Estimates, Rise Y/Y
DTE Energy Company (DTE - Free Report) reported second-quarter 2024 operating earnings per share (EPS) of $1.43, which beat the Zacks Consensus Estimate of $1.18 by 21.2%. The bottom line also improved a solid 44.4% from the year-ago quarter’s reported figure of 99 cents.
The company reported GAAP earnings of $1.55 per share compared with 97 cents in the prior-year quarter.
Highlights of the Release
The operating net income in the quarter was $296 million compared with $206 million in the year-ago period.
DTE Energy Company Price, Consensus and EPS Surprise
DTE Energy Company price-consensus-eps-surprise-chart | DTE Energy Company Quote
Segmental Details
Utility Operations
DTE Electric: The segment’s operating earnings totaled $1.34 per share compared with 86 cents in the prior-year quarter.
DTE Gas: The segment’s reported operating earnings of 6 cents per share compared with 12 cents in the year-ago period.
Non-Utility Operations: The segment reported operating earnings of 23 cents per share compared with 29 cents in the second quarter of 2023.
2024 Guidance
DTE Energy reiterated its 2024 operating EPS projection. The company still expects operating EPS to be in the range of $6.54-$6.83. The Zacks Consensus Estimate for earnings is pegged at $6.69 per share, which is almost in line with the midpoint of the company’s guided range.
Zacks Rank
DTE Energy currently carries a Zacks Rank #4 (Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Recent Utility Releases
NextEra Energy, Inc. (NEE - Free Report) reported second-quarter 2024 adjusted earnings of 96 cents per share, which beat the Zacks Consensus Estimate of 93 cents by 3.2%. The bottom line was also up nearly 9.1% year over year.
Operating revenues totaled $6.06 billion, which lagged the Zacks Consensus Estimate of $7.26 billion by 16.8%. The top line plunged 17.4% year over year.
AVANGRID, Inc. (AGR - Free Report) reported second-quarter 2024 earnings of 49 cents per share, which surpassed the Zacks Consensus Estimate of 27 cents by 81.5%. The bottom line also increased 133.3% from the year-ago quarter’s figure of 21 cents.
Operating revenues amounted to $1.92 billion, which beat the Zacks Consensus Estimate of $1.72 billion by 11.9%. The top line also increased 21.2% from $1.59 billion reported in the comparable period of 2023.
CMS Energy Corporation (CMS - Free Report) reported second-quarter 2024 adjusted EPS of 66 cents, which beat the Zacks Consensus Estimate of 63 cents by 4.8%. The bottom line, however, declined 12% from 75 cents reported in the prior-year quarter.
Operating revenues totaled $1.61 billion, which lagged the Zacks Consensus Estimate of $1.69 billion by 5%. The top line, however, increased 3.3% on a year-over-year basis.