DTE Energy Company
) reported first quarter 2013 earnings per share of $1.34, easily
beating the Zacks Consensus Estimate of $1.03. Results improved
47.3% year over year.
Earnings were driven by normal weather compared to a very mild
winter in 2012, operating cost improvements at the utilities, and
solid performance from the non-utility businesses.
Total revenue at DTE Energy was $2.5 billion, up 12.4% year over
year. The reported quarter's revenue also comfortably surpassed
the Zacks Consensus Estimate of $2.3 billion.
Fuel, purchased power and gas expenses increased 15.2% year over
year to $1 billion. Operation and maintenance expenses were up
1.9% year over year to $735 million.
The increase in expenses was offset by the revenue climb, thereby
resulting in an operating income of $410 million, up 31.4% year
Segment earnings were $115 million or 66 cents per share, up from
$96 million or 56 cents in the prior-year quarter.
Segment profit was $96 million or 55 cents per share, up from $52
million or 31 cents per share in first quarter 2012.
Gas Storage and Pipelines:
The segment generated profit of $17 million or 10 cents per
share, flat year over year.
Power and Industrial Projects:
The segment posted a profit of $12 million or 7 cents per share,
up from $8 million or 5 cents per share in the year-ago period.
The segment posted a profit of $7 million or 4 cents per share
versus a loss of $2 million or 1 cent per share in the prior-year
Corporate and Other:
Loss in the quarter was $13 million or 8 cents per share versus a
loss of 15 cents or 10 cents per share.
As of Mar 31, 2013, cash and cash equivalents were $218 million,
up from $65 million as of Dec 31, 2012. At the end of first
quarter 2013, long-term debt, net of current portion, was $7.2
billion versus $7 billion at year-end 2012.
During the quarter, net cash from operating activities was $597
million, down from $620 million in the first quarter of 2012.
The company expects earnings per share for 2013 in the range of
$3.85 to $4.15. DTE Energy expects cash from operations of $1.8
billion for 2013.
In the long term, the company expects earnings growth in the
range of 5.0% to 6.0%.
DTE Energy presently retains a short-term Zacks Rank #4 (Sell).
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