DTE Energy (NYSE: DTE) today reported 2019 earnings of $1.2
billion, or $6.31 per diluted share, compared with $1.1 billion, or
$6.17 per diluted share in 2018.
2019 operating earnings were $1.2 billion, or $6.30 per diluted
share, compared with 2018 operating earnings of $1.1 billion, or
$6.30 per diluted share. The 2019 operating earnings results are a
strong beat to the company’s original 2019 guidance. Operating
earnings exclude non-recurring items, certain mark-to-market
adjustments and discontinued operations. Reconciliations of
reported earnings to operating earnings are included at the end of
this news release.
"We’re pleased with the significant progress we made in 2019, as
our financial performance continued to be strong,” said Jerry
Norcia, DTE Energy President and CEO. “The year also marked several
meaningful accomplishments on our clean energy path, and we
intensified our service excellence work for our customers,
communities and employees."
Additionally, Norcia noted the following accomplishments:
Ranked as one of the country’s top corporate citizens by
Points of Light: Only Michigan company named to the Civic
50 – the top 50 companies nationwide in corporate citizenship – by
Points of Light, the world’s largest organization dedicated to
volunteer service.
Earned AGA Safety Achievement Award: Received
third American Gas Association Safety Achievement Award for
excellence in employee safety. The award recognizes companies that
have the lowest number of employee injuries and illnesses.
Recognized by American Biogas Council for Renewable
Natural Gas Project: DTE Biomass Energy’s award-winning
Project of the Year converts agricultural waste to clean renewable
natural gas, reducing greenhouse gas emissions and offsetting
fossil fuels.
Achieved significant success with MIGreenPower’s
voluntary renewable energy program for both small and large
customers: DTE’s MIGreenPower program, one of the
country’s first voluntary renewable programs, enables large
business, industrial and residential customers to attribute a
greater percentage of their energy use to Michigan-made renewable
energy. More than 10,000 residential customers have enrolled in
MIGreenPower, and some of Southeast Michigan’s largest commercial
customers have already signed up for 400 MW of voluntary wind
energy, which is equivalent to powering over 135,000 homes with
clean energy.
Supported job creation with Michigan
businesses: Invested $2.1 billion in 2019 with
Michigan-based companies, exceeding DTE’s commitment to the Pure
Michigan Business Connect local supplier initiative. The company
has invested over $11 billion in the ten-year effort and has
supported the creation of thousands of Michigan jobs.
DTE reaffirms guidance for 2020
DTE reaffirms 2020 operating EPS guidance of $6.47 - $6.75.
“DTE delivered strong financial results in 2019 at both our
utility and non-utility businesses while continuing significant
investments in natural gas and electric reliability and
infrastructure improvements,” said Peter Oleksiak, DTE Senior Vice
President and CFO. “The company is in a great position to achieve
our financial goals in 2020 and over the longer-term horizon.”
This earnings announcement and presentation slides are available
at dteenergy.com/investors.
The company will conduct a conference call to discuss earnings
results at 9 a.m. ET. Investors, the news media and the public may
listen to a live internet broadcast of the call at
dteenergy.com/investors. The telephone dial-in numbers in the U.S.
and Canada are toll free: (800) 367-2403 or international: (334)
777-6978. The passcode is 6913483. The webcast will be archived on
the DTE website at dteenergy.com/investors. An audio replay of the
call will be available from noon today to noon Wednesday, Feb. 19.
To access the replay, dial U.S. and Canada toll free (888) 203-1112
or international toll (719) 457-0820 and enter the passcode
6913483.
About DTE Energy DTE Energy (NYSE: DTE) is a
Detroit-based diversified energy company involved in the
development and management of energy-related businesses and
services nationwide. Its operating units include an electric
company serving 2.2 million customers in Southeast Michigan and a
natural gas company serving 1.3 million customers in Michigan. The
DTE portfolio includes energy businesses focused on power and
industrial projects; renewable natural gas; natural gas pipelines,
gathering and storage; and energy marketing and trading. As an
environmental leader, DTE utility operations will reduce carbon
dioxide and methane emissions by more than 80 percent by 2040 to
produce cleaner energy while keeping it safe, reliable and
affordable. DTE Electric aspires to achieve net zero carbon
emissions by 2050. DTE is committed to serving with its energy
through volunteerism, education and employment initiatives,
philanthropy and economic progress. Information about DTE is
available at dteenergy.com, empoweringmichigan.com,
twitter.com/dte_energy and facebook.com.
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 2019 operating earnings
guidance. It is likely that certain items that impact the company's
2019 reported results will be excluded from operating results.
Reconciliations to the comparable 2019 reported earnings guidance
are not provided because it is not possible to provide a reliable
forecast of specific line items (i.e. future non-recurring items,
certain mark-to-market adjustments and discontinued operations).
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,” “may,” “could,”
“projected,” “aspiration,” “plans” 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 impact forward-looking statements
including, but not limited to, the following: impact of regulation
by the EPA, the FERC, the MPSC, the NRC, and for DTE Energy, the
CFTC, as well as 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,
including legislative amendments and retail access programs;
economic conditions and population changes in the our geographic
area resulting in changes in demand, customer conservation, and
thefts of electricity and, for DTE Energy, natural gas; the
operational failure of electric or gas distribution systems or
infrastructure; impact of volatility of prices in the oil and gas
markets on DTE Energy's gas storage and pipelines operations;
impact of volatility in prices in the international steel markets
on DTE Energy's power and industrial projects operations; the risk
of a major safety incident; environmental issues, laws,
regulations, and the increasing costs of remediation and
compliance, including actual and potential new federal and state
requirements; the cost of protecting assets against, or damage due
to, cyber incidents and terrorism; health, safety, financial,
environmental, and regulatory risks associated with ownership and
operation of nuclear facilities; volatility in the short-term
natural gas storage markets impacting third-party storage revenues
related to DTE Energy; volatility in commodity markets, deviations
in weather, and related risks impacting the results of DTE Energy's
energy trading operations; changes in the cost and availability of
coal and other raw materials, purchased power, and natural gas;
advances in technology that produce power, store power or reduce
power consumption; changes in the financial condition of
significant customers and strategic partners; the potential for
losses on investments, including nuclear decommissioning and
benefit plan assets and the related increases in future expense and
contributions; 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
increased costs or delays in completion of significant capital
projects; 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; 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;
contract disputes, binding arbitration, litigation, and related
appeals; and the risks discussed in the Registrants' public filings
with the Securities and Exchange Commission.
For further information, members of the media may
call: Pete Ternes, DTE Energy, 313.235.5555
For further information, analysts may call:
Barbara Tuckfield, DTE Energy, 313.235.1018 John Dermody, DTE
Energy, 313.235.8750
|
DTE
Energy Company |
Segment
Net Income (Unaudited) |
|
|
|
Three Months Ended December 31, |
|
2019 |
|
2018 |
|
Reported Earnings |
|
Pre-taxAdjustments |
|
IncomeTaxes(1) |
|
Operating Earnings |
|
Reported Earnings |
|
Pre-taxAdjustments |
|
IncomeTaxes(1) |
|
Operating Earnings |
|
|
|
(In millions) |
DTE Electric |
$ |
127 |
|
|
$ |
— |
|
|
|
$ |
1 |
|
|
$ |
128 |
|
|
$ |
56 |
|
|
$ |
6 |
|
D |
|
$ |
(2 |
) |
|
|
$ |
60 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DTE Gas |
64 |
|
|
— |
|
|
|
— |
|
|
64 |
|
|
62 |
|
|
— |
|
|
|
— |
|
|
|
62 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-utility
operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gas Storage and Pipelines |
46 |
|
|
13 |
|
A |
|
(4 |
) |
|
55 |
|
|
47 |
|
|
— |
|
|
|
— |
|
|
|
47 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Power and Industrial Projects |
29 |
|
|
— |
|
|
|
— |
|
|
29 |
|
|
15 |
|
|
— |
|
|
|
— |
|
|
|
15 |
|
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Energy Trading |
37 |
|
|
(37 |
) |
B |
|
9 |
|
|
9 |
|
|
26 |
|
|
(13 |
) |
B |
|
3 |
|
|
|
16 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Non-utility operations |
112 |
|
|
(24 |
) |
|
|
5 |
|
|
93 |
|
|
88 |
|
|
(13 |
) |
|
|
3 |
|
|
|
78 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate and
Other |
(36 |
) |
|
7 |
|
C |
|
(2 |
) |
|
(27 |
) |
|
(15 |
) |
|
— |
|
|
|
(20 |
) |
E |
|
(35 |
) |
|
|
|
5 |
|
A |
|
(1 |
) |
|
|
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income
Attributable to DTE Energy Company |
$ |
267 |
|
|
$ |
(12 |
) |
|
|
$ |
3 |
|
|
$ |
258 |
|
|
$ |
191 |
|
|
$ |
(7 |
) |
|
|
$ |
(19 |
) |
|
|
$ |
165 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Excluding tax
related adjustments, the amount of income taxes was calculated
using a combined federal and state income tax rate of 25% for the
three months ended December 31, 2019 and 27% for the three months
ended December 31, 2018. |
|
Adjustments key |
A)
Transaction-related costs resulting from the acquisition of Blue
Union and LEAP |
B) Certain
adjustments resulting from derivatives being marked-to-market
without revaluing the underlying non-derivative contracts and
assets — recorded in Operating Expenses — Fuel, purchased power,
and gas — non-utility |
C)
Impairment of equity method investment — recorded in Other
income |
D) One-time
benefits expense reimbursement, net of customer sharing — recorded
in Operating Expenses — Operation and maintenance |
E) True-up
of remeasurement of deferred taxes as a result of the enactment of
the Tax Cuts and Jobs Act of 2017 — recorded in Income Tax
Expense |
|
DTE
Energy Company |
Segment
Diluted Earnings Per Share (Unaudited)(2) |
|
|
|
|
|
|
|
|
|
Three Months Ended December 31, |
|
2019 |
|
2018 |
|
Reported Earnings |
|
Pre-taxAdjustments |
|
IncomeTaxes(1) |
|
Operating Earnings |
|
Reported Earnings |
|
Pre-taxAdjustments |
|
IncomeTaxes(1) |
|
Operating Earnings |
|
|
|
|
DTE Electric |
$ |
0.66 |
|
|
$ |
— |
|
|
|
$ |
— |
|
|
$ |
0.66 |
|
|
$ |
0.30 |
|
|
$ |
0.03 |
|
D |
|
$ |
(0.01 |
) |
|
|
$ |
0.32 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DTE Gas |
0.34 |
|
|
— |
|
|
|
— |
|
|
0.34 |
|
|
0.34 |
|
|
— |
|
|
|
— |
|
|
|
0.34 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-utility
operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gas Storage and Pipelines |
0.24 |
|
|
0.07 |
|
A |
|
(0.02 |
) |
|
0.29 |
|
|
0.26 |
|
|
— |
|
|
|
— |
|
|
|
0.26 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Power and Industrial Projects |
0.15 |
|
|
— |
|
|
|
— |
|
|
0.15 |
|
|
0.08 |
|
|
— |
|
|
|
— |
|
|
|
0.08 |
|
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Energy Trading |
0.20 |
|
|
(0.21 |
) |
B |
|
0.06 |
|
|
0.05 |
|
|
0.15 |
|
|
(0.07 |
) |
B |
|
0.02 |
|
|
|
0.10 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Non-utility operations |
0.59 |
|
|
(0.14 |
) |
|
|
0.04 |
|
|
0.49 |
|
|
0.49 |
|
|
(0.07 |
) |
|
|
0.02 |
|
|
|
0.44 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate and
Other |
(0.19 |
) |
|
0.04 |
|
C |
|
(0.01 |
) |
|
(0.14 |
) |
|
(0.08 |
) |
|
— |
|
|
|
(0.11 |
) |
E |
|
(0.19 |
) |
|
|
|
0.03 |
|
A |
|
(0.01 |
) |
|
|
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income
Attributable to DTE Energy Company |
$ |
1.40 |
|
|
$ |
(0.07 |
) |
|
|
$ |
0.02 |
|
|
$ |
1.35 |
|
|
$ |
1.05 |
|
|
$ |
(0.04 |
) |
|
|
$ |
(0.10 |
) |
|
|
$ |
0.91 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Excluding tax
related adjustments, the amount of income taxes was calculated
using a combined federal and state income tax rate of 25% for the
three months ended December 31, 2019 and 27% for the three months
ended December 31, 2018. |
|
(2) Per share
amounts for the adjustments are based on the after-tax effect for
each item, divided by the diluted weighted average common shares
outstanding, as noted on the Consolidated Statements of Operations
(Unaudited). |
|
|
|
|
|
|
|
Adjustments key — see previous
page |
|
DTE
Energy Company |
Segment
Net Income (Unaudited) |
|
|
|
Year Ended December 31, |
|
2019 |
|
2018 |
|
Reported Earnings |
|
Pre-taxAdjustments |
|
IncomeTaxes(1) |
|
Operating Earnings |
|
Reported Earnings |
|
Pre-taxAdjustments |
|
IncomeTaxes(1) |
|
Operating Earnings |
|
|
|
(In millions) |
DTE Electric |
$ |
714 |
|
|
$ |
(11 |
) |
A |
|
$ |
3 |
|
|
$ |
716 |
|
|
$ |
664 |
|
|
$ |
— |
|
|
|
$ |
7 |
|
F |
|
$ |
669 |
|
|
|
|
13 |
|
B |
|
(3 |
) |
|
|
|
|
|
2 |
|
G |
|
(1 |
) |
|
|
|
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
(4 |
) |
H |
|
1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DTE Gas |
185 |
|
|
(6 |
) |
A |
|
2 |
|
|
181 |
|
|
150 |
|
|
— |
|
|
|
10 |
|
F |
|
159 |
|
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
1 |
|
G |
|
— |
|
|
|
|
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
(3 |
) |
H |
|
1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-utility
operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gas Storage and Pipelines |
204 |
|
|
13 |
|
C |
|
(4 |
) |
|
213 |
|
|
235 |
|
|
— |
|
|
|
(2 |
) |
F |
|
233 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Power and Industrial Projects |
133 |
|
|
— |
|
|
|
— |
|
|
133 |
|
|
161 |
|
|
— |
|
|
|
(1 |
) |
F |
|
163 |
|
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
(4 |
) |
H |
|
1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8 |
|
I |
|
(2 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Energy Trading |
49 |
|
|
(25 |
) |
D |
|
6 |
|
|
30 |
|
|
39 |
|
|
1 |
|
D |
|
— |
|
|
|
40 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Non-utility operations |
386 |
|
|
(12 |
) |
|
|
2 |
|
|
376 |
|
|
435 |
|
|
5 |
|
|
|
(4 |
) |
|
|
436 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate and
Other |
(116 |
) |
|
7 |
|
E |
|
(2 |
) |
|
(107 |
) |
|
(129 |
) |
|
— |
|
|
|
7 |
|
F |
|
(122 |
) |
|
|
|
5 |
|
C |
|
(1 |
) |
|
|
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income
Attributable to DTE Energy Company |
$ |
1,169 |
|
|
$ |
(4 |
) |
|
|
$ |
1 |
|
|
$ |
1,166 |
|
|
$ |
1,120 |
|
|
$ |
1 |
|
|
|
$ |
21 |
|
|
|
$ |
1,142 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Excluding tax
related adjustments, the amount of income taxes was calculated
using a combined federal and state income tax rate of 25% for the
year ended December 31, 2019 and 27% for the year ended December
31, 2018. |
|
Adjustments key |
A) MPSC
approval of the deferral for the new customer billing system
post-implementation expenses — recorded in Operating Expenses —
Operation and maintenance |
B) MPSC
disallowance of power plant capital expenses — recorded in
Operating Expenses — Asset (gains) losses and impairments, net |
C)
Transaction-related costs resulting from the acquisition of Blue
Union and LEAP |
D) Certain
adjustments resulting from derivatives being marked-to-market
without revaluing the underlying non-derivative contracts and
assets — recorded in Operating Expenses — Fuel, purchased power,
and gas — non-utility |
E)
Impairment of equity method investment — recorded in Other
income |
F) True-up
of remeasurement of deferred taxes as a result of the enactment of
the Tax Cuts and Jobs Act of 2017 — recorded in Income Tax
Expense |
G)
Implementation costs related to a new customer billing system, net
of authorized regulatory deferral — recorded in Operating Expenses
— Operation and maintenance |
H) One-time
benefits expense reimbursement — recorded in Operating Expenses —
Operation and maintenance |
I) Asset
impairment at a renewable power generating facility — recorded in
Operating Expenses — Assets (gains) losses and impairments,
net |
|
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|
DTE
Energy Company |
Segment Diluted Earnings Per Share
(Unaudited)(2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
|
|
|
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|
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|
|
|
Year Ended December 31, |
|
2019 |
|
2018 |
|
Reported Earnings |
|
Pre-taxAdjustments |
|
IncomeTaxes(1) |
|
Operating Earnings |
|
Reported Earnings |
|
Pre-taxAdjustments |
|
Income Taxes(1) |
|
Operating Earnings |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DTE
Electric |
$ |
3.86 |
|
|
$ |
(0.06 |
) |
A |
|
$ |
0.02 |
|
|
$ |
3.87 |
|
|
$ |
3.66 |
|
|
$ |
— |
|
|
|
$ |
0.04 |
|
F |
|
$ |
3.69 |
|
|
|
|
0.07 |
|
B |
|
(0.02 |
) |
|
|
|
|
|
0.02 |
|
G |
|
(0.01 |
) |
|
|
|
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
(0.03 |
) |
H |
|
0.01 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DTE Gas |
1.00 |
|
|
(0.03 |
) |
A |
|
0.01 |
|
|
0.98 |
|
|
0.83 |
|
|
— |
|
|
|
0.06 |
|
F |
|
0.89 |
|
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
0.01 |
|
G |
|
— |
|
|
|
|
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
(0.02 |
) |
H |
|
0.01 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-utility
operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gas Storage and Pipelines |
1.10 |
|
|
0.07 |
|
C |
|
(0.02 |
) |
|
1.15 |
|
|
1.30 |
|
|
— |
|
|
|
(0.01 |
) |
F |
|
1.29 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Power and Industrial Projects |
0.72 |
|
|
— |
|
|
|
— |
|
|
0.72 |
|
|
0.89 |
|
|
— |
|
|
|
(0.01 |
) |
F |
|
0.89 |
|
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
(0.03 |
) |
H |
|
0.01 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0.04 |
|
I |
|
(0.01 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Energy Trading |
0.26 |
|
|
(0.14 |
) |
D |
|
0.04 |
|
|
0.16 |
|
|
0.22 |
|
|
0.01 |
|
D |
|
— |
|
|
|
0.23 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Non-utility operations |
2.08 |
|
|
(0.07 |
) |
|
|
0.02 |
|
|
2.03 |
|
|
2.41 |
|
|
0.02 |
|
|
|
(0.02 |
) |
|
|
2.41 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate and
Other |
(0.63 |
) |
|
0.04 |
|
E |
|
(0.01 |
) |
|
(0.58 |
) |
|
(0.73 |
) |
|
— |
|
|
|
0.04 |
|
F |
|
(0.69 |
) |
|
|
|
0.03 |
|
C |
|
(0.01 |
) |
|
|
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income
Attributable to DTE Energy Company |
$ |
6.31 |
|
|
$ |
(0.02 |
) |
|
|
$ |
0.01 |
|
|
$ |
6.30 |
|
|
$ |
6.17 |
|
|
$ |
— |
|
|
|
$ |
0.13 |
|
|
|
$ |
6.30 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Excluding tax
related adjustments, the amount of income taxes was calculated
using a combined federal and state income tax rate of 25% for the
year ended December 31, 2019 and 27% for the year ended December
31, 2018. |
|
(2) Per share
amounts for the adjustments are based on the after-tax effect for
each item, divided by the diluted weighted average common shares
outstanding, as noted on the Consolidated Statements of Operations
(Unaudited). |
|
Adjustments key — see previous
page |
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