DTE Energy Company Earnings: Yet Another Quarter of Profitability
S&P 500 (NYSE:SPY) component DTE Energy Company (NYSE:DTE) reported its results for the fourth quarter. DTE Energy provides electricity and natural gas sales, distribution, and storage services throughout southeastern Michigan.
Investing Insights: Will the iPad 3 Be the Next Catalyst for Apple’s Stock?
DTE Energy Company Earnings Cheat Sheet for the Fourth Quarter
Results: Net income for the electric utilities company fell to $150 million (88 cents per share) vs. $152 million (90 cents per share) a year earlier. This is a decline of 1.3% from the year earlier quarter.
Revenue: Remained constant at $2.17 billion.
Actual vs. Wall St. Expectations: DTE Energy Company beat the mean analyst estimate of 81 cents per share. It beat the average revenue estimate of $2.02 billion.
Quoting Management: Gerard M. Anderson, DTE Energy’s chairman, president and CEO, said, “As one of the largest investors in the state of Michigan, DTE Energy is delivering on its commitment to be a force for renewed growth and prosperity in the communities we serve. As part of our involvement in the Pure Michigan Business Connect Initiative, we pledged to invest $750 million in new business with Michigan-based suppliers over the next five years.”
The company has now topped analyst estimates for the last three quarters. It beat the mark by 9 cents in the third quarter and by 14 cents in the second quarter.
Last quarter’s profit decrease breaks a streak of two consecutive quarters of year-over-year profit increases. Net income rose 12.3% in the third quarter and more than twofold in the second quarter.
Looking Forward: Analysts appear increasingly optimistic about the company’s results for the next quarter. The average estimate for the first quarter of the next fiscal year has moved up from $1.21 a share to $1.22 over the last thirty days. Over the past three months, the average estimate for the fiscal year has climbed from $3.61 per to share to $3.63.
(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
Don’t Miss These Additional Hot Stories:
To contact the reporter on this story: Derek Hoffman at email@example.com
To contact the editor responsible for this story: Damien Hoffman at firstname.lastname@example.org