Dive Summary:
- DTE Energy reported that third-quarter profits increased by 24% to $227 million while revenue decreased by 2.6% to $2.21 billion.
- After a mild winter for Michigan Consolidated Gas Co., DTE Energy's gas utility, DTE claimed that the warm summer weather augmented profits for Detroit Edison, their electric utility.
- While earnings from both gas and electric utilities were positive, the company's energy trading income was reduced by 95%.
From the article:
"DTE Energy Co.'s (DTE) third-quarter profit rose 24% as warm weather and improved earnings at the utility's gas and electric segments offset lower earnings in its energy-trading segments.
Citing weather influences as well as other economic developments, the company increased its full-year operating earnings guidance to $3.80 to $4 a share, up from its prior outlook of $3.65 to $3.95 a share. ..."