DETROIT — The utility holding company DTE Energy (NYSE: DTE) reported second quarter 2014 earnings of $124 million, or 70 cents a share, up from $105 million, 60 cents a share in the same quarter of 2013.
Revenue was $2.7 billion, up from $2.23 billion in the same quarter a year earlier.
For the six months, net income was $450 million or $2.54 a share, up from $339 million or $1.94 a share in the first half of 2013. Revenue in the six months was $6.63 billion, up from $4.74 billion a year earlier.
“Our financial performance for the first six months of 2014 has provided a solid foundation for achieving our financial goals for the year,” said Gerard M. Anderson, DTE Energy chairman and CEO.
Anderson noted that many of DTE Energy’s customers were affected by early July storms.
“While I am proud of the work of the DTE employees to quickly restore power during a holiday week, I recognize the hardship of our customers that were without power,” Anderson said. “We are focused on making incremental investments in our electric distribution system that will improve reliability and shorten storm outages.”
Anderson added that he is pleased that the first phase of the migration of Detroit Public Lighting Department customers to DTE started in July.
“This is just the beginning of a five- to seven-year project which will result in greater electric service reliability for these customers,” he said.
DTE Energy reiterated its 2014 operating earnings guidance of $4.20 to $4.40 per diluted share.
Added Peter Oleksiak, DTE Energy senior vice president and CFO: “In June, the DTE Board of Directors also demonstrated its confidence in the company’s current year performance and long-range growth plan by declaring a quarterly dividend increase of 5.3 percent to $0.69 per share. Dividend growth is an important factor in our commitment to deliver shareholder value.”
DTE Energy has had five consecutive years of 5 percent to 6 percent annual dividend increases, consistent with the company’s long-term earnings growth targets.
This earnings announcement, as well as a package of slides and supplemental information, is available at www.dteenergy.com/investors.
An audio replay of the conference call discussing the results will be available until Aug. 8 by calling (888) 203-1112 in the United States and Canada or (719) 457-0820 elsewhere and enter passcode 5950191.
DTE Energy 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 utility serving 2.1 million customers in Southeastern Michigan and a natural gas utility serving 1.2 million customers in Michigan. The DTE Energy portfolio also includes non-utility energy businesses focused on power and industrial projects, midstream services and energy trading. Information about DTE Energy is available at www.dteenergy.com.