DTE Energy cuts full-year profit forecast, misses quarterly estimates
Nov 1 (Reuters) - DTE Energy on Wednesday cut its annual profit forecast after missing estimates for third-quarter results, as the utility company saw lower electricity demand around the end of the peak summer season.
Shares of the company down 4.5% at $92 in premarket trading.
A series of thunderstorms hitting southeast Michigan - the company's core operating region - left thousands of its customers without power and toppling power lines in August.
Operating and maintenance costs incurred for recovery in storm-hit infrastructure weighed on the quarterly performance of the company.
DTE Energy now expects its full-year profit to range between $5.65 per share and $5.85 per share, compared with its prior forecast of $6.09 to $6.40 per share.
On an adjusted basis, DTE posted a per-share profit of $1.44 for the quarter ended Sept. 30, compared with analysts' average estimate of $1.63 per share, according to LSEG data.
However, the company saw a huge jump in earnings from its non-utility operations as the unit's operating income rose to $87 million from $6 million in a year-ago quarter.
(Reporting by Kabir Dweit and Tanay Dhumal; Editing by Shweta Agarwal)
