DTE Energy Earnings Jump 8%
DETROIT (WWJ) -- DTE Energy Friday reported 2013 earnings of $661 million, or $3.76 per diluted share, up 8.4 percent from $610 million, or $3.55 per diluted share in 2012.
The utility holding company said 2013 operating earnings were $720 million, or $4.09 per diluted share, compared with 2012 operating earnings of $676 million, or $3.94 per diluted share. Operating earnings for 2013 and 2012 exclude non-recurring items, marking some assets to market, and discontinued operations.
"2013 was successful for us on many fronts," said Gerard M. Anderson, DTE Energy chairman and CEO. "In addition to our strong financial performance, we made great strides in improving employee engagement. I'm proud to say that DTE received the Gallup organization's 'Great Workplace Award' and our employee engagement scores increased for the seventh year in a row. I believe that having engaged, dedicated employees helped drive our financial success as well as our customer service, community involvement and operational accomplishments."
DTE Energy increased its previously communicated 2014 operating earnings guidance of $4.15 to $4.39 per diluted share to $4.20 to $4.40 per diluted share.
"Solid earnings and cash flow driven by increased weather-related sales and continued cost control, coupled with a strong balance sheet, allowed us to increase our dividend in 2013 and helped us finish the year at the high end of our earnings guidance range," said Peter Oleksiak, DTE Energy senior vice president and CFO. "This strong financial performance allows us to increase our 2014 earnings per share midpoint. We continue to target a 60 percent to 70 percent dividend payout target while maintaining our strong balance sheet and credit ratings."
To view supplemental information and slides on the earnings announcement, visit www.dteenergy.com. To listen to a replay of the conference call discussing the results, call (888) 203-1112 or (719) 457-0820 and enter passcode 3326579.
DTE Energy owns an electric utility serving 2.1 million customers in Southeastern Michigan and a natural gas utility serving 1.2 million customers in Michigan, as well as non-utility energy businesses focused on power and industrial projects, midstream services and energy trading.
In the fourth quarter, DTE reported revenue of $2.53 billion, up from $2.35 billion in the fourth quarter of 2012. Revenue for the year was $9.67 billion, up from $8.79 billion a year earlier. Net income for the quarer was $124 million or 70 cents a share, up from $81 million or 47 cents a share a year earlier.
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