Welcome!

News Feed Item

DTE Energy reports first quarter 2013 results; announces upcoming analyst day May 1

DETROIT, April 26, 2013 /PRNewswire/ -- DTE Energy (NYSE: DTE) today reported first quarter 2013 earnings of $234 million, or $1.34 per diluted share, compared with $156 million, or $0.91 per diluted share in 2012. The majority of the increase is 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.

Operating earnings for the first quarter 2013 were also $234 million, or $1.34 per diluted share, compared with 2012 operating earnings of $156 million, or $0.91 per diluted share. Operating earnings exclude non-recurring items and discontinued operations.

"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."

When highlighting recent accomplishments, Anderson noted the following awards and recognition:



Continuous
Improvement: 

DTE's continuous improvement effort was recognized as the "Best Process Improvement Program" at the 2013 Global Process Excellence Awards in London.



Customer
Satisfaction:  

Both DTE Gas and DTE Electric continue to climb in J.D. Power and Associates customer satisfaction survey. Further, J.D. Power ranked DTE Energy's mobile device offerings as best among 48 companies and its website ranked sixth of 48 companies.



Employee
Engagement: 

DTE Energy was named a "2013 Gallup Great Workplace" award winner by the Gallup organization. This honor recognizes companies that have a proven track record for driving business outcomes through high employee engagement.



Employee &
Supplier
Diversity: 

DTE Energy was recognized by Professional Women's Magazine and the Black EOE Journal as a "2013 Best of the Best" company for its work in promoting and valuing diversity in the workplace.

 

"We are working hard to become the best operated energy company in North America," Anderson added. "We know we haven't achieved that aspiration, but I believe this recognition signals that we are on the right track."

David E. Meador, DTE Energy executive vice president and chief financial officer, said that 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.

DTE Energy plans to conduct a conference call with the investment community hosted by Meador at 9 a.m. EDT today, to discuss first quarter 2013 earnings results. Investors, the news media and the public may listen to a live internet broadcast of the call at www.dteenergy.com/investors. The telephone dial-in numbers are U.S. and Canada toll free: (888) 264-8943 or International toll: (913) 312-6667. The passcode is 4182371. The internet broadcast will be archived on company's website. An audio replay of the call will be available from noon today to May 10. To access the replay, dial (888) 203-1112 or (719) 457-0820 and enter passcode 4182371.

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 DTE Electric, an electric utility serving 2.1 million customers in Southeastern Michigan, DTE Gas, a natural gas utility serving 1.2 million customers in Michigan and other non-utility, energy businesses focused on gas storage and pipelines, power and industrial projects, and energy trading. Information about DTE Energy is available at dteenergy.com, twitter.com/dte_energy and facebook.com/dteenergy.

Use of Operating Earnings Information - DTE Energy management believes that operating earnings provide a more meaningful representation of the company's earnings from ongoing operations and uses operating earnings as the primary performance measurement for external communications with analysts and investors. Internally, DTE Energy uses operating earnings to measure performance against budget and to report to the Board of Directors.

In this release, DTE Energy discusses 2013 operating earnings guidance. It is likely that certain items that impact the company's 2013 reported results will be excluded from operating results. Reconciliations to the comparable 2013 reported earnings guidance are not provided because it is not possible to provide a reliable forecast of specific line items. These items may fluctuate significantly from period to period and may have a significant impact on reported earnings.

The information contained herein is as of the date of this release.  DTE Energy expressly disclaims any current intention to update any forward-looking statements contained in this release as a result of new information or future events or developments.  Words such as "anticipate," "believe," "expect," "projected" and "goals" signify forward-looking statements.  Forward-looking statements are not guarantees of future results and conditions but rather are subject to various assumptions, risks and uncertainties.  This release contains forward-looking statements about DTE Energy's financial results and estimates of future prospects, and actual results may differ materially.

Many factors may impact forward-looking statements including, but not limited to, the following: impact of regulation by the FERC, MPSC, NRC and other applicable governmental proceedings and regulations, including any associated impact on rate structures; the amount and timing of cost recovery allowed as a result of regulatory proceedings, related appeals or new legislation; impact of electric and gas utility restructuring in Michigan, including legislative amendments and Customer Choice programs; economic conditions and population changes in our geographic area resulting in changes in demand, customer conservation, increased thefts of electricity and gas and high levels of uncollectible accounts receivable; environmental issues, laws, regulations, and the increasing costs of remediation and compliance, including actual and potential new federal and state requirements; health, safety, financial, environmental and regulatory risks associated with ownership and operation of nuclear facilities; changes in the cost and availability of coal and other raw materials, purchased power and natural gas; volatility in the short-term natural gas storage markets impacting third-party storage revenues; access to capital markets and the results of other financing efforts which can be affected by credit agency ratings; instability in capital markets which could impact availability of short and long-term financing; the timing and extent of changes in interest rates; the level of borrowings; the potential for losses on investments, including nuclear decommissioning and benefit plan assets and the related increases in future expense and contributions; the potential for increased costs or delays in completion of significant construction projects; the uncertainties of successful exploration of unconventional gas and oil resources and challenges in estimating gas and oil reserves with certainty; changes in and application of federal, state and local tax laws and their interpretations, including the Internal Revenue Code, regulations, rulings, court proceedings and audits; the effects of weather and other natural phenomena on operations and sales to customers, and purchases from suppliers; unplanned outages; the cost of protecting assets against, or damage due to, terrorism or cyber attacks; employee relations and the impact of collective bargaining agreements; the availability, cost, coverage and terms of insurance and stability of insurance providers; cost reduction efforts and the maximization of plant and distribution system performance; the effects of competition; changes in and application of accounting standards and financial reporting regulations; changes in federal or state laws and their interpretation with respect to regulation, energy policy and other business issues; binding arbitration, litigation and related appeals; and the risks discussed in our public filings with the Securities and Exchange Commission. New factors emerge from time to time. We cannot predict what factors may arise or how such factors may cause our results to differ materially from those contained in any forward-looking statement. Any forward-looking statements refer only as of the date on which such statements are made. We undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of unanticipated events. This presentation should also be read in conjunction with the "Forward-Looking Statements" sections in each of DTE Energy's and DTE Electric's 2012 Forms 10-K (which sections are incorporated herein by reference), and in conjunction with other SEC reports filed by DTE Energy and DTE Electric.


DTE Energy Company

Consolidated Statements of Operations (Unaudited)





Three Months Ended


March 31


2013



2012



(In millions, except per share amounts)

Operating Revenues

$

2,516



$

2,239


Operating Expenses




Fuel, purchased power and gas

1,024



889


Operation and maintenance

735



721


Depreciation, depletion and amortization

259



227


Taxes other than income

94



95


Asset (gains) and losses, reserves and impairments, net

(6)



(5)



2,106



1,927


Operating Income

410



312


Other (Income) and Deductions




Interest expense

109



113


Interest income

(2)



(2)


Other income

(44)



(37)


Other expenses

7



7



70



81


Income Before Income Taxes

340



231


Income Tax Expense

105



73






Net Income

235



158






Less: Net Income Attributable to Noncontrolling Interest

1



2


Net Income Attributable to DTE Energy Company

$

234



$

156






Basic Earnings per Common Share




Net Income Attributable to DTE Energy Company

$

1.35



$

0.91






Diluted Earnings per Common Share




Net Income Attributable to DTE Energy Company

$

1.34



$

0.91






Weighted Average Common Shares Outstanding




Basic

173



170


Diluted

173



170


Dividends Declared per Common Share

$

0.62



$

0.59






 


DTE Energy Company

Segment Net Income (Unaudited)





Three Months Ended


March 31


2013



2012



(In millions)

DTE Electric

$

115



$

96






DTE Gas

96



52






Non-utility Operations




Gas Storage and Pipelines

17



17






Power and Industrial Projects

12



8






Energy Trading

7



(2)






Total Non-utility operations

36



23






Corporate and Other

(13)



(15)






Net Income Attributable to DTE Energy Company

$

234



$

156











 

DTE Energy Company

Segment Diluted Earnings Per Share (Unaudited)





Three Months Ended


March 31


2013



2012



(In millions)

DTE Electric

$

0.66



$

0.56






DTE Gas

0.55



0.31






Non-utility Operations




Gas Storage and Pipelines

0.10



0.10






Power and Industrial Projects

0.07



0.05






Energy Trading

0.04



(0.01)






Total Non-utility operations

0.21



0.14






Corporate and Other

(0.08)



(0.10)






Net Income Attributable to DTE Energy Company

$

1.34



$

0.91














 

SOURCE DTE Energy

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
There is growing need for data-driven applications and the need for digital platforms to build these apps. In his session at 19th Cloud Expo, Muddu Sudhakar, VP and GM of Security & IoT at Splunk, will cover different PaaS solutions and Big Data platforms that are available to build applications. In addition, AI and machine learning are creating new requirements that developers need in the building of next-gen apps. The next-generation digital platforms have some of the past platform needs a...
Fifty billion connected devices and still no winning protocols standards. HTTP, WebSockets, MQTT, and CoAP seem to be leading in the IoT protocol race at the moment but many more protocols are getting introduced on a regular basis. Each protocol has its pros and cons depending on the nature of the communications. Does there really need to be only one protocol to rule them all? Of course not. In his session at @ThingsExpo, Chris Matthieu, co-founder and CTO of Octoblu, walk you through how Oct...
Smart Cities are here to stay, but for their promise to be delivered, the data they produce must not be put in new siloes. In his session at @ThingsExpo, Mathias Herberts, Co-founder and CTO of Cityzen Data, will deep dive into best practices that will ensure a successful smart city journey.
Businesses are struggling to manage the information flow and interactions between all of these new devices and things jumping on their network, and the apps and IT systems they control. The data businesses gather is only helpful if they can do something with it. In his session at @ThingsExpo, Chris Witeck, Principal Technology Strategist at Citrix, will discuss how different the impact of IoT will be for large businesses, expanding how IoT will allow large organizations to make their legacy ap...
Adobe is changing the world though digital experiences. Adobe helps customers develop and deliver high-impact experiences that differentiate brands, build loyalty, and drive revenue across every screen, including smartphones, computers, tablets and TVs. Adobe content solutions are used daily by millions of companies worldwide-from publishers and broadcasters, to enterprises, marketing agencies and household-name brands. Building on its established design leadership, Adobe enables customers not o...
SYS-CON Events announced today that Tintri Inc., a leading producer of VM-aware storage (VAS) for virtualization and cloud environments, will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Tintri VM-aware storage is the simplest for virtualized applications and cloud. Organizations including GE, Toyota, United Healthcare, NASA and 6 of the Fortune 15 have said “No to LUNs.” With Tintri they mana...
24Notion is full-service global creative digital marketing, technology and lifestyle agency that combines strategic ideas with customized tactical execution. With a broad understand of the art of traditional marketing, new media, communications and social influence, 24Notion uniquely understands how to connect your brand strategy with the right consumer. 24Notion ranked #12 on Corporate Social Responsibility - Book of List.
Major trends and emerging technologies – from virtual reality and IoT, to Big Data and algorithms – are helping organizations innovate in the digital era. However, to create real business value, IT must think beyond the ‘what’ of digital transformation to the ‘how’ to harness emerging trends, innovation and disruption. Architecture is the key that underpins and ties all these efforts together. In the digital age, it’s important to invest in architecture, extend the enterprise footprint to the cl...
Just over a week ago I received a long and loud sustained applause for a presentation I delivered at this year’s Cloud Expo in Santa Clara. I was extremely pleased with the turnout and had some very good conversations with many of the attendees. Over the next few days I had many more meaningful conversations and was not only happy with the results but also learned a few new things. Here is everything I learned in those three days distilled into three short points.
SYS-CON Events announced today that Numerex Corp, a leading provider of managed enterprise solutions enabling the Internet of Things (IoT), will exhibit at the 19th International Cloud Expo | @ThingsExpo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Numerex Corp. (NASDAQ:NMRX) is a leading provider of managed enterprise solutions enabling the Internet of Things (IoT). The Company's solutions produce new revenue streams or create operating...
Why do your mobile transformations need to happen today? Mobile is the strategy that enterprise transformation centers on to drive customer engagement. In his general session at @ThingsExpo, Roger Woods, Director, Mobile Product & Strategy – Adobe Marketing Cloud, covered key IoT and mobile trends that are forcing mobile transformation, key components of a solid mobile strategy and explored how brands are effectively driving mobile change throughout the enterprise.
As ridesharing competitors and enhanced services increase, notable changes are occurring in the transportation model. Despite the cost-effective means and flexibility of ridesharing, both drivers and users will need to be aware of the connected environment and how it will impact the ridesharing experience. In his session at @ThingsExpo, Timothy Evavold, Executive Director Automotive at Covisint, will discuss key challenges and solutions to powering a ride sharing and/or multimodal model in the a...
In his general session at 18th Cloud Expo, Lee Atchison, Principal Cloud Architect and Advocate at New Relic, discussed cloud as a ‘better data center’ and how it adds new capacity (faster) and improves application availability (redundancy). The cloud is a ‘Dynamic Tool for Dynamic Apps’ and resource allocation is an integral part of your application architecture, so use only the resources you need and allocate /de-allocate resources on the fly.
DevOps and microservices are permeating software engineering teams broadly, whether these teams are in pure software shops but happen to run a business, such Uber and Airbnb, or in companies that rely heavily on software to run more traditional business, such as financial firms or high-end manufacturers. Microservices and DevOps have created software development and therefore business speed and agility benefits, but they have also created problems; specifically, they have created software sec...
In this strange new world where more and more power is drawn from business technology, companies are effectively straddling two paths on the road to innovation and transformation into digital enterprises. The first path is the heritage trail – with “legacy” technology forming the background. Here, extant technologies are transformed by core IT teams to provide more API-driven approaches. Legacy systems can restrict companies that are transitioning into digital enterprises. To truly become a lea...