DETROIT— DTE Energy (NYSE: DTE) on Friday reported first quarter 2012 earnings of $156 million, or $0.91 per diluted share, compared with $176 million, or $1.04 per diluted share, in 2011.
Unusually warm weather negatively impacted first quarter earnings at MichCon, Detroit Edison and Energy Trading.
Operating earnings for the first quarter 2012 were $156 million, or $0.91 per diluted share, compared with 2011 operating earnings of $188 million, or $1.11 per diluted share. Operating earnings exclude non-recurring items and discontinued operations. Reconciliations of reported earnings to operating earnings are at the end of this news release.
“The extremely warm weather this winter translated into lower heating bills for customers. At the same time, it created clear challenges for us,” said David E. Meador, DTE Energy executive vice president and chief financial officer. “This quarter’s earnings were lower than expected because of the weather, but we believe that by leveraging DTE Energy’s portfolio of businesses, using our distinctive continuous improvement program and through one-time cost reductions, we will identify opportunities throughout the balance of the year to offset the impacts of this unfavorable weather and meet our financial goals.”
DTE Energy reiterated its 2012 operating earnings guidance of $3.65 to $3.95 per diluted share.
“We continue to see signs of economic recovery in Michigan,” said Gerard M. Anderson, DTE Energy’s chairman, president and CEO. “An example of this is recently released data indicating that Michigan’s unemployment rate is 8.5%, down from 10.5% at this time last year.”
DTE Energy said it remains committed to contributing to the Michigan recovery through its investments in renewable energy, environmental controls and utility infrastructure improvements.
“Last year, DTE Energy made a five-year commitment as part of the Pure Michigan Business Connect initiative to increase our spending on goods and services with Michigan-based suppliers,” Anderson said. “In the first quarter of 2012, we did $180 million in business with Michigan companies, which is nearly $50 million more than the first quarter of 2011.”
This earnings announcement, as well as a package of slides and supplemental information, is available at www.dteenergy.com.
