DTE Energy Earnings Jump Thanks To Cold Weather
DETROIT — DTE Energy (NYSE: DTE) Friday reported first quarter 2013 net income of $234 million, or $1.34 a share, up from $156 million, or 91 cents a share in 2012.
Revenue was $2.52 billion in the quarter, up from $2.24 billion a year earlier.
The company said most of the increase was driven by a return to near-normal weather in the first quarter of 2013 after a record warm 2012 winter, operating cost improvements at the utilities and solid performance from the non-utility businesses.
“Our financial results are up strongly versus last year principally due to weather,” said Gerard M. Anderson, DTE Energy’s chairman, president and CEO. “The winter weather last year was like the house guest who never arrived; this year it was like the house guest who refused to leave. But many things beyond our financial results showed great progress in the first quarter as well, which I found especially gratifying.”
David E. Meador, DTE Energy executive vice president and CFO, said the company performed well in the first quarter and is on track to deliver on its financial and operational goals for 2013.
“We will continue to focus on maintaining solid earnings and cash flow combined with a strong balance sheet, while ensuring that our underlying priority is to provide our customers with clean, safe and reliable energy at an affordable price,” Meador said.
Meador also noted that senior management will provide a company overview and financial outlook at an Analyst Day from 8:30 to 11:30 a.m. Wednesday, May 1.
The meeting will be webcast. To access the webcast, go to DTE Energy’s website, www.dteenergy.com, and select “DTE Energy Company” and “Investors” and go to the “Webcasts/Presentations” section of the “Analyst Center”.
This earnings announcement, as well as a package of slides and supplemental information, is available at www.dteenergy.com.
To listen in to a recording of a presentation by DTE management on Friday’s numbers, call (888) 203-1112 in the United States or (719) 457-0820 elsewhere and enter passcode 4182371. The call is also archived at www.dteenergy.com.