DTE Energy Earnings Cheat Sheet: Early Signs of Job Growth

S&P 500 (NYSE:SPY) component DTE Energy Company (NYSE:DTE) reported a lower net income in first quarter, missing analysts’ estimates. DTE Energy Co. provides electricity and natural gas sales (NYSE:UNG), distribution and storage services throughout southeastern Michigan.

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DTE Energy Company Earnings Cheat Sheet for the First Quarter

Results: Net income for the electric utilities company fell to $176 million ($1.04/share) vs. $229 million ($1.38/share) a year earlier. A decline of 23.1% from the year earlier quarter.

Revenue: Fell 0.9% to $2.43 billion YoY.

Actual vs. Wall St. Expectations: DTE fell short of the mean analyst estimate of $1.25/share. Estimates ranged from $1.06 per share to $1.36 per share.

Quoting Management: “Overall our businesses performed well in the first quarter, and we are on track to deliver on our financial and operational goals for 2011,” said David E. Meador, DTE Energy executive vice president and chief financial officer. “Michigan’s manufacturing sector continues to recover from the economic downturn and we’re seeing early signs of local job growth. DTE Energy is excited to play a key role in helping our region get back on its feet.”

Key Stats: Last quarter’s profit decrease breaks a streak of four consecutive quarters of year-over-year profit increases. In the fourth quarter of the last fiscal year, net income rose 34.5% from the year earlier while the figure increased 3.2% in third quarter of the last fiscal year, 3.6% four quarters ago and 27.9% five quarters earlier.

A year-over-year revenue decrease last quarter snaps a streak of four consecutive quarters of revenue increases. The best quarter in that span was the third quarter of the last fiscal year, which saw revenue rise 9.1%.

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), Progress Energy (NYSE:PGN), Duke Energy (NYSE:DUK) and CH Energy Group, Inc. (NYSE:CHG).

Today’s Performance: Shares of DTE are trading at $48.87 as of April 27, 2011 at 8:47 AM ET, unchanged from the previous close.


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