DTE Energy Co (DTE) Reports Q3 Earnings, Adjusts Operating EPS Guidance
DTE Energy Co (NYSE:DTE) reported Q3 earnings of $332 million, a decrease from $387 million in the same period last year.
The company adjusted its operating EPS guidance midpoint from $6.25 to $5.75 per share due to significant storm activity and cool summer weather.
DTE Energy Co (NYSE:DTE) launched an electric undergrounding pilot project in Detroit and was named Energy Stars Partner of the Year for Energy Efficiency Program Delivery.
The company also partnered with the City of Southfield, now enrolled in the MIGreenPower renewable energy program.
On November 1, 2023, DTE Energy Co (NYSE:DTE) released its third-quarter earnings report, revealing a decrease in earnings compared to the same period in 2022. The company reported earnings of $332 million, or $1.61 per diluted share, compared to $387 million, or $1.99 per diluted share in 2022. Operating earnings for Q3 2023 were $298 million, or $1.44 per diluted share, compared with 2022 operating earnings of $311 million, or $1.60 per diluted share.
Performance and Challenges
Despite facing unprecedented headwinds which impacted the 2023 operating EPS guidance, DTE Energy Co (NYSE:DTE) continues to be in a good position to offset the majority of the challenges and continue to deliver for its customers, community, and investors. The company remains heavily focused on investing in strategic capital that supports the transition to cleaner generation and improved grid reliability in the face of changing weather patterns and increasing electrification.
Financial Achievements
Despite the challenges, DTE Energy Co (NYSE:DTE) has made significant strides in its operations. The company launched an electric undergrounding pilot project in Detroit and was named Energy Stars Partner of the Year for Energy Efficiency Program Delivery. By participating in DTE energy efficiency programs in 2022, DTE customers saved $418 million on energy bills.
Income Statement Highlights
For the third quarter of 2023, DTE Electric reported earnings of $268 million, while DTE Gas reported a loss of $5 million. Non-utility operations, including DTE Vantage and Energy Trading, reported earnings of $121 million. The company's net income attributable to DTE Energy Company was $332 million.
Outlook for 2023
DTE Energy Co (NYSE:DTE) is revising its 2023 operating EPS guidance from $6.09 - $6.40 to $5.65 - $5.85. The company is well-positioned for future growth and continues to deliver for its customers, communities, employees, and shareholders.
Explore the complete 8-K earnings release (here) from DTE Energy Co for further details.
This article first appeared on GuruFocus.
