Research Desk Line-up: Ormat Technologies Post Earnings Coverage
LONDON, UK / ACCESSWIRE / November 14, 2017 / Pro-Trader Daily has just published a free post-earnings coverage on DTE Energy Co. (NYSE: DTE), which can be viewed by registering at http://protraderdaily.com/optin/?symbol=DTE, following the Company's disclosure of its financial results on October 25, 2017, for the third quarter fiscal 2017. The electric utility Company's Power and Industrial Projects segment's net income increased 29.4% on a y-o-y basis. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member's account at:
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Get more of our free earnings reports coverage from other constituents of the Electric Utilities industry. Pro-TD has currently selected Ormat Technologies, Inc. (NYSE: ORA) for due-diligence and potential coverage as the Company announced on November 07, 2017, its financial results for Q3 2017 which ended on September 30, 2017. Register for a free membership today, and be among the early birds that get access to our report on Ormat Technologies when we publish it.
At Pro-TD, we make it our mission to bring you news that matter about the stock you follow. Today, our research desk covers a blog story on DTE also brushing on ORA. With the links below you can directly download the report of your stock of interest free of charge at:
http://protraderdaily.com/optin/?symbol=DTE
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Earnings Reviewed
For three months ended September 30, 2017, DTE Energy's revenue increased 10.8% to $3.25 billion from $2.93 billion in Q3 FY16.
For the reported quarter, DTE Energy's operation and maintenance expenses increased 0.7% to $566 million from $562 million in Q3 FY16. During Q3 FY17, the Company's depreciation and amortization (D&A) expenses increased 12.1% to $258 million from $230 million in the same period last year.
During Q3 FY17, DTE Energy's operating income decreased 17.5% to $418 million from $507 million in the same period last year. For the reported quarter, the Company's operating margin decreased 450 basis points to 12.8% of revenue from 17.3% of revenue in Q3 FY16.
For the reported quarter, DTE Energy's net income decreased 20.1% to $270 million on a y-o-y basis from $338 million in Q3 FY16. During Q3 FY17, the Company's diluted EPS decreased 19.6% to $1.51 on a y-o-y basis from $1.88 in the same period last year. For the reported quarter, DTE Energy's adjusted net income decreased 25.2% to $264 million from $353 million in Q3 FY16. During Q3 FY17, the Company's adjusted diluted EPS decreased 24.4% to $1.48 from $1.96 in the same period last year. Adjusted diluted EPS was below analysts' expectations of $1.53.
During Q3 FY17, the Company filed a Certificate of Necessity with the Michigan Public Service Commission (MPSC) to build a natural gas-fired power plant. The $1 billion project is scheduled to start in 2019. During the quarter, the Company also received its Certificate of Approval and Notice to Proceed from the Federal Energy Regulatory Commission for The NEXUS Gas Transmission project.
DTE Energy's Segment Details
DTE Electric - During Q3 FY17, the electric segment's net income decreased 23.1% to $219 million from $285 million in the same period last year. For the reported quarter, the segment's adjusted net income decreased 22.1% to $222 million from $285 million in Q3 FY16.
DTE Gas - During Q3 FY17, the Gas segment's net loss was $15 million compared to net loss of $4 million in the same period last year. For the reported quarter, the segment's adjusted net loss was $13 million compared to adjusted net loss of $4 million in Q3 FY16.
Gas Storage and Pipelines - During Q3 FY17, the Gas Storage and Pipelines segment's net income increased 28.5% to $36 million from $28 million in the same period last year. The increase was due to link acquisition and higher pipeline and gathering earnings.
Power and Industrial Projects - During Q3 FY17, the Power and Industrial Projects segment's net income increased 29.4% to $44 million from $34 million in the same period last year. For the reported quarter, the segment's adjusted net income increased 25.7% to $44 million from $35 million in Q3 FY16.
Corporate and Other
During Q3 FY17, DTE Energy's Corporate and Other segment's net loss was $15 million compared to net loss of $1 million in the same period last year. For the reported quarter, the segment's adjusted net loss was $15 million compared to adjusted net loss of $1 million in Q3 FY16.
Balance Sheet
During FY17, DTE Energy's YTD cash provided by operating activities decreased 11.1% to $1.6 billion from $1.8 billion in the same period last year. During FY17, the Company's YTD free cash flow was negative $0.2 billion compared to positive $0.3 billion in the same period last year.
On November 03, 2017, the Company's Board of Directors declared a $0.88 per share dividend on its common stock payable on January 15, 2018, to shareholders of record at the close of business on December 18, 2017.
Stock Performance
On Monday, November 13, 2017, the stock closed the trading session at $114.24, climbing 1.59% from its previous closing price of $112.45. A total volume of 1.06 million shares have exchanged hands, which was higher than the 3-month average volume of 879.23 thousand shares. DTE Energy's stock price rallied 4.64% in the last three months, 9.01% in the past six months, and 25.58% in the previous twelve months. Furthermore, since the start of the year, shares of the Company have surged 15.97%. The stock is trading at a PE ratio of 20.88 and has a dividend yield of 3.09%. At Monday's closing price, the stock's net capitalization stands at $20.63 billion.
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