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
Keeping pace with advancements in software delivery processes and tooling is taxing even for the most proficient organizations. Point tools, platforms, open source and the increasing adoption of private and public cloud services requires strong engineering rigor – all in the face of developer demands to use the tools of choice. As Agile has settled in as a mainstream practice, now DevOps has emerged as the next wave to improve software delivery speed and output. To make DevOps work, organization...
“delaPlex Software provides software outsourcing services. We have a hybrid model where we have onshore developers and project managers that we can place anywhere in the U.S. or in Europe,” explained Manish Sachdeva, CEO at delaPlex Software, in this SYS-CON.tv interview at @ThingsExpo, held June 7-9, 2016, at the Javits Center in New York City, NY.
"We've discovered that after shows 80% if leads that people get, 80% of the conversations end up on the show floor, meaning people forget about it, people forget who they talk to, people forget that there are actual business opportunities to be had here so we try to help out and keep the conversations going," explained Jeff Mesnik, Founder and President of ContentMX, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
From wearable activity trackers to fantasy e-sports, data and technology are transforming the way athletes train for the game and fans engage with their teams. In his session at @ThingsExpo, will present key data findings from leading sports organizations San Francisco 49ers, Orlando Magic NBA team. By utilizing data analytics these sports orgs have recognized new revenue streams, doubled its fan base and streamlined costs at its stadiums. John Paul is the CEO and Founder of VenueNext. Prior ...
SYS-CON Events announced today that Isomorphic Software will exhibit at DevOps Summit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Isomorphic Software provides the SmartClient HTML5/AJAX platform, the most advanced technology for building rich, cutting-edge enterprise web applications for desktop and mobile. SmartClient combines the productivity and performance of traditional desktop software with the simp...
"We view the cloud not really as a specific technology but as a way of doing business and that way of doing business is transforming the way software, infrastructure and services are being delivered to business," explained Matthew Rosen, CEO and Director at Fusion, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
"When you think about the data center today, there's constant evolution, The evolution of the data center and the needs of the consumer of technology change, and they change constantly," stated Matt Kalmenson, VP of Sales, Service and Cloud Providers at Veeam Software, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Organizations planning enterprise data center consolidation and modernization projects are faced with a challenging, costly reality. Requirements to deploy modern, cloud-native applications simultaneously with traditional client/server applications are almost impossible to achieve with hardware-centric enterprise infrastructure. Compute and network infrastructure are fast moving down a software-defined path, but storage has been a laggard. Until now.
Continuous testing helps bridge the gap between developing quickly and maintaining high quality products. But to implement continuous testing, CTOs must take a strategic approach to building a testing infrastructure and toolset that empowers their team to move fast. Download our guide to laying the groundwork for a scalable continuous testing strategy.
Let’s face it, embracing new storage technologies, capabilities and upgrading to new hardware often adds complexity and increases costs. In his session at 18th Cloud Expo, Seth Oxenhorn, Vice President of Business Development & Alliances at FalconStor, discussed how a truly heterogeneous software-defined storage approach can add value to legacy platforms and heterogeneous environments. The result reduces complexity, significantly lowers cost, and provides IT organizations with improved efficienc...
Internet of @ThingsExpo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with the 19th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world and ThingsExpo Silicon Valley Call for Papers is now open.
The IoT is changing the way enterprises conduct business. In his session at @ThingsExpo, Eric Hoffman, Vice President at EastBanc Technologies, discussed how businesses can gain an edge over competitors by empowering consumers to take control through IoT. He cited examples such as a Washington, D.C.-based sports club that leveraged IoT and the cloud to develop a comprehensive booking system. He also highlighted how IoT can revitalize and restore outdated business models, making them profitable ...
StackIQ has announced the release of Stacki 3.2. Stacki is an easy-to-use Linux server provisioning tool. Stacki 3.2 delivers new capabilities that simplify the automation and integration of site-specific requirements. StackIQ is the commercial entity behind this open source bare metal provisioning tool. Since the release of Stacki in June of 2015, the Stacki core team has been focused on making the Community Edition meet the needs of members of the community, adding features and value, while ...
The cloud competition for database hosts is fierce. How do you evaluate a cloud provider for your database platform? In his session at 18th Cloud Expo, Chris Presley, a Solutions Architect at Pythian, gave users a checklist of considerations when choosing a provider. Chris Presley is a Solutions Architect at Pythian. He loves order – making him a premier Microsoft SQL Server expert. Not only has he programmed and administered SQL Server, but he has also shared his expertise and passion with b...
With 15% of enterprises adopting a hybrid IT strategy, you need to set a plan to integrate hybrid cloud throughout your infrastructure. In his session at 18th Cloud Expo, Steven Dreher, Director of Solutions Architecture at Green House Data, discussed how to plan for shifting resource requirements, overcome challenges, and implement hybrid IT alongside your existing data center assets. Highlights included anticipating workload, cost and resource calculations, integrating services on both sides...