DTE Energy Q2 Profit Slides; Backs FY13 Operating EPS View - Quick Facts

(RTTNews) - Electric and natural gas utility DTE Energy Co. (DTE) posted lower second-quarter 2013 earnings of $105 million, or $0.60 per share, compared with $146 million, or $0.86 per share in 2012, due mainly to lower earnings at DTE Electric Co. as a result of abnormally hot weather in 2012.

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

Quarterly operating revenues were $2.23 billion, versus $2.01 billion a year before. Analysts estimated revenues of $1.98 billion for the quarter.

Looking forward to 2013, DTE Energy confirmed its operating earnings guidance of $3.90 - $4.20 per share, whereas 13 analysts project annual earnings of $4.07 per share.