DTE Energy Q2 Profit Down 28%, But Reiterates 2013 Outlook

(RTTNews) - Electric and natural gas utility DTE Energy Co. (DTE) on Friday reported a 28 percent decline in profit for the second quarter from last year, when results were boosted by abnormally hot weather. Looking ahead, the company reiterated its fiscal 2013 operating earnings outlook.

Earnings at DTE Electric for the second quarter declined 30 percent from the year-ago period to $89 million, due to abnormally hot weather in the prior-year period.

Meanwhile, DTE Gas earnings for the quarter doubled to $8 million. Total non-utility operations earnings declined 32 percent to $21 million.

Detroit, Michigan-based DTE Energy's net earnings for the second quarter were $105 million or $0.60 per share, down from $146 million or $0.86 per share in the year-ago period.

Excluding non-recurring items and discontinued operations, operating earnings for the quarter were $109 million or $0.62 per share, compared to $147 million or $0.87 per share in the prior-year quarter. On average, 11 analysts polled by Thomson Reuters expected the company to report earnings of $0.77 per share for the quarter. Analysts' estimates typically exclude one-time items.

Operating revenues for the quarter increased 11 percent to $2.23 billion from $2.01 billion in the year-ago period. Analysts had a consensus revenue estimate for the quarter of $1.98 billion.

Looking ahead to fiscal 2013, DTE Energy reiterated its outlook for operating earnings in a range of $3.90 to $4.20 per share. Analysts expect the company to report earnings of $4.07 per share for the year.

DTE Energy said that its customers can expect to see a reduction in their monthly bills resulting from an amended renewable energy plan that was recently filed by the company with the Michigan Public Service Commission.

Gerard Anderson, DTE Energy chairman, president and CEO said, "When this plan is approved, residential and business customers' rates will be reduced by almost $90 million per year because we have found ways to improve the economics of wind turbines installed in recent years."

In Friday's regular trading session, DTE is trading at $69.91, down $0.11 or 0.16 percent on a volume of 8,826 shares.