DTE Energy quarterly profit jumps on non-utility segment boost
Feb 8 (Reuters) - U.S. electric and gas utility firm DTE Energy Co posted a 58% rise in fourth-quarter profit on Thursday, helped largely by its energy trading business segment.
DTE Energy said net income stood at $419 million, or $2.02 per share, in the quarter ended Dec. 31, compared with $265 million, or $1.31 per share, in the year-ago quarter.
Earnings from its non-utility operations rose over ten-fold to $146 million in the reported quarter from a year ago.
The company's energy trading unit posted quarterly earnings of $102 million, compared to a loss of $12 million last year.
The Detroit, Michigan-based company maintained its 2024 operating earnings forecast of between $6.54 and $6.83 per share.
In December, in a business update for 2024, DTE had said it expects higher operating profit in 2024 and planned to explore small carbon capture storage projects in the year.
The company reported 2023 operating earnings of $5.73 per share.
"DTE is well-positioned for future growth and to continue to deliver for our customers, communities, employees and shareholders," CFO David Ruud said.
The company's operating units include an electric company which serves 2.3 million customers in Southeast Michigan and a natural gas company that serves 1.3 million across Michigan.
The DTE Gas segment earned $104 million, while the electric segment posted earnings of $225 million - both posting higher earnings from a year ago.
DTE posted operating earnings of $1.97 per share in the reported quarter, slightly above analysts' average estimate of $1.96 per share, according to LSEG data. (Reporting by Roshia Sabu in Bengaluru; Editing by Shailesh Kuber)
