DTE Revenue, Profits Edge Upward
The Detroit utility holding company DTE Energy (NYSE: DTE) reported second quarter 2010 earnings of $86 million, or 51 cents a share, up from $83 million, also 51 cents a share share, in the second quarter of 2009.
And DTE is giving all those profits, and then some, to shareholders. The DTE Energy board also declared a dividend of 56 cents a sahre on its common stock, payable Oct. 15 to shareholders of record as of Sept. 20. That's a 3 cent per share increase from the previous dividend payout of 53 cents a share.
"I am pleased that our ongoing dedication to cost containment and customer service continues to deliver strong performance," said Anthony F. Earley Jr., DTE Energy chairman and CEO. "This is despite the fact that our region lags behind the rest of the nation in job growth and economic recovery, which results in significant financial challenges for many of our customers. The modest economic recovery, coupled with our multi-year plan to invest in renewable energy, utility infrastructure and environmental controls will create new jobs in our region and provide clean, reliable and affordable energy for our customers. Given these trends, we are pleased to be able to increase our dividend for the first time in three years."
Reported earnings for the first six months ended June 30 were $315 million, or $1.88 a share, up from $261 million or $1.59 a share in 2009. Y
Total revenue was $1.79 billion for the quarter, up from $1.69 billion a year earlier. Revenue for the six months was $4.25 billion, up from $3.94 billion a year earlier.
DTE said a January 2010 rate increase, partially offset by a property tax settlement and one-time cost reductions, produced an increase in electric earnings. Gas profits fell due to warmer weather.
DTE reiterated its 2010 operating earnings guidance of $3.45 to $3.80 per diluted share.
This earnings announcement, as well as a package of slides and supplemental information, is available at www.dteenergy.com.
DTE plans to conduct a conference call with the investment community at 9 a.m. Eastern time Friday, July 30, to discuss second quarter earnings results. Investors, the news media and the public may listen to a live internet broadcast of the meeting at www.dteenergy.com. The telephone dial-in numbers are (800) 967-7143 or (719) 325-2418. There is no passcode. The internet broadcast will be archived on the company's Web site. An audio replay of the call will be available from noon July 30 to Aug. 13. To access the replay, dial (888) 203-1112 or (719) 457-0820 and enter passcode 3849665.
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