DTE Energy Earnings Rise, Guidance Tightened
The Detroit utility holding company DTE Energy (NYSE: DTE) Friday reported third quarter 2010 net income of $163 million, or 96 cents a share, compared with $151 million, or 92 cents a share, in the third quarter of 2009.
Operating earnings for the third quarter 2010 were $163 million, or 96 cents a diluted share, compared with third quarter 2009 operating earnings of $150 million, or 91 cents a diluted share. Operating earnings exclude non-recurring items, certain timing-related items and discontinued operations.
Net income for the nine months ended Sept. 30 were $478 million, or $2.84 a share, up from $412 million, or $2.51 a share, in 2009. Year-to-date operating earnings were $458 million, or $2.72 a share, compared with $420 million, or $2.57 a share, in 2009.
"DTE Energy remains focused on improving our customer service and providing reliable energy to our customers," said Gerard M. Anderson, DTE Energy president and CEO. "Our entire employee base recognizes the hardships that many of our customers are currently facing in Michigan and are committed to find ways to improve the quality and lower the cost of services we provide. DTE Energy is also continuing to reach out to the community to help customers manage their energy bills through energy efficiency and payment assistance programs."
DTE Energy narrowed its 2010 operating earnings guidance to $3.50 to $3.70 per diluted share, within its previously announced guidance range of $3.45 to $3.80 per diluted share.
"Based on our year-to-date performance and our outlook for the fourth quarter, we are able to provide a tighter earnings guidance range for the full year," said David E. Meador, DTE Energy executive vice president and CFO. "We continue to look for opportunities to make our systems and processes more operationally and cost efficient in order to provide the most value to our customers and shareholders."
To listen in on a replay of a conference call discussing the results, visit www.dteenergy.com or call (888) 203-1112 or (719) 457-0820 and enter passcode 6525475.
DTE 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.
More at www.dteenergy.com.
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