DTE Energy Q3 Profit Down 13%, Tightens Full-year Outlook

(RTTNews) - Electric and natural gas utility DTE Energy Co. (DTE) on Friday reported a 13 percent decline in profit for the third quarter from last year, reflecting lower earnings at its electric segment as well as loss at its gas segment. Looking ahead, the company tightened its operating earnings outlook for fiscal 2013.

Reported earnings at DTE Electric for the third quarter declined 8 percent from the year-ago period to $179 million. Meanwhile, DTE Gas reported a loss for the quarter of $13 million, compared to earnings of $4 million in the same period last year. Total non-utility operations earnings were flat with last year at $37 million.

DTE Energy said that a return to near-normal temperatures in the latest quarter from the record-setting high temperatures in the company's electric service territory last year was partly offset by strong underlying temperature normal sales growth.

Additionally, the company noted that lower earnings this year from its gas segment was more representative of typical historical third-quarter performance.

Detroit, Michigan-based DTE Energy's net earnings for the third quarter was $198 million or $1.13 per share, down from $227 million or $1.31 per share in the previous-year quarter.

Excluding non-recurring items and discontinued operations, operating earnings for the quarter were $198 million or $1.13 per share, compared to $226 million or $1.30 per share in the same period last year. On average, eight analysts polled by Thomson Reuters expected the company to report earnings of $1.23 per share for the quarter. Analysts' estimates typically exclude one-time items.

However, operating revenues for the quarter rose 9 percent to $2.39 billion from $2.19 billion in the year-ago period. Analysts had a consensus revenue estimate of $2.37 billion for the quarter.

Operating expenses for the quarter increased 15 percent from the prior-year period to $2.06 billion.

Looking ahead to fiscal 2013, DTE Energy tightened its operating earnings guidance to a range of $3.95 to $4.15 per share from the prior range of $3.90 to $4.20 per share. Analysts expect the company to report earnings of $4.04 per share for the year.

In Friday's regular trading session, DTE is trading at $68.57, up $0.97 or 1.43 percent on a volume of 417,785 shares.