DTE Energy Company Earnings Cheat Sheet: Earnings Higher Than Expected

S&P 500 (NYSE:SPY) component DTE Energy Company (NYSE:DTE) reported net income above Wall Street’s expectations for the second quarter. DTE Energy Co. provides electricity and natural gas sales, distribution and storage services throughout southeastern Michigan.

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DTE Energy Company Earnings Cheat Sheet for the Second Quarter

Results: Net income for the electric utilities company rose to $202 million ($1.19 per share) vs. $86 million (51 cents per share) in the same quarter a year earlier. This is a more than twofold rise from the year earlier quarter.

Revenue: Rose 13.2% to $2.03 billion from the year earlier quarter.

Actual vs. Wall St. Expectations: DTE beat the mean analyst estimate of 51 cents per share. It beat the average revenue estimate of $1.93 billion.

Quoting Management: “I am pleased with our second quarter performance, which keeps us on track toward achieving our 2011 goals,” said Gerard M. Anderson, DTE Energy president and CEO. “I’m also proud of the efforts of our employees in improving customer service and improving our operations. I am confident that our ongoing commitment to continuous improvement will enhance our customers’ experience with DTE Energy, while providing them with safe, reliable and affordable energy.”

Key Stats:

Gross margin shrank 2.7 percentage points to 30.1%. The contraction appeared to be driven by increased costs, which rose 17.7% from the year earlier quarter while revenue rose 13.2%.

The company topped expectations last quarter after falling short of forecasts in the first quarter with net income of $1.11 versus a mean estimate of net income of $1.21 per share.

The increase in profit last quarter comes after net income fell in the previous quarter. In the first quarter, net income declined 23.1% to $176 million.

Over the last five quarters, revenue has increased 6.1% on average year over year. The biggest increase came in the most recent quarter, when revenue rose 13.2% from the year earlier quarter.

Competitors to Watch: CMS Energy Corporation (NYSE:CMS), Wisconsin Energy Corp. (NYSE:WEC), Integrys Energy Group, Inc. (NYSE:TEG), The Empire District Electric Co. (NYSE:EDE), NiSource Inc. (NYSE:NI), Dominion Resources, Inc. (NYSE:D), Black Hills Corporation (NYSE:BKH), Avista Corporation (NYSE:AVA), Ameren Corporation (NYSE:AEE), and CH Energy Group, Inc. (NYSE:CHG).

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(Source: Xignite Financials)