DTE Energy Posts Higher Profit In Q1; Backs 2014 Forecast - Quick Facts

(RTTNews) - DTE Energy (DTE) reported that its first-quarter 2014 earnings grew to $326 million, or $1.84 per share, from $234 million, or $1.34 per share in 2013. Excluding non-recurring items, certain mark-to-market adjustments and discontinued operations, operating earnings totaled $300 million, or $1.69 per share in the recent quarter. On average, 8 analysts polled by Thomson Reuters expected earnings per share of $1.47 for the quarter. Analysts' estimates typically exclude one-time items.

Quarterly operating revenues were $3.93 billion, a significant increase from the prior year's $2.52 billion, while four analysts estimated revenues of $2.68 billion.

Commenting on the performance, DTE Energy's Chairman and Chief Executive said: "Extremely cold weather in the first quarter drove exceptionally high energy demand, which in turn, shaped our financial result compared with last year."

Looking forward to 2014, DTE Energy reiterated its operating earnings guidance of $4.20 - $4.40 per share. Fifteen analysts project annual earnings per share of $4.33.