DTE Energy Company (NYSE:DTE) reported second-quarter 2019 operating earnings per share (EPS) of 99 cents, which missed the Zacks Consensus Estimate of $1.09 by 9.2%. The bottom line also declined 27.2% from $1.36 registered in the year-ago quarter.
The year-over-year downside can be attributable to the record setting temperature that the company’s service territories witnessed in last year’s second quarter.
Highlights of the Release
The company announced its plans to provide electric vehicles to more Michigan residents and businesses through its new Charging Forward program. The program includes incentives, customer education and charging infrastructure growth.
Operating net income in the reported quarter totaled $183 million compared with $247 million in the year-ago quarter.
Segmental Details
Utility Operations
DTE Electric: The segment’s operating earnings totaled $134 million, down from $163 million registered in the prior-year quarter.
DTE Gas: The segment generated operating earnings of $4 million in the quarter compared with $14 million in the prior-year quarter.
Non-Utility Operations: The operating earnings at this segment amounted to $77 million compared with $111 million in the year-ago quarter.
Guidance
DTE Energy raised its 2019 operating earnings per share guidance to $6.02-$6.38 from $5.97-$6.33 projected earlier. The Zacks Consensus Estimate of $6.20 for the company’s full-year earnings is in line with the mid point of the company guided range.
Zacks Rank
DTE Energy carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Upcoming Releases
NiSource, Inc (NYSE:NI) is scheduled to announce second-quarter 2019 results on Jul 31. The Zacks Consensus Estimate for earnings is pegged at 5 cents.
Dominion Energy (NYSE:D) is scheduled to deliver second-quarter 2019 results on Jul 31. The Zacks Consensus Estimate for earnings stands at 79 cents.
Xcel Energy Inc. (NASDAQ:XEL) is scheduled to deliver second-quarter 2019 results on Aug 1. The Zacks Consensus Estimate for earnings is 53 cents.
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DTE Energy Company (DTE): Free Stock Analysis Report
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