DTE Energy Co. (DTE) Wednesday said its first quarter profit declined from last year, due to the absence of asset sales that was available in the prior year quarter. However, the company's quarterly operating earnings per share grew over the year-ago period, helped by the rate orders at Detroit Edison, company-wide O&M cost reduction efforts and an increase in mark-to-market gains at Energy Trading. The company also reaffirmed its earnings outlook for fiscal 2009.
The Detroit, Michigan-based diversified energy company reported that net earnings attributable to DTE Energy were $178 million or $1.09 per share for the first quarter 2009, down from $212 million or $1.29 per share in the prior year quarter. The company noted that the year-ago result included a gain on sale of non-utility business.
Excluding items, operating earnings grew to $179 million or $1.10 per share from $128 million or $0.77 per share in the year-ago quarter. On average, 6 analysts polled by Thomson Reuters expected the company to earn $0.68 per share for the first quarter. Analysts' estimate typically excludes special items.
First quarter operating revenues declined to $2.26 billion from $2.57 billion in the same quarter last year. Three analysts had a consensus revenue estimate of $2.48 billion for the first quarter.
Operating earnings for Detroit Edison fell to $78 million or $0.48 per share from $41 million or $0.25 per share in the first quarter last year.
Operating earnings for its gas utility segment, which primarily consists of MichCon, rose to $61 million or $0.37 per share from $59 million or $0.36 per share a year ago.
Operating expenses for the quarter decreased to $1.86 billion from $2.14 billion in the first quarter of 2008.
In addition, DTE Energy said it had successfully renewed $1 billion of its credit facility well ahead of its October 2009 maturity. This renewed credit facility, plus the $925 million credit facility that expires in October 2010, provides the company with total short-term credit capacity of $1.9 billion. As of March 31, 2009, the company had available liquidity of about $1.5 billion.
For 2009, DTE Energy continues to expect operating earnings in the range of $2.75 to $3.05 per share. The Street currently expects the company to report earnings of $2.84 per share for the year.
Among others in the industry, Wisconsin Energy Corp. (WEC) is slated to report first quarter results on May 5. Analysts currently expect the company to report earnings of $1.03 per share on revenue of $1.45 billion for the first quarter.
DTE Energy closed Wednesday's regular trading session at $28.60, down 49 cents or 1.74%, on a volume of 0.78 million shares. In after-hours, the company's shares lost 14 cents.
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