- Posted May 01, 2012
- Tweet This | Share on Facebook
DTE blames lower 1Q profit on mild winter weather
DETROIT (AP) -- DTE Energy Co. said last Friday that mild winter weather held down demand for heating energy and its first-quarter earnings fell 11 percent, missing expectations.
The company, based in Detroit, operates the Detroit Edison electric utility, which serves 2.1 million customers, natural gas utility MichCon and an energy-trading business.
Net income was $156 million, or 91 cents per share, compared with $176 million, or $1.04 per share, a year earlier.
Revenue fell 7 percent to $2.25 billion.
Analysts expected earnings of $1.08 per share on $2.43 billion, according to FactSet.
"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's chief financial officer.
DTE left unchanged its forecast of full-year operating earnings between $3.65 and $3.95 per share. Analysts expect $3.78 per share.
Published: Tue, May 1, 2012
headlines Oakland County
- Meet the Judges
- Owner of twice-sunken Lake Michigan barge pleads guilty to felony
- Justice Dept. reaches civil settlement with victims abused by Lawrence Nassar
- Oakland County, Oakland Livingston Human Services Agency launch Oakland County Senior Chore Pilot Program
- U.S. Immigration Court judge to be keynote speaker at law school’s Law Day virtual celebration
headlines National
- New Legalese: You may have heard a deepfake, but what about ‘Twiqbal’?
- From Intake to Outcome: An in-house lawyer’s guide to matter management solutions
- 2 BigLaw firms in merger talks that could produce 1,600-lawyer firm with top 50 revenue
- Send in the paralegals
- Lawyer reprimanded after mistakenly emailing opposing counsel with plan to avoid judge’s call
- ‘I don’t play well’ judge who threatened to track down, jail misbehaving litigant gets tossed from case