DTE First Quarter Profit Plunges
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DTE Energy (NYSE: DTE) reported first quarter 2011 earnings of $176 million, or $1.04 a share, compared with $229 million, or $1.38 a share, in the first quarter of 2010.
Operating earnings for the first quarter 2011 were $188 million, or $1.11 per diluted share, compared with first quarter 2010 operating earnings of $229 million, or $1.38 per diluted share. Operating earnings exclude certain non-recurring items and discontinued operations.
The decrease in operating earnings at DTE Energy was driven by lower operating earnings at Energy Trading, Power and Industrial Projects, and Corporate and Other, partially offset by higher operating earnings at Detroit Edison and MichCon.
Revenue was $2.43 billion, down from $2.45 million a year earlier. Expenses for fuel, purchased power and gas rose from $995 million to $1.07 billion for the quarter. Net income from the power and industrial projects segment fell to $10 million from $18 million a year earlier, while income from energy trading fell to $2 million from $38 million.
DTE Energy reiterated its 2011 operating earnings guidance of $3.40 to $3.70 per diluted share.
“Overall our businesses performed well in the first quarter and we are on track to deliver on our financial and operational goals for 2011,” said David E. Meador, DTE Energy executive vice president and CFO. “Michigan’s manufacturing sector continues to recover from the economic downturn and we’re seeing early signs of local job growth.”
This earnings announcement, as well as a package of slides and supplemental financial information, is available at dteenergy.com.
To listen in to a replay of a conference call discussing the results, dial (888) 203-1112 in the United States and Canada or (719) 457-0820 elsewhere and enter passcode 5183952.
DTE Energy’s operating units include Detroit Edison, an electric utility serving 2.1 million customers in Southeastern Michigan, MichCon, a natural gas utility serving 1.2 million customers in Michigan and other non-utility, energy businesses focused on gas storage and pipelines, unconventional gas production, power and industrial projects, and energy trading.