DTE Energy Q3 Profit Tops View, But Revenues Miss; Backs FY Operating EPS View

(RTTNews) - DTE Energy (DTE) reported that its net earnings for the third-quarter 2015 increased from last year, mainly due to a return to a more normal level of weather and storm activity at the electric utility. It reiterates operating earnings per share guidance for 2015.

Quarterly net income attributable to company were $265 million, or $1.47 per share, up from $156 million, or $0.88 per share in 2014.

Operating earnings for the third quarter 2015 were $252 million, or $1.40 per share, compared with 2014 operating earnings of $181 million, or $1.02 per share. Analysts polled by Thomson Reuters expected the company to report earnings of $1.25 per share for the quarter. Analysts' estimates typically exclude special items.

Operating Revenues for the quarter were $2.598 billion, compared to $2.595 billion last year. Wall Street expected revenues of $2.68 billion for the quarter.

DTE reiterates operating earnings per share guidance for 2015. DTE Energy recently raised its 2015 operating earnings per share guidance range to $4.65 to $4.91 from $4.48 to $4.72. Analysts expect annual earnings of $4.76 per share.

"This move was driven by continued strong performance within our non-utility businesses, which provided us with the platform to increase our guidance for 2015," said Peter Oleksiak, DTE Energy senior vice president and chief financial officer.