DTE Energy Q2 Profit Falls; Raises FY21 Outlook

(RTTNews) - Energy company DTE Energy (DTE) on Tuesday recorded lower profit in the second quarter. Adjusted income, however, rose and came in above the Street expectations. The company also lifted its full-year 2021 outlook.

The company reported net income of $179 million or $0.92 per share in the second quarter, down from $277 million or $1.44 per share in the same period last year.

Excluding items, second-quarter adjusted income was $329 million or $1.70 per share, compared to $295 million or $1.53 per share in the previous-year period.

On average, 8 analysts polled by Thomson Reuters expected the company to post earnings of $1.26 per share in the quarter. Analysts' estimates, usually, exclude one-time items.

The company raised its full-year 2021 earnings per share guidance from $5.36 - $5.66 to $5.62 - $5.92. On average, 11 analysts polled by Thomson Reuters expect the company to report earnings of $5.74 per share in the year ahead.

Commenting on the increased outlook, David Ruud, Senior Vice President and CFO, said, "DTE's solid financial results achieved during the first half of the year gives us confidence in increasing our 2021 earnings guidance. The results in the second quarter are driven by strong performance across all of our businesses providing a solid foundation for future success."