DTE Energy Q3 Profit Drops; Narrows 2013 Operating EPS View - Quick Facts

(RTTNews) - Electric and natural gas utility DTE Energy Co. (DTE) on Friday announced a fall in third-quarter 2013 reported earnings to $198 million, or $1.13 per share, from $227 million, or $1.31 per share in the 2012 period. Operating earnings for the period totaled $198 million or $1.13 per share, versus $226 million, or $1.30 per share, last year. On average, 8 analysts polled by Thomson Reuters expected earnings per share of $1.23 for the quarter. Analysts' estimates typically exclude one-time items.

The company said that a return to near-normal temperatures this quarter from the record-setting high temperatures in DTE Energy's electric service territory last year was partially offset by strong underlying temperature normal sales growth. Further, lower earnings this year from the gas segment was more representative of typical historical third quarter performance, DTE Energy added.

However, operating revenues of $2.39 billion were higher than the prior year's $2.19 billion. Five analysts projected revenues of $2.37 billion for the quarter.

For 2013, DTE Energy tightened its operating earnings per share guidance range to $3.95 - $4.15 from its previous $3.90 - $4.20, whereas 14 analysts anticipate earnings per share of $4.04 for the year.