DTE's 4Q weighed down by charges

One-time charges drag DTE Energy 4Q profit, shares soar to new high as outlook stands

Associated Press

DETROIT (AP) -- DTE Energy on Wednesday said fourth-quarter profit shrank as the utility was weighed down by one-time charges

The Detroit company earned $81 million, or 47 cents per share, for the quarter that ended Dec. 31. That compares with $150 million, or 88 cents per share, in the fourth quarter a year ago. Excluding a settlement, tax adjustment, loss on sale of a terminal and other special items, DTE earned 88 cents per share from continuing operations.

Revenue increased to $2.35 billion from $2.16 billion

Analysts polled by FactSet expected the company to make 86 cents per share on revenue of $2.64 billion.

For all of 2012, DTE earned $618 million, or $3.55 per share, compared with $720 million, or $4.18 per share, in 2011. Revenue fell to $8.79 billion from $8.86 billion.

DTE Energy reaffirmed its 2013 operating earnings guidance of $3.85 to $4.15 per share for the year. Analysts forecast $4.04 per share.

In afternoon trading DTE shares rose 54 cents to $65.29, a new 52-week high.