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DTE Energy (DTE) Lags Q4 Earnings, Invests Big in Natural Gas
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DTE Energy Company (DTE - Free Report) reported fourth-quarter 2018 operating earnings per share (EPS) of 91 cents, which missed the Zacks Consensus Estimate of 92 cents by a penny. The reported figure also declined 27.8% from the year-ago quarter’s figure of $1.26.
On a GAAP basis, the company’s reported earnings came in at $1.05 per share compared with $1.60 in the prior-year quarter.
For 2018, DTE Energy’s operating EPS came in at $6.30, up 12.7% from the prior-year figure of $5.59. The figure, however, missed the Zacks Consensus Estimate of $6.31 by a penny.
DTE Energy Company Price, Consensus and EPS Surprise
DTE Energy announced that the NEXUS Gas Transmission system, a DTE joint venture, signed an agreement to purchase Generation Pipeline — a midstream pipeline asset that provides natural gas supply to Northwest Ohio industrial customers. Generation Pipeline is an existing 24-inch, 23-mile pipeline with current capacity to deliver 355 million cubic feet per day of clean-burning natural gas.
In the renewable energy space, the company expects new projects, including Pine River Wind Park in mid-Michigan, to drive investments of more than $1.7 billion in Michigan and double renewable energy capacity from 1,000 to 2,000 megawatts. Further, DTE Energy claims to have invested $1.7 billion with Michigan-based companies in 2018, exceeding its commitment to the Pure Michigan Business Connect local supplier initiative.
Operating net income in the reported quarter totaled $165 million compared with $224 million in the year-ago quarter.
Segmental Details
Utility Operations
DTE Electric: The segment’s operating earnings totaled $60 million, down from $141 million registered in the prior-year quarter.
DTE Gas: The segment generated operating earnings of $62 million in the fourth quarter compared with $54 million in the prior-year quarter.
Non-Utility Operations: The operating earnings from Non-Utility operations were $78 million compared with $67 million in the year-ago quarter.
Guidance
DTE Energy reiterated its 2019 operating earnings per share guidance in the range of $5.97-$6.33.
American Electric Power Co., Inc. (AEP - Free Report) reported fourth-quarter 2018 operating earnings per share (EPS) of 72 cents in line with the Zacks Consensus Estimate.
NextEra Energy, Inc. (NEE - Free Report) reported fourth-quarter 2018 adjusted earnings of $1.49 per share, which fell short of the Zacks Consensus Estimate of $1.51 by 1.3%.
Xcel Energy Inc. (XEL - Free Report) posted fourth-quarter 2018 operating earnings of 42 cents per share in line with the Zacks Consensus Estimate.
Zacks' Top 10 Stocks for 2019
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From more than 4,000 companies covered by the Zacks Rank, these 10 were picked by a process that consistently beats the market. Even during 2018 while the market dropped -5.2%, our Top 10s were up well into double-digits. And during bullish 2012 – 2017, they soared far above the market's +126.3%, reaching +181.9%.
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DTE Energy (DTE) Lags Q4 Earnings, Invests Big in Natural Gas
DTE Energy Company (DTE - Free Report) reported fourth-quarter 2018 operating earnings per share (EPS) of 91 cents, which missed the Zacks Consensus Estimate of 92 cents by a penny. The reported figure also declined 27.8% from the year-ago quarter’s figure of $1.26.
On a GAAP basis, the company’s reported earnings came in at $1.05 per share compared with $1.60 in the prior-year quarter.
For 2018, DTE Energy’s operating EPS came in at $6.30, up 12.7% from the prior-year figure of $5.59. The figure, however, missed the Zacks Consensus Estimate of $6.31 by a penny.
DTE Energy Company Price, Consensus and EPS Surprise
DTE Energy Company Price, Consensus and EPS Surprise | DTE Energy Company Quote
Highlights of the Release
DTE Energy announced that the NEXUS Gas Transmission system, a DTE joint venture, signed an agreement to purchase Generation Pipeline — a midstream pipeline asset that provides natural gas supply to Northwest Ohio industrial customers. Generation Pipeline is an existing 24-inch, 23-mile pipeline with current capacity to deliver 355 million cubic feet per day of clean-burning natural gas.
In the renewable energy space, the company expects new projects, including Pine River Wind Park in mid-Michigan, to drive investments of more than $1.7 billion in Michigan and double renewable energy capacity from 1,000 to 2,000 megawatts. Further, DTE Energy claims to have invested $1.7 billion with Michigan-based companies in 2018, exceeding its commitment to the Pure Michigan Business Connect local supplier initiative.
Operating net income in the reported quarter totaled $165 million compared with $224 million in the year-ago quarter.
Segmental Details
Utility Operations
DTE Electric: The segment’s operating earnings totaled $60 million, down from $141 million registered in the prior-year quarter.
DTE Gas: The segment generated operating earnings of $62 million in the fourth quarter compared with $54 million in the prior-year quarter.
Non-Utility Operations: The operating earnings from Non-Utility operations were $78 million compared with $67 million in the year-ago quarter.
Guidance
DTE Energy reiterated its 2019 operating earnings per share guidance in the range of $5.97-$6.33.
Zacks Rank
DTE Energy 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 Co., Inc. (AEP - Free Report) reported fourth-quarter 2018 operating earnings per share (EPS) of 72 cents in line with the Zacks Consensus Estimate.
NextEra Energy, Inc. (NEE - Free Report) reported fourth-quarter 2018 adjusted earnings of $1.49 per share, which fell short of the Zacks Consensus Estimate of $1.51 by 1.3%.
Xcel Energy Inc. (XEL - Free Report) posted fourth-quarter 2018 operating earnings of 42 cents per share in line with the Zacks Consensus Estimate.
Zacks' Top 10 Stocks for 2019
In addition to the stocks discussed above, wouldn't you like to know about our 10 finest buy-and-holds for the year?
From more than 4,000 companies covered by the Zacks Rank, these 10 were picked by a process that consistently beats the market. Even during 2018 while the market dropped -5.2%, our Top 10s were up well into double-digits. And during bullish 2012 – 2017, they soared far above the market's +126.3%, reaching +181.9%.
This year, the portfolio features a player that thrives on volatility, an AI comer, and a dynamic tech company that helps doctors deliver better patient outcomes at lower costs.
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