DTE Energy Q3 Profit Down, Misses View; Ups Annual Outlook

(RTTNews) - DTE Energy (DTE) on Wednesday reported third-quarter earnings of $25 million, or $0.13 per share, significantly lower than $476 million, or $2.46 per share in the same quarter a year ago. The company also increased the quarterly dividend by 7 percent.

DTE Energy said, "DTE Electric customers experienced 12 storm events this summer - unprecedented in the company's history in terms of collective storm size and customer impact."

Excluding items, operating earnings were $334 million, or $1.72 per diluted share, that missed the average estimate of 14 analysts polled by Thomson Reuters at $1.82 per share.

The DTE Energy Board declared a dividend of $0.885 per share, a 7% increase from the previous quarterly dividend, payable n January 15, 2022, to shareholders of record at the close of business Dec. 20, 2021.

Looking forward, the company has raised its full-year EPS outlook to the range of $5.70 - $5.98 from $5.62 - $5.92 it provided earlier. The consensus estimate is for earnings of $5.98 per share.

"DTE delivered strong third quarter financial results in our utility and non-utility businesses, and we are positioned for another solid year," said David Ruud, DTE Energy senior vice president and CFO.