DTE Energy (DTE) Tops On Q2 Earnings, Raises '17 Outlook
Zacks Investment Research | Jul 25, 2017 10:23PM ET
DTE Energy Company (NYSE:DTE) reported second-quarter 2017 operating earnings per share (EPS) of $1.07, which surpassed the Zacks Consensus Estimate of 97 cents by 10.3%. Operating earnings also grew 9.2% from the year-ago figure of 98 cents.
On a GAAP basis, reported earnings came in at 99 cents per share, compared with 84 cents in the prior-year quarter. The variance between GAAP and pro forma earnings was due to certain non-recurring items, mark-to-market adjustments and discontinued operations.
Total Revenue
Total revenue came in at $2.86 billion, which surpassed the Zacks Consensus Estimate of $2.31 billion by 23.8%. Reported revenues also increased 26.2% from the year-ago figure of $2.26 billion on account of higher contribution from non-utility operations.
Operating Update
Operation and maintenance expenses in the reported quarter were $559 million, up 3.1% year over year.
Total operating expenses increased 27.2% to $2.56 billion. This was primarily owing to higher fuel, purchased power and gas expenses at non-utility (74.1%), depreciation and amortization (2.5%) and taxes on other income (6.6%).
Operating income increased 18.4% to $303 million.
Segmental Highlights
Utility Operations
DTE Electric: The segment’s operating earnings were $148 million, up 9.6% year over year.
DTE Gas: The segment reported operating income of $1 million, down 92.3% year over year.
Non-Utility Operations
Gas Storage and Pipelines: The segment generated profits of $40 million, up from $35 million a year ago.
Power and Industrial Projects: The segment posted operating profits of $30 million, up from $17 million in the prior-year quarter.
Corporate and Other: The segment reported operating income of $4 million.
DTE Energy Company Price, Consensus and EPS Surprise
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