DTE Energy Earnings Jump
The Detroit utility holding company DTE Energy (NYSE: DTE) today reported 2010 earnings of $630 million, or $3.74 per diluted share, compared with $532 million, or $3.24 per diluted share, in 2009.
The company said 2010 operating earnings were $607 million, or $3.60 per diluted share, up from 2009 operating earnings of $543 million, or $3.30 per diluted share. Operating earnings exclude some non-recurring items and discontinued operations.
The increase in operating earnings at DTE Energy was driven by higher operating earnings at Detroit Edison, MichCon and Power and Industrial Projects, partially offset by lower operating earnings at Energy Trading.
As a signal of Michigan's improving economy, Detroit Edison's temperature-normal electric sales increased 3 percent overall, including a 21 percent increase in sales to industrial customers.
Revenue for the year was $8.56 billion, up from $8.01 billion a year earlier.
For the quarter, net income was $152 million or 90 cents a share, up from $120 million or 72 cents a share a year earlier. Revenue for the quarter was $2.17 billion, up from $2.12 billion a year earlier.
Said Gerard M. Anderson, DTE Energy president and CEO: "We were able to achieve our financial goals by maintaining an intense focus on controlling costs and improving operating performance. DTE Energy operates in a region that is gaining momentum toward an economic recovery. We will contribute to this momentum by doing everything we can to keep energy affordable for our customers. As we plan for 2011 and beyond, we want DTE Energy to be a force for growth, investment and renewed prosperity for Michigan. We will continue to execute on our multi-year plan to invest in renewable energy, environmental controls and utility infrastructure. These investments will be a catalyst for bringing new jobs to Michigan while ensuring clean, reliable and affordable energy for our customers."
DTE also announced 2011 operating earnings guidance of $3.40 to $3.70 per diluted share.
"Solid earnings and cash flow combined with a strong balance sheet allowed us to increase our dividend and secure an upgrade to DTE Energy's credit rating from S&P in 2010," said David E. Meador, DTE Energy executive vice president and CFO. "In many areas of the company we achieved top quartile performance in terms of operating and cost metrics. In 2011, our continuous improvement efforts will allow us to go beyond top quartile performance. This will be key as we focus on achieving our long-term goal of 5 percent to 6 percent annual operating EPS growth while providing an attractive dividend to shareholders."
To listen to a replay of the conference call discussing the financial results, visit www.dteenergy.com or call (888) 203-1112 in the United States or (719) 457-0820 elsewhere, using the passcode 5490724.
DTE Energy's operating businesses 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.
