DTE Reports Third Quarter 2011 Results, Narrows Earnings Guidance
DETROIT — DTE Energy (NYSE: DTE) Friday reported third quarter 2011 earnings of $183 million, or $1.07 per diluted share, compared with $163 million, or 96 cents per diluted share, in the third quarter of 2010.
Operating earnings for the third quarter 2011 were $183 million, or $1.07 per diluted share, compared with third quarter 2010 operating earnings of $163 million, or 96 cents per diluted share. Operating earnings increased primarily due to improved results at Energy Trading and Corporate & Other, partially offset by lower earnings at Power & Industrial Projects, Detroit Edison and MichCon.
Operating earnings exclude non-recurring items and discontinued operations.
“DTE Energy delivered good results in the third quarter, and we are on track to achieve our 2011 goals,” said Gerard M. Anderson, DTE Energy chairman, president and CEO. “Our aspiration is to be the best operated energy company in North America and our employees take great pride in finding opportunities to control costs, strengthen operating performance and improve our customers’ experiences with DTE Energy.”
Reported earnings for the first nine months ended Sept. 30, 2011, were $561 million, or $3.30 per diluted share, versus $478 million, or $2.84 per diluted share, in 2010. Year-to-date operating earnings were $482 million, or $2.83 per diluted share, compared with $458 million, or $2.72 per diluted share, in 2010.
DTE Energy narrowed its 2011 operating earnings guidance to $3.50 to $3.70 per diluted share from $3.40 to $3.70 per diluted share.
“With our solid operational and financial performance through the first nine months of the year, we are able to confidently narrow our operating earnings guidance range for 2011,” said David E. Meador, DTE Energy executive vice president and chief financial officer. “Looking beyond 2011, we will continue to execute on our utility and non-utility growth strategies, and are committed to being a force for growth and prosperity in the communities we serve.”
Earlier this year, DTE Energy joined a number of prominent companies across the state to become part of the Pure Michigan Business Initiative, a public-private venture to help perpetuate the philosophy of “economic gardening” in Michigan. The company committed to increasing purchases of goods and services from Michigan-based companies by $750 million over the next five years. As an example of this commitment, Meador pointed to DTE Energy’s recent groundbreaking of the Gratiot County Wind Farm, which when operational will generate clean, renewable energy for more than 50,000 Michigan homes. This project, which is being constructed by a Livonia, Michigan-based company, will provide more than 200 temporary and permanent jobs and yield long-term economic benefits to the community.
This earnings announcement, as well as a package of slides and supplemental information — as well as a replay of a conference call discussing the results — is available at www.dteenergy.com.
To listen to the replay on the phone, call (888) 203-1112 or (719) 457-0820 and enter passcode 6196954.
DTE Energy is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Its 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. Information about DTE Energy is available at dteenergy.com , twitter.com/dte_energy and facebook.com/dteenergy.